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Majority of Irish workers over 35 regret not starting pension saving earlier

Written by Robert McHugh, on 6th Apr 2016. Posted in Financial

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Sixty six per cent of Irish people believe that it is wise start a pension in their 20s according to a survey of 1000 people throughout Ireland. The survey was commissioned by regulated renewable energy fund provider, Greenroom Investments and conducted by IReach.

The results indicate that many people in their 30s saddled with substantial mortgage and childcare payments regret not starting a pension in their 20s when they had considerably more disposable income.

Greenroom Investments claim that with up to half of workers in their 20s being offered employer-sponsored pension schemes in public sector or large companies, it appears that the vast majority of the remaining young workers left to their own devices chose not to start a pension.

Director of Greenroom Investments, Michael Bradley commented, "Many people in their 20s have more disposable income than those in later years – they start their first job so they have a salary coming in but often their financial responsibilities and therefore their outgoings are low. So it would make financial sense to begin a pension in your 20s – but the reality is that this simply doesn’t happen."

He added, "We’re in the midst of a pension crisis – it’s a time bomb that’s likely to go off when today’s twentysomethings hit retirement; there simply won’t be enough in the State reserves to provide people with a sufficient State pension. For this reason it’s so important that people take a proactive approach and ensure, through their own pension planning, that they won’t be destitute once they hit retirement age."

Source: www.businessworld.ie 

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