20 Sep 2021 | 08.27 am
Find Out About Pension Planning
Moneycube's Pensions Awareness Week
20 Sep 2021 | 08.27 am
Most parents have pensions in place but less than one in three are saving for retirement on a regular basis, according to a new survey.
The survey was carried out by ParentsandBrands ahead of Pensions Awareness Week, a week-long event which runs from September 20 to 24.
Backed by a host of businesses, PAW21 is an initiative from Moneycube.
The research was carried out in July 2021 780 parents via email, an online survey and through an online panel. ParentsandBrands works with businesses and brands to get insights from parents to help them connect, build trust and grow sales.
Many parents also admit to not understanding how pensions work and are unsure what happens to their contributions if they take a career break or paternal leave.
Jill Holtz, co-founder of ParentsandBrands, said: “When we asked parents about their pension, many said they found the whole area really confusing. There’s a lot of ‘Starting your pension’ or ‘Nearing retirement’ type of information available, but not so much for this middle segment of people with kids, who may be taking a career break, or for those who don’t know how much to save for a comfortable retirement.
“There’s an opportunity for the pensions industry to really help this segment by understanding more about what parents need and want, and to ultimately help them make good decisions for pensions.”
Parents said they would like clear, concise information on: how to start a pension (this is especially a concern for stay-at-home parents), the impact of taking a career break/parental leave on their pension, the difference between state pension vs private pensions, and how much to pay into their pension to have a comfortable retirement.
Ralph Benson, Moneycube co-founder, added: “With several discussions — such as ‘Pensions for Parents’ and ‘What happens your pension when you go on maternity leave?’ — we are striving to get parents in Ireland the answers they need to take charge of their long-term finances.”
PAW21 supporters include ACCA, Aviva, Irish Life, Standard Life, Zurich Life, ISME, and Mason Hayes & Curran.
To register for PAW events, click here.
Photo: Moneycube founders Ralph Benson (right) and Feargal McKenna