A report today is warning that workers across the European Union have put aside far less than they need to fund their retirement adequately.
The report says that unless member states move to address the problem, many people will have lower than expected income in old age, if they do not start to save more now.
The study was carried out by insurance company Aviva. It says the shortfall of nearly €2 trillion is equivalent to one-fifth of the European Union's annual economic output and reflects savings habits that have failed to keep pace with lengthening lifespans.
The research also shows that Irish people are not putting enough into their pension fund to pay for their retirement. It says that the average policy holder needs to invest an extra €9,000 a year in their pension.
