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Dublin: 13 °C Wednesday 16 April, 2014

Two thirds of Irish householders have seen their income reduced in past year

A new survey from Friends Firsts shows 67 per cent have seen a reduction in income. Elsewhere, there’s an increase in the number of people in work investing in a pension.

Image: Man handling money via Shutterstock

THE EFFECTS OF the downturn are still being felt keenly by Irish householders, new figures from Friends First have shown.

A survey, carried out by the finance company in May of this year, shows that 67 per cent have seen their income reduced in the past 12 months.

The research also shows that 71 per cent of employees in Ireland are now investing in a pension — up from 67 per cent in 2012 and 63 per cent in 2011.

Over two-fifths of respondents – at 45 per cent – said they would be encouraged to start a pension if they were automatically enrolled in one.

Friends First Pensions & Investment Director Simon Hoffman said the results showed Irish workers are interested in taking up a pension:

This demonstrates that if we can make the pensions landscape simpler and more accessible, then there is a real opportunity to increase pension coverage among private sector employees in Ireland.

Elsewhere, 24 per cent said they had not thought about investing in a pension, while 80 per cent of those without a pension said they weren’t confident their income would be enough to provide for their retirement.

20 per cent of those surveyed said they had reduced their pension contributions in the past year; almost half of that number stopped contributing altogether.

Read: Hotel prices rose in the first six months of the year >

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