JUST one in five people in West Cork have a clear financial plan for retirement, new research shows.

Just 21% of Cork respondents say they have a clear plan for retirement, lower than the national average of 23%.

A survey found that 51% of respondents in Munster are not confident they will be able to afford the lifestyle they want after they stop working, compared to 48% nationally.

Research on behalf of PTSB bank suggests that people’s commitments to long-term financial planning dips in middle age, just as its importance increases.

Worryingly, women lag behind men across all areas of financial planning, and on confidence to be able to fund their retirement.

The latest edition of PTSB’s Reflecting Ireland research series, conducted by Core Research, focuses on attitudes towards financial planning.

The age cohort who are least likely to have started a financial plan are 45-54 year olds (39%).

This compares with 58% of 18-24 year olds, highlighting the extent of the issue among the middle-aged cohort.

The age group who are most likely to say they have no plans to make a long-term financial plan are those aged 55-64 (22%).

This compares with just 6% of 18-24 year olds.

The research also points to gaps in financial literacy.

More than half of respondents in Ireland (54%) are unaware of the small gift exemption rule whereby an individual can receive up to €3,000 per calendar year from another person tax-free.

Leontia Fannin, chief sustainability and corporate affairs officer at PTSB, said: ‘Despite some encouraging signs, the research suggests there is much to do to ensure people of all ages are properly considering the financial implications of later life and retirement.’