Figures show Munster people are happiest in retirement

2 men standing on green grass field near body of water during daytime
Photo: Marc Najera/Unsplash.

PEOPLE in Munster are the happiest in Ireland in retirement, a new survey has found.

The survey by Standard Life Retirement found that nine in 10 (94 per cent) of people in Munster are happy in retirement, compared to Leinster where just 75 per cent of people say they are happy in their later years, the lowest figure nationally.

Connacht/Ulster was just behind Munster in terms of overall contentment at 93 per cent.

Munster people again surpassed the national average when it came to social preparedness for retirement, with 50 per cent of people surveyed believing they are ‘socially prepared’ for retirement. The national average stood at 45 per cent.

The findings of Standard Life’s latest Retirement Pulse found that up to 70 per cent of people across the country don’t understand or don’t fully know about the Government’s auto-enrolment scheme.

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The study found that the average age for starting a pension was 28, but this figure varied based on what age group was asked.

Millennials were reported as believing that 32 is a good age to start a pension, which is two years older than the younger Gen Z, who said that 30 is the prime age to start preparing for life after work.

Speaking about the latest wave of the Standard Life Retirement Pulse survey, Alan McCarthy, Head of Distribution at Standard Life, said: “It’s promising to see more people in Ireland now viewing pensions as an essential building block to their future success. At Standard Life, we support advisers in helping people plan for their best retirement.”

“Of course, we know that having a good financial plan is crucial, but we firmly believe in the benefits of planning holistically,” he said.

“We call this planning for your second life, an opportunity to reconnect with what gives your life purpose and will ultimately keep you happy in retirement.”

“On average, retirees in Ireland continue to report high levels of happiness, however pension ownership and planning both evidently have a role to play,” Mr McCarthy concluded.