According to an analysis of Irish Life’s personal pension customers, people in Mayo are saving 19 per cent less into their pensions than Irish Life’s national average. The average monthly pension contribution by those living in County Mayo is €279 compared to Irish Life’s national monthly average of €343. On average women in Mayo pay €278 a month, and men pay €280 a month. Only 31 per cent of Irish Life’s pension customers from Mayo are female, compared to 69 per cent male customers.
As market leader, Irish Life is well placed to provide an insight into the behaviour of Irish pension customers. Gerry Hassett, managing director, Irish Life Retail, said 2015 could be the first year since the downturn that we will see a fall in the average age of people starting pensions. “In 2008, the average age of a new pension customer was 35. This increased to 42 years old during the recession, as Irish people in their 30s focused on essential financial payments such as mortgages and other shorter term commitments. However, the average age stopped rising last year and it looks like it will fall to 41 this year. We have also seen a significant increase in the overall market for personal pensions with sales up by 18 per cent for the first half of 2015.”