New research released by Standard Life indicates that 70% of adults over 55 years of age own a pension. Of this, more men than women own pensions - with 55% of men compared with 46% of women.
The survey of 1,000 respondents reveals that pension ownership has increased sharply from 40% in March 2011 to 50% in January 2016, representing a 25% increase in ownership over the last 5 years.
According to the data, the average personal pension pot (excluding the state pension) is €125,020. This translates to an average income of just €5,625 per annum.
Head of Marketing at Standard Life, Brendan Barr commented, "It’s the first time pension ownership has hit 50% since the downturn in 2008. We’re happy to see pension ownership back on the rise along with higher consumer confidence levels and economic recovery. We also believe there is increased awareness about the need to save as early as possible and that the average person is not saving enough."
He added, "Of course the reverse is also true. It’s worrying that half the population doesn’t own a private pension. People need to know that our attractive State pension is not guaranteed into the future and factor that into their long term savings plans."