Belfast Telegraph

Northern Ireland public want government help to plan for retirement

People would like help with retirement plans
People would like help with retirement plans

By John Mulgrew

Almost two-thirds of people in Northern Ireland think the Government should educate the public on their retirement options, a survey has found.

The research, which was carried out by charity the National Skills Academy for Financial Services (NSAFS) and Axa Investment Managers, showed that 62% of people quizzed here wanted clearer support regarding their pension options.

That was almost double the number in other areas of the UK, including the northeast of England and Scotland.

The survey also found half of people in Northern Ireland would like more help to plan financially for their retirement, significantly more than the rest of the UK's average of 35%. And little over a quarter of people in Northern Ireland said they were happy with their current plans for retirement - less than any other region in the UK.

The research also found young adults in the UK start their retirement planning 14 years earlier in their lives than their baby boomer parents typically did.

On average, people aged 34 and under said they started to think about their retirement plans when they were aged 27.

By contrast, people aged over 55 typically said they did not start thinking about life after work until they were aged 41 - a 14-year difference.

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