New findings have highlighted a growing divide between people who feel financially prepared for retirement and those concerned about not having sufficient funds, reports Breaking News.
Slightly more than half (53 per cent) of adults think they will be able to maintain a comfortable lifestyle for 20 to 30 years after reaching retirement age.
However, 40 per cent expressed a lack of confidence in their retirement finances — an increase from 38 per cent the previous year — signalling rising concerns about future financial stability, reports Breaking News.
The research, part of the Later Life Insights Series by Spry Finance, the country’s only lifetime mortgage provider for over 55s, found distinct differences across age groups.
Spry Finance conducted the study by surveying 1,002 adults in July.
Younger adults under the age of 35 remain the most hopeful, with 61 per cent feeling secure about retirement. Still, 33 per cent said they had concerns — up from 30 per cent last year, reports Breaking News.
Those aged 35 to 54 showed the lowest level of confidence, with only 43 per cent feeling secure about their future finances. This “squeezed middle” group often deals with the financial burden of mortgages, raising children, and general cost of living, all while trying to save for retirement.
Confidence levels are rising among over-55s, with 59 per cent now feeling financially ready for retirement — up from 53 per cent in 2024, reports Breaking News.
The study points to mounting pressure on middle-aged adults, despite those nearing retirement showing more optimism.
It also underlined the broader uncertainty affecting many Irish households as living expenses rise and people are living longer.
With longer retirement periods, many are questioning how their income will sustain them for decades beyond working life.
“We are living longer, which should be a cause for optimism – but it also means more years to fund beyond work. The growing gap between those who feel confident and those who don’t is a warning sign, many simply don’t believe their finances will stretch the distance,” said Ailish McGlew, Head of Communications and Marketing at Spry Finance, reports Breaking News.
“Traditional pension systems and savings plans weren’t designed for decades of post-work life. It’s no longer enough to just talk about retirement – we must talk about sustainable lifespans and how people will live and fund them,” reports Breaking News.
The report also explored changing views on ageing. When asked at what age someone becomes “old”, Irish adults gave an average answer of 67 — though this varied significantly by age group.
People aged 18 to 24 considered 58 to be old, while those 65 and over said 74. Adults aged 45 to 54 placed the age of being “old” at 66, showing how perceptions evolve with age, reports Breaking News.
Location also influenced responses. Adults in Dublin and Leinster gave a lower average age (around 65–66), whereas those in Munster and Connacht/Ulster gave a higher one (around 68–69).
People living in cities tended to view old age as beginning earlier (average 65), while rural residents generally defined it later, closer to 70, reports Breaking News.
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