Private pension ownership in Ireland has jumped by 17 per cent since 2025 following the introduction of the government's MyFutureFund automatic enrolment scheme, though widespread concerns remain regarding long-term financial security in retirement.

Data published by the Competition and Consumer Protection Commission (CCPC) shows that while pension coverage has expanded significantly across the workforce, only two in five Irish adults (40 per cent) feel confident that their pension will provide a good standard of living in retirement. Furthermore, just one in three respondents expressed confidence that their pension savings would keep pace with inflation.

The findings highlight continuing gaps in financial engagement and literacy among pension holders. Approximately 63 per cent of surveyed adults reported that they have never sought retirement advice from a financial planner, while a quarter of private pension holders acknowledged having a low understanding of the fees and charges associated with their accounts.

The study also revealed a persistent gender gap in retirement planning. Nearly a quarter of women (24 per cent) reported having no retirement arrangements in place, compared to 17 per cent of men. Women were also less likely to say they understand how pensions work—49 per cent compared to 63 per cent of men—and expressed greater uncertainty regarding their post-retirement standard of living.

Gráinne Griffin, Director of Financial Education at the CCPC, urged workers, particularly women, to regularly review their pension arrangements rather than setting them aside due to complexity. She noted that individuals do not need to become pension experts, suggesting that brief consultations with financial advisers can help clarify whether current arrangements align with personal goals.

Responding to the research, Dermot Griffin, chief executive of the National Automatic Enrolment Retirement Savings Authority (NAERSA), welcomed the expansion in pension participation. He stated that over 800,000 workers were enrolled in MyFutureFund by the end of August 2026, describing the growth as a positive development for Irish workers since the scheme was launched at the start of the year.