An Irish Brokers Association survey reveals today that women are far less knowledgeable than men when it comes to pension planning ; 73% say they have little or no understanding compared to 55% of men.
Only 3% of men & women rate their knowledge on pensions as excellent, with 18% of respondents indicating they have no understanding of pensions at all.
The Irish Brokers Association is a leading professional body of Insurance Brokers in Ireland, representing over 700 insurance intermediary offices that are authorised and regulated by Central Bank.
72% of respondents to the survey expect to get independent advice from a broker or financial advisor before starting a new pension plan.
CEO of the Irish Brokers Association Ciaran Phelan, commenting on the findings, said “Are pensions complex and difficult to understand? Massively. Is it important that we all have some level of knowledge and awareness of their importance? Absolutely. Just 11% of respondents said that their knowledge of pensions was “good” or “excellent”. However, almost half said they had only some understanding of pension planning – with the remaining 18% saying they had no understanding whatsoever – that’s almost a fifth of all adults”.
The IBA survey found that although men fare better, as do older people, the overall numbers are still pretty damming, with the experts saying that there are now two clear options for the pension’s regulator; education or simplification.