Four in 10 adults not confident they will have enough money for a comfortable retirement

Ottoline Spearman

New research has revealed a widening gap between those who feel financially confident about retirement and those who fear they will not have enough money.

Just over half (53 per cent) of adults believe they will be able to live comfortably for 20–30 years after retirement age.

However, 40 per cent said they are not confident – an increase from 38 per cent last year – underlining growing unease about the financial realities of later life.

The Later Life Insights Series research from Spry Finance, the only lifetime mortgage provider for over 55s, showed strong generational differences.

Spry Finance surveyed 1,002 adults in July.

Under-35s remained the most optimistic, with 61 per cent confident about their retirement prospects. Yet one-third (33 per cent) admitted to doubts, up from 30 per cent last year.

Adults aged 35–54 are the least assured, with confidence about their retirement falling to just 43 per cent. This “squeezed middle” faces unique pressures, balancing mortgages, childcare, and rising living costs while struggling to save for retirement.

Over-55s are becoming more positive, with 59 per cent saying they feel financially secure – up from 53 per cent in 2024.

The research suggested a generation in the middle is under growing strain, even as those closer to retirement begin to feel somewhat more secure.

It also highlighted the widespread uncertainty many Irish households face amid ongoing cost of living increases and rising life expectancy increases.

For a large share of adults, the prospect of decades in retirement raises pressing questions about how far their income will stretch.

“We are living longer, which should be a cause for optimism – but it also means more years to fund beyond work. The growing gap between those who feel confident and those who don’t is a warning sign, many simply don’t believe their finances will stretch the distance," said Ailish McGlew, Head of Communications and Marketing at Spry Finance.

"Traditional pension systems and savings plans weren’t designed for decades of post-work life. It’s no longer enough to just talk about retirement – we must talk about sustainable lifespans and how people will live and fund them.”

The research also shed light on how attitudes to ageing itself evolve. When asked at what age someone becomes “old”, Irish adults on average put the figure at 67 – but responses varied sharply depending on the age of the respondent.

Young adults (18–24) placed the threshold at just 58, while those aged 65+ put it at 74. This striking 16-year gap illustrateed how perceptions shift as people age, with those aged 45-54 putting the figure at 66.

Attitudes also varied according to where the respondent lived. Those in Dublin and Leinster set the threshold lower (around 65–66), while those in Munster and Connacht/Ulster placed it higher (around 68–69).

Meanwhile, those in urban areas tend to consider people “old” earlier (average 65), compared to those in rural communities, who pushed the definition out to nearly 70.