A growing number of Irish adults remain unprepared for retirement, with one in four having no plan in place, according to new research from the Competition and Consumer Protection Commission (CCPC). The findings highlight what officials describe as a persistent pensions gap, even as the country prepares for the rollout of auto-enrolment in 2026.
The report shows that 26% of adults have no retirement savings, up from 20% a year ago. Among those with pensions, a third regret not starting earlier, while 36% admit they are unsure how pensions actually work. The CCPC also noted a decline in engagement, with just 46% of pension holders reviewing their annual statement this year, down from 51% in 2024.
Young adults remain the least prepared, with pension ownership lowest among those aged 18 to 24. However, the CCPC described it as “worrying” that 21% of people aged 45 to 54 — many just a decade or two from retirement — still have no pension arrangements.
The study also reveals a growing reliance on the State Pension. Among adults without retirement savings, 61% expect to depend on state support in later life, compared with 53% in 2024 and just 43% in 2023. Expectations of using rental income as a retirement strategy have collapsed, falling from 22% in 2022 to just 9% this year.
“Over a quarter of adults remain without any retirement plan, while many others regret not starting sooner,” said Grainne Griffin, Director of Communications at the CCPC. “The message is clear: it’s never too early — or too late — to take action.”
Retirement expectations are also shifting. Only 19% of respondents expect to retire at 65, compared with 25% last year, while about one in five men and women now expect to work until 70 or beyond. The CCPC highlighted the underuse of professional support, with two-thirds of those surveyed saying they had never spoken to a financial adviser about retirement planning.
The government’s long-delayed auto-enrolment scheme, due to start in January 2026, is expected to bring more workers into the pensions system. However, experts say employers and employees should begin preparing now.
“There’s a pay reference period leading up to the launch, so although the official start date is January 1, businesses need to act now to assess their options,” said Keith Dundon, Head of Financial Services at SYS Financial.
While welcoming auto-enrolment as a positive step, Dundon argued that private pensions still offer greater advantages, including higher tax relief of up to 40% compared with 25% under auto-enrolment, as well as more flexibility in investment and retirement choices. “Outcomes could be poorer without advice or flexibility,” he warned.
The research underscores the urgency for individuals, employers, and policymakers to address Ireland’s pension shortfall, ensuring that future retirees are not left overly dependent on state support.
