Minister of State at the Department of Finance with special responsibility for Financial Services, Credit Unions and Insurance Robert Troy T.D. launches National Traveller MABS research report.
National Traveller MABS has today released a comprehensive report highlighting significant disparities in pension preparedness and retirement planning between Irish Travellers and the broader settled population. The report, titled "Irish Travellers and Pensions 2025," underscores critical vulnerabilities and calls for urgent action to improve financial security within the Traveller community.
Key findings from the report reveal:
• Only 21% of Irish Travellers currently have a pension compared to 61% of the settled population.
• A striking 86.7% of Travellers rely solely on the State Pension for retirement, markedly higher than the 69% among the settled community.
• Major barriers to pension ownership among Travellers include a lack of understanding (62.5%), affordability issues (46.6%), and unstable employment conditions (36.4%).
• Retirement anxiety is alarmingly high, with 92% of Travellers concerned about having insufficient funds during retirement.
• 91% of Travellers would like their children to start paying into a pension at an earlier age.
• Educational gaps persist, as 67% have never received pension information, although more than 80% express a desire to learn.
The report draws attention to the urgent need for targeted financial education, affordable pension schemes, and improved employment opportunities. It advocates for immediate policy interventions, including the introduction of culturally sensitive education programs, subsidised pension plans tailored to economic conditions of Travellers, and enhanced financial advisory support.
Launching the report Minister of State with Responsibility for Financial Services, Credit Unions, and Insurance, Robert Troy TD, said:
“This report from National Traveller MABS is very welcome, and lays out not only key data in terms of challenges when it comes to pensions for Irish Travellers but also insight drawing from Traveller experiences and cultural attitudes on the topic. The work of National Traveller MABS is to be commended in this regard, particularly the ‘Traveller Voices’ section of this report.
Financial empowerment must be inclusive across all sections of our society, and the ongoing work of my Department’s first National Financial Literacy Strategy has cooperation, coordination and cohesion at its heart to achieve that goal. National Traveller MABS’ work with this report, as well initiatives like their ‘A Way of Life’ programme, support this Strategy and their ongoing work in terms of education and awareness is vital.”
Nancy Power, Coordinator of National Traveller MABS said, ‘This report highlights the need to support Travellers in learning about and accessing pensions. While we hope that the new auto enrolment pension scheme will go a long way toward addressing the pension gap there will still be a large cohort who will not benefit, and we also need to educate Traveller so that they understand what the scheme is and how it will benefit them.’
This research not only highlights pressing issues for Travellers but offers insights relevant to other marginalised and economically vulnerable communities.
