The rising cost of living remains the biggest financial concern for seven in 10 adults in Ireland, while retirement planning is a growing source of anxiety among younger people, according to new research from Royal London Ireland.

The survey found that 70 per cent of respondents identified rising living costs as their primary financial worry, with concern particularly high among those aged 55 and over (77 per cent) and lower-income households (76 per cent).

However, the research also highlighted concerns about long-term financial security, with three in 10 adults (30 per cent) saying retirement savings and planning were among their biggest financial worries.

Among those aged 25-34, this rose to 38 per cent, making retirement planning a more significant concern for younger adults than the national average. Those aged 45-54 also reported elevated concern, at 34 per cent.

The findings showed that younger adults are facing the greatest financial pressures overall.

Almost two-thirds (64 per cent) of those aged 25-34 cited paying rent or a mortgage as a major concern, compared with just 11 per cent of those aged 55 and over.

In addition, 47 per cent of respondents aged 25-34 said they were worried about being unable to work because of illness or injury, while 33 per cent cited job security as a concern.

Commenting on the findings, Royal London Ireland protection proposition lead, Barry McCutcheon, said the cost-of-living crisis continued to place significant pressure on households.

“While many people are focused on meeting immediate expenses like rent or mortgage payments, longer-term concerns such as retirement savings and income protection also cause financial stress,” he stated.

McCutcheon suggested younger adults often face competing financial priorities, including establishing careers, buying homes and starting families, making it difficult to focus on retirement saving.

“For many, long-term financial priorities can feel distant when day-to-day costs are rising,” he stressed.

“The data also suggests that for higher-income households, having the means to save allows for a greater focus on long-term goals like retirement.”

The research also found regional differences, with retirement planning concerns highest in Connacht, where 43 per cent of respondents identified retirement savings as a significant worry.

Higher-income households were also more likely to be focused on retirement planning than lower-income households, at 34 per cent and 23 per cent, respectively.

---