Auto-Enrolment: A Step Forward, But Not a One-Size-Fits-All Solution
A recent Standard Life report (Standard Life Bringing Retirement into Focus Report 2024 ) highlights the complexities surrounding Ireland’s auto-enrolment pension system, due to launch in January 2026.
The scheme, branded as ‘My Future Fund’, is expected to extend pension participation to approximately 750,000 private-sector workers currently without retirement savings. While this marks a significant step in addressing pension gaps, the report makes clear that auto-enrolment alone is not enough to meet the diverse financial goals and circumstances of all individuals.
The research reveals that many people who stand to benefit from auto-enrolment still lack clarity about what the changes mean for them—women, in particular, report feeling less informed and less confident about their financial futures than men. Social and cultural barriers persist, with women on average less comfortable discussing money matters and less likely to seek financial advice.
To help close this gap, initiatives like The Ultimate Guide for Women and Pensions podcast have been launched to demystify pensions and encourage women to take proactive steps in their retirement planning.
The evidence is clear: those who plan and seek financial guidance report better retirement readiness and enjoy greater financial and emotional wellbeing. Yet while over 40% of adults in Ireland have sought financial advice at some point, only around 1 in 10 do so regularly as part of their ongoing retirement planning.
Standard Life’s research identifies three distinct groups among pension savers:
- Those who believe in the importance of planning and take action.
- Those who believe but don’t follow through.
- Those who remain disengaged.
Confidence in retirement outcomes also varies widely. Just 34% of adults believe they’ll be able to live comfortably off their pension income—but this figure rises to 50% among those who regularly seek financial advice.
As the rollout of auto-enrolment approaches, it’s more important than ever to take control of your financial future. Whether you’re just starting your pension journey or looking to fine-tune your long-term plans, personalised advice can make a real difference.
