John Ellis

Your Money & You

John Ellis Up to 43% of people don’t have a pension

As you read this Pensions Awareness Week (PAW) is just over . It is an initiative held annually in September to raise awareness in Ireland about retirement planning, and help people take charge of their long-term savings.

In conjunction with the week, PAW commissioned a new survey on peoples attitude to saving for retirement. e research surveyed more than 1,000 people nationally in late August and early September 2022 and was conducted by Behaviour & Attitudes (B&A) e results make for depressing reading as it reveals real disparity between Dublin and the rest of the country with more people in Dublin having pensions. A total of 63% of people in Dublin hold some form of pension product, a gure that drops to 54% of people living outside the capital.

Also 43% of people don’t have a pension with the majority saying they cannot a ord it and two in ve have delayed starting a pension due to the rising cost of living with another 4% have actually cashed in their pensions in order to deal with soaring energy and other costs. e survey also found that more than two in ve people in Ireland without a pension have either delayed starting one or delayed their planned retirement date due to the cost-of-living crisis.

Of those with a pension, the increase in the cost of living has not impacted retirement savings for the large majority (69%).

However, 18% have either stopped payments, delayed their planned retirement date, or reduced their pension contributions. e survey also shows that just under two in ve (38%) already know they won’t have su cient money saved for retirement with the same number believing they will need to work longer than they intended due to an insu cient pensions. Yet only one in ten of those without a pension have ever discussed retirement options with their workplace. And, even among those with a pension, attention to its performance is low with one in ve having never checked what funds their pension is invested in.

Fewer than one in ve of those without pensions have calculated how much money they need in retirement. With only one in twenty having sought advice from a nancial advisor on pensions – or discussed retirement options with their workplace.

Women are less likely to have a pension than men, with just 48% of females stating having some form of pension product versus 65% of men. Of those with pensions, just over one in four have ever checked its current performance and just over one in ve have calculated how much money they need in retirement.

Ralph Benson, founder of PAW and Moneycube.ie Head of Financial Advice, said: “ e research from B&A shows there are two sides to the story of the cost-of-living crisis. What’s becoming clear is its long-term e ects on people’s nancial security. On the one hand there are those who have a surplus each month. Despite the mounting costs of energy and other basics, they can probably survive with just minor tweaks to their nances.

“On the other, we have people for whom the margins are much tighter and so are being forced to make decisions now that will impact when they can retire and the quality of life they will enjoy when they do. is research also reveals that most people haven’t checked the performance of their pension and even fewer know how much they will need in retirement. Pensions Awareness Week gives people a chance to join the conversation about building your retirement plans and check in on your nancial health,” he said.

One other interesting fact from the survey is that nearly two-thirds of those aged 25-49 are open to hearing about pensions but nd it too complicated to understand. is is where your nancial advisor comes; whether you’re starting a pension, on the journey to or approaching retirement, they are there to help by making the way clear.

john@ellis nancial.ie 086 8362633.

Step by step to feed the next child 2022

By: Fr Eamonn Kelly, PP Raphoe, Co Donegal

It is hard to nd words to describe the feelings when you get the rst sight of Knock (Mayo) after walking for nine days to get there. e rst sight is the very top of the Cross at the Basilica. ere is elation of nearly being there and yet a wee reminder in the head – not yet, for there are three or four kilometres still to go. e muscle aches seem to lose their pain and the blisters do not bother as much, for soon there will be no more walking. And you can rest tomorrow and the day after that if you so wish. e joyous excitement of making a di erence is probably the most over-whelming emotion. Because of the walk, many people have responded to the plight of the hungry children. Because of the e ort of the walkers and collectors and all else involved in the walk, literally thousands of children will receive a meal each day in a place of education with Mary’s Meals. en as Knock gets closer, one can see walkers coming in from another direction and all walking for the same common purpose – to relieve the su ering of our little brothers and sisters. When the walkers meet, the hugs are genuine, with tears of relief and joy, of release and delight, of achievement and happiness. e walk up the Main Street of Knock is very emotional as the stress of the nine days of pounding the tarmac gives way to the knowledge that another child has been fed and will be fed.

After the nal prayers of the two hundred plus kilometre trek, the adrenaline pumps through the veins and the smiling faces of the blue t-shirted walkers state clearly that it was all worthwhile. Hundreds and thousands of di erent and separate moments of the past nine days becomes blurred and melts into one big moment in your own induvial history. And deep in your heart you understand, beyond words, the work of Mary’s Meals: ordinary people changing lives as they o er their money, skill, goods, time, or prayer, and so provide the food to help those su ering the e ects of extreme poverty in the world’s poorest communities.

We met and were joined by many kind and generous individuals over the course of our walk from the Marble City, though Portlaoise and Mountmellick before crossing to O aly. As we stopped at one local shop for a bottle of water, we met a group of children who were shocked to hear that nine cents can provide a lunch. On behalf of all the nine cents’ raised over the course of our walk, we thank you on behalf of the many, many children who will eat thanks to your generosity.

Mary’s Meals are a no-frills charity – we depend upon the generosity of volunteers to feed so many hungry children. If you would like to nd out about our work or you would like to become involved, please contact Angela Moore at 089-4339592 or email angela.moore@ marysmeals.org

European year of Youth 22 and Twilight

Once again, another Twilight Programme comes to end. Last weekend saw the conclusion of the European Year of Youth 22 with a day excursion to Splashworld and the week before they headed to the Dunmore East activity Centre for a fun lled day of activities and interaction among its members.

In an era when many of our youth and young adults play their games and interact with ‘Friends’ or so-called best buddy who are, let’s call it as it is! A digitally generated buddy. His name is probably R2D 2, and a wizard at playing soccer, well with his ngers and thumbs and two team mates called a Packet of Tayto, playing on the left and can of coke on the right wing. When I played soccer, it was with your two feet and your head and only guy to use his ngers and thumbs was the keeper. But in this new era of EA Sports and a game played on a screen and not on grass the Twilight Youth Inclusion Group o ers all its members opportunities for real life experiences.

When a team of Young adults’ travel to any Excellent Adventure Centre like the Water activities provided in Dunmore East, it’s outdoor and interaction is with real friends, real people. e aim of these activities is to engage the members in your team and bond building and most importantly having fun. e planning for such a trip’s logistics takes time, e ort and of course nances. e Two Youth team leaders, who must be over 18, Leah McDonnell and Liam Mungovan got together and organize the packed lunches, the all-important transport and spent time on line registering each participant’s name and details with Dunmore East Water Activity Center ensuring all the documentation and Insurances were in place prior to departure.

EYE22 is part of the Twilight’s Erasmus +programme which is geared towards youth development. e project included Wonderful Dog erapy with Kilkenny’s GooDog Training Academy which saw the members of Twilight Youth Inclusion learn the basics to avoid confrontation with the ‘big black dog’ a syndrome that many of our young people have developed. Art erapy and personal wellbeing which included a workshop to assist our youth to over come the isolation from Covid 19 to alleviate stress and anxiety. ese Activities and Personal Development programmes are vital part of the coming of age for our youth and young adults. is cohort of society were sometimes forgotten about during the period of our shut down during the Pandemic. ey spent months alone. Sometimes locked in their bedrooms. eir man contact with the outside world was through social media. And we all know the dangers of bullying that can prevail on Facebook, what’s app. is is all part of the Twilight Groups e orts to alleviate the stress and improve the health and wellbeing by providing activities mainly based on excursions and personal development talks in a non-formal and interactive sessions

For Information on how to become Twilight member email tyi@twilight.ie