Bite-Sized Insights: Pensions

Each week we ask our trusted Insights panel of parents a key question. This week we were interested in finding out if parents currently have a pension plan and if so, what type? Take a quick read of this week’s bite-sized insights to find out what parents are saying about pensions.

Would you like business-transforming insights for your brand? Use our tailored panels of engaged parents and our dedicated private platform to gather critical insights to help your decision making and activate customers. Contact us now to find how we can help.

Recommended reading: [INFOGRAPHIC] Life and Pensions Insights from Parents 

We asked our Insights panel of parents to tell us if they have a pension, and if so, what type? Here’s how they answered:

• 42% of parents said yes, they have a pension scheme through work
• 32% of parents said they have no pension
• 13% of parents said they have a mix of different pension schemes
• 10% of parents said they didn’t have a pension but their partner does
• 6% of parents said yes, they have a personal pension 

Any further thoughts on pensions?

Comments from our panel members included:

“Everyone should start a pension account from their first job – it all adds up in the end.”

“I worry about having enough money when I hit retirement age.”

“Scary that you may never live to enjoy it.”

“I think all workplaces should have pensions automatically for their staff.”

“Pensions should be mandatory, lots of people choose not to invest in their future.”

“Glad I have a pension and hope it will be worth it.”

“I don’t think there is enough information for people on them, especially those that have stopped working to stay at home with their children and may not be aware of the government state pension with regards to personal PRSI contributions.”

“I would love to understand them more, how much it be worth in the end, what happens when you reduce hours etc.”

“I’d love to find out more but the whole process sounds confusing, so I haven’t sought out any information.”

“It’s difficult to plan for one if you change job and salary as you can’t guarantee the same amount being paid in each month.”

“It’s too difficult to have one on extremely small income, every cent counts at the minute.”

“They need to be easier to understand.”

“I am glad work provide us access to a pension or I probably wouldn’t have bothered but I’m in my 30s and have been paying into it for about 13 years now. Hoping it will help when needed.”

“Worry it won’t be enough when I come to retire.”

“Everyone needs a pension and they should be mandatory when you start working – I wish I’d put more money in when I was younger.”

“Wouldn’t even know where to start with getting a pension and would love to know.”

Actionable Insights for Pension Providers

• The most common feedback we got from parents on the subject of pensions was that they are difficult to understand and are thus intimidating. Content that helps parents with this tricky subject could be a good way of building trust.
• Social media content could be effective to reach out to parents. For example, a 101 pensions video series that clearly breaks down the steps one needs to take to get set up with a pension could help dispel some of the myths that make pensions seem daunting to parents.
• Some parents told us that they wished that they had started their pensions sooner but weren’t aware of their benefits when they were younger. But as it’s never too late to start or add to your pension, how are you engaging parents around the topic to attract them to you for consultation?

Would you like business-transforming insights from parents for your business? Use our tailored panels of engaged parents and our dedicated private platform to gather critical insights to help influence consumers to deliver long term profitability. Contact us now to find how we can help.