Ireland’s pension savings gap — the difference between the amount that people are saving and the amount they would need for an “adequate” retirement — is the second largest in Europe and stands at €28.7 billion per year, according to numbers released by Aviva. That figure is up 38% since 2010.
The opportunity to close Ireland’s pensions gap has been cited by Aviva as one of the main reasons for increasing their presence in the country. Last November they showed their commitment to the Irish market by acquiring rival company Friends First for €130 million.
According to a report published this week by Mercer, workers worldwide are becoming increasingly concerned about outliving their pension savings while here in Ireland only 20% of people are confident they’ll have enough to cover 20 years of retirement.
Here at Gallivan Financial we recommend getting started as early as possible to ensure that you’re financially prepared for retirement. Get in touch with us today to find out more. We’ll be delighted to help.
All the best,
The Team at Gallivan Financial