The faces of retirement
READ ON RETIREMENT SURVEY

Ready or not.

How are you really feeling about retirement? We surveyed 400 workers in Ireland to understand retirement readiness and consumer confidence.
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5 key themes

Number 1

Different generational challenges exist in preparing for retirement

Saving for retirement is one of many – often competing – financial priorities workers face
Number 2

Few participants feel entirely confident that they’re on track

Fewer than half of workers feel on track for a reasonable standard of living in retirement
Number 3

Encouraging increased contributions is vital

Pensions are considered an essential tool in preparing for retirement and for many the only source upon which they will be able to rely in retirement
Number 4

Auto-enrolment will bring more people into DC pension plans

The introduction of auto-enrolment (AE) in 2025 will help to address the challenges facing those without a defined contribution (DC) workplace pension
5th key theme

The later life retirement conundrum

Those nearest to retirement are unclear as to the options available to them

The competing priorities when saving for retirement

BlackRock dug into the data to look at the complexities of saving for retirement across generations

Man crossing his arms
Millennials

Facing many challenges

89% - are trying to take steps to feel financially secure

6th out of 6 - saving for retirement is bottom of Millennials’ financial priorities

Man dressed in a business suit
Gen X

The retirement industry’s lost generation?

73% - are concerned that they will outlive their savings

3rd out of 6 - saving for retirement is one of Gen X’s key financial priorities

Man with glasses and a beard wears a beanie
Pre Retirees

Focused on the transition

69% - are concerned that they will outlive their savings

1st out of 6 - saving for retirement is Pre Retirees number one financial priority

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Areas with which those nearing retirement need most guidance

woman in green coat
85%

It’s difficult to know how my retirement pot will translate into a monthly income

84%

I would really value help calculating the income I will need in retirement

63%

I worry about outliving my retirement savings

60%

The thought of having to generate my retirement income worries me

Percentage of participants who agreed with the statement

Workers do not feel on track

Q: Do you think you are on track to allow you to have a reasonable standard of living in retirement?

Having a pension is crucial for preparing for later life.

41%
feel on track to for a reasonable standard of living in retirement
26%
of those without a DC pension feel on track - versus 59% of those that have a workplace DC pension