One in two have not yet started a pension

Although three quarters of people in the 30-45 year age group say they will not be able to retire on the current State pension, just 50 per cent have started a pension, according to a new survey.

The survey, which was undertaken by Red C on behalf of Bank of Ireland Life, has found that 95 per cent of people in this age group said if they could retire in the morning they would spend more time travelling, while almost 80 per cent said they would pursue further education in their retirement.

Of the 50 per cent that do have a pension fund, 80 per cent have taken out their pension through their employer.

Eighty-five per cent of people said they worried about not having enough savings to do all the things they want to do in retirement with 84 per cent of people concerned about being able to meet medical bills and supporting themselves through retirement.

Early retirement is favoured by most of the respondents, with fourth fifths looking to this option. However, more than three quarters say they may have to continue to work in retirement, while more than a half say they are likely to take a part time job to supplement their income when they retire, with 45 per cent of people saying they would move to a smaller residence, and almost one in five said they would rent out a room.