An Overview of Gender Disparities in Retirement Planning
Recent research from Standard Life highlight persistent, evolving differences in how men and women in Ireland approach retirement planning. While the gender gap remains in confidence and communication, there are positive signs, especially among younger women.
Below is a snapshot of retirement‑readiness indicators by gender in 2024:
| Indicator | Men (2024 vs 2023) | Women (2024 vs 2023) |
|---|---|---|
| Financially ready for retirement | 36 % (down from 40 %) | 23 % (flat vs 23 %) |
| Socially ready for retirement | 47 % (down from 49 %) | 29 % (down from 41 %) |
| Mentally ready for retirement | 55 % (down from 56 %) | 48 % (up from 47 %) |
Women have also shown encouraging momentum in taking concrete steps. The share prioritising pension contributions rose to 15 % in 2024 (from 10 % in 2023) and those with a clear retirement plan increased from 21 % to 25 %.
Regional Spotlight: Munster
In Munster, retirement saving carries particular weight. Over half of adults (53 %) in the province prioritise saving for retirement, compared with 51 % nationally. More than seven in ten (74 %) see having a pension as essential, with 41 % feeling strongly about it. This deep-rooted belief translates into confidence: half (50 %) of Munster adults say they are making the most of their pension, ahead of the national average of 47 %. Yet enthusiasm for retirement itself is more muted. Only 41 % look forward to it, below the 44 % national figure, and 34 % find the idea unappealing. This suggests that while financial preparedness is strong, emotional engagement with retirement could be improved.
Employment and Pension Coverage Trends
Although women’s employment in Ireland grew at twice the rate of men’s, pension take-up still trails. In 2024, 68 % of men reported having a pension plan, compared with 65 % of women. This slight narrowing of the gap reflects both increased female workforce participation and the gradual impact of auto-enrolment measures in the private sector. Nevertheless, disparities persist where part‑time work and career breaks for caregiving disproportionately affect women’s pension access. The steady rise in female pension coverage underscores the importance of continued policy support and workplace engagement initiatives to bring parity in retirement provision.
Planning and Advice Gaps
Men remain more likely than women to have sought independent financial advice – 49 % versus 32 %. This gap is rooted partly in women’s lower financial confidence and discomfort with money conversations, as well as less targeted outreach by advice providers. However, the horizon is improving. Forty‑two per cent of Gen Z women have consulted a financial adviser, compared with 35 % of Gen Z men. Early‑career guidance appears to be closing the divide. To convert belief into action, it is vital to simplify advice access through digital tools, group workshops and flexible scheduling, and to address the emotional barriers that still inhibit many women from seeking support.
Role of Riordan Financial
We help our clients (and could also help you) by:
Building pension confidence
We offer straightforward explanations of how pensions work, including tax relief, employer contributions and projected retirement incomes, with clear examples and regular updates as market conditions change.Normalising money conversations
Riordan Financial cultivate a welcoming environment where questions are encouraged. Tailored group discussions can help break down taboos and demonstrate that effective planning is within everyone’s reach.
Riordan Financial is here to help you navigate these challenges and build a confident, well-rounded retirement plan. Contact us for personalised support tailored to your needs.