Retirement planning continues to evolve, shaped by unique generational experiences, financial pressures, and shifting social expectations. Standard Life’s Bringing Retirement Into Focus 2024 report offers a generational deep dive, highlighting notable changes from 2023 where available. Below, we explore how each generation in Ireland is approaching their Second Life, and how trends in planning, confidence, and investment behaviour are shifting.
Baby Boomers (61–75 years)
2024 Financial Readiness: 44%
2024 Pension Confidence: 60%
2023 Comparison: 44% financially ready – no change
Analysis:
Baby Boomers remain the most financially confident generation. 44% feel financially ready for retirement—the same figure as 2023—suggesting a stable level of preparedness. 60% report confidence in their pensions, the highest among all cohorts. Their attention is increasingly turning toward discretionary goals like travel, home improvements, and legacy planning.
Insight:
With retirement either ongoing or imminent, Boomers are using their financial foundation to focus on personal fulfilment. Their consistency year-on-year reinforces the value of early and steady pension engagement.
Generation X (45–60 years)
2024 Financial Readiness: 24%
No Long-Term Plan: 26%
2023 Comparison: 30% felt positive about their finances (approximate)
Analysis:
Gen X shows a marked decline in financial confidence. Only 24% feel financially ready for retirement—down from 30% who expressed financial positivity in 2023. Additionally, more than a quarter (26%) have nothing in place for their mid-to-long-term financial future. This generation is deeply affected by debt, mortgages, and supporting dependants.
Insight:
Despite their proximity to retirement, many in Gen X are struggling to make progress. The decline in confidence underscores an urgent need for proactive, personalised financial advice.
Millennials (29–44 years)
2024 Financial Readiness: 24%
Financial Anxiety: 47% feel scared thinking about retirement
2023 Comparison: 62% were anxious about finances; 28% felt positive
Analysis:
Millennial confidence continues to wane. In 2023, 62% reported financial anxiety and only 28% felt positive. In 2024, although direct anxiety figures were not repeated, 47% now report fear when thinking about retirement. Just 24% feel financially ready. Despite these challenges, 25% now identify as investors—a sign of increasing financial engagement.
Insight:
Millennials are facing compounding pressures, including childcare, high living costs, and uncertain housing. While many are investing and seeking advice, clearer planning frameworks are needed to convert effort into confidence.
Generation Z (18–28 years)
2024 Financial Readiness: 26%
Planning Engagement: 36% say they have a retirement plan
2023 Comparison: 35% owned or planned to start a pension; 44% had never sought advice
Analysis:
Gen Z has made significant progress over the past year. Pension engagement has grown modestly, with 36% now having a plan (up from 35% owning or intending to own a pension in 2023). Crucially, advice uptake has surged—46% have now sought financial advice, reversing 2023’s finding that 44% had never done so.
Insight:
As digital natives, Gen Z are leveraging fintech tools and engaging with financial professionals earlier than expected. Their increased engagement with advice, investing, and planning marks them as a highly proactive generation despite their distance from retirement.
Conclusion
The 2024 data reveals a mixed picture: Baby Boomers continue to lead in confidence and consistency, while Millennials and Gen X face increasing pressures that affect their planning readiness. Meanwhile, Gen Z are emerging as digitally driven, advice-seeking early planners—a promising sign for the future.
Where figures are available, year-on-year trends show:
- Boomers holding steady.
- Gen X slipping in readiness.
- Millennials struggling with anxiety.
- Gen Z making gains in advice and planning.
Need clarity for your Second Life?
Whether you’re just getting started or refining an existing plan, Riordan Financial offers expert guidance tailored to your generation and goals. Get in touch today for advice that makes your retirement feel possible and personal.