A new study has discovered that the number of people in Ireland in the mid-40s and 50s age bracket who have a private pension has fallen since last year. Experts have warned that a combination of the complexity of pensions, the higher cost of housing and the cost-of-living crisis are all contributing factors to people no longer investing in the future.
UK savers with concerns about creating a balance between saving for their retirement and enjoying a suitable standard of living in the present often consult financial planning services in Shropshire, Chester, and other parts of the country. Wealth managers work closely with their clients helping them prepare without impacting their current lifestyle.
The report was recently published by the Competition and Consumer Protection Commission, and showed private pension holders have reduced significantly since 2022, with a clear indication that concerning gaps exist in retirement planning.
For many, paying for heating bills and hiked food prices has led to paused pension payments and stalled savings. However, experts commented that while the cost of living was partly responsible, the complicated nature of pensions made it difficult to engage new consumers. Many people now look to social media for insight, but the regulatory requirements and content-heavy nature of pensions make such financial products impossible to promote on such channels.
The study also uncovered that cash savings are playing a larger role in people’s retirement plans. A total of 57% of respondents intended to rely on cash during retirement compared to 45% in 2022.
