Further insights into the habits of Ireland’s workforce have been revealed through recent employee research carried out by Irish Life*. The research found that Ireland’s workforce remains committed to their jobs, with over a third of employees in Ireland stating they have never missed a day in work. However, Ireland’s workforce are not as dedicated to securing their financial future, as they are only saving an average of 10% of their salary into a pension fund, Irish Life figures show. 

 

The research* found that that only 29% of Irish people know how much they need to live on in retirement. Damian Fadden, Director at Irish Life Corporate Business, commented on how Irish people are falling behind with pension planning; “We know from our own figures that only half of people working in the private sector are in a pension plan and that the average contribution to Defined Contribution (DC) workplace pensions is just 10%. However, with people generally starting to save for their pension in their mid-30s, they would actually need to save at least 15% of their salary to secure a better retirement outcome.” 

 

Irish Life is working to help consumers understand that as life expectancy rates are on the rise, people need to start contributing more to their pensions and at an earlier age in order to achieve a better outcome in retirement. “Irish Life EMPOWER is about helping employees to understand that” he said. “There is a mountain to climb but these challenges can be resolved with the help of the behavioural insights we have built into our new EMPOWER pension package” he said.

 

The research* also shows some interesting trends people have towards work. Achieving a work life balance is still proving difficult for Irish employees, as one third admit to having trouble ‘leaving work at work’, and regularly bring home paperwork in the evenings. A fifth of employees also admitted that they felt it was important to arrive in work before their boss and to leave after them at night, highlighting the pressure some employees feel in the workplace.

 

We also still dread the early Monday morning starts, with 44% of Irish people admitting to having the ‘Fear’ on Sunday night ahead of going back to work on Monday.

The study was carried out to coincide with a new campaign for Irish Life EMPOWER, an improved workplace pension plan.

 

 

Irish Independent Coverage 

 

http://www.independent.ie/life/family/family-features/i-lived-the-highlife-and-i-didnt-save-a-penny-but-now-ive-no-pension-34723912.html