A SURVEY on people’s financial planning needs has found that nine out of 10 people are worried they will not have enough money in their pension fund when they retire.
However, the survey also found that two thirds do not believe that they left it too late to start their pension.
Financial planning is important to most people with more than three quarters saying they have considered where they want to be financially in ten years time.
However, the vast majority said that they are currently reassessing their buying behaviour as a result of rising inflation costs. Of most concern to people are rising food costs (22%), followed by energy costs (21%) and transport costs (20%). Other worries include housing and health insurance.
The survey from Cork-based financial services firm, Provest found that just over half of people surveyed in Ireland do not have a savings fund set up for their children. When asked if they thought they had saved up enough for unexpected items like a broken freezer more than half of people said they believed they have.
A third of people surveyed said that if they were made redundant they would have enough savings to cover them for three months. However, just under a third said that they would only have enough saved to last them for one month in that situation. Big unexpected financial expenses such as a broken boiler or major car expenses are a worry for most people with three quarters of people surveyed saying this is a worry for them.
Just over half said that they do believe they are taking advantage of tax reliefs when it comes to their pension but more than two thirds said they find tax relief confusing. Half of the people also said they would not feel comfortable having a savings account with their partner.
The survey was carried out by Cork based financial services firm, Provest and there were more than 400 respondents.
Managing Director at Provest, Mark O’Sullivan said: “Financial planning is very important and it is never too early to start thinking about your pension.
“The results from the survey are interesting in that most people do believe they started their pension at the right time but people are still worried that they are not putting enough money away each month for retirement.
“Rising inflation costs are also a huge concern for people and this is why financial planning for the future is so important.”
Provest recently announced it is planning to grow its business over the next two years as it expands its business in Munster. The financial services firm based in Douglas offers personalised financial advice to private and corporate clients on a range of items from pensions, investments, retirement planning, and life cover.
Provest was founded in 2017 by Managing Director Mark O’Sullivan. Provest now has more than 500 clients. They have funds to the value of more than €200m currently under management and are aiming to double this over the next two years.