BOI Life reveals low pension levels
Research from Bank of Ireland Life revealed today has shown alarmingly low pension coverage levels among Irish consumers.
Misconceptions around pension products and complex requirements in selling PRSAs are key contributors to this problem, according to the research.
Highlights from the nationally representative research show:
* 32% of respondents had not given thought to what their main source of income in retirement is likely to be;
* A further 30% said they are likely to rely on the State pension as their main source of retirement income (although the majority believe it will not be enough for them to retire on).
Commenting on the research findings, David Swanton Marketing Director, Bank of Ireland Life said: "Clearly, our approach to saving and planning for the future will need to be addressed if current standards of living are to be maintained in retirement."
Bank of Ireland Life is an independent company within the Bank of Ireland Group.
