| Blog
| Blog
20 March 2026
In general, we have a tendency not to think too much about our future needs. Although it makes financial sense to plan and invest for the long term, it feels harder to put our money away today. This is known as present bias, and it can get in the way of long-term financial planning.
Two thirds of us believe that having a financial plan for our future would help us feel less anxious and more relaxed. Putting a plan in place protects us and those closest to us from future financial stress. If you are one of the many that would like to plan for the long-term but haven’t got around to it yet, these handy tips from Claire Hogan of BehaviourWise will help you get started.
It’s never too early to start, and the sooner you start the better! Your financial plan can change if your circumstances change, but the key is to get the ball rolling.
Some feel financial planning is not for them because they don’t have enough income or wealth to justify it. However, it doesn’t matter how much money you have, a good financial plan will help ensure whatever money you have works harder for you. Good financial planning is good for everyone.
Some aspects of financial planning can be complex, so it’s well worth getting some professional advice. Almost 1 in 4 say the cost of professional financial advice puts them off, but there are lots of options available and many of them cost nothing.
The CCPC (Competition and Consumer Protection Commission) provide guidance on types of pensions and how to get professional financial advice. Check out Pensions - CCPC Consumers. The Pensions Authority provides information on types of pensions on Pensions authority website and the Retirement Planning Council provides support, information and guidance to help prepare for life in retirement on Retirement Planing Council website.
PTSB offer free advice on planning for your financial future, and has teamed up with Irish Life to help you choose the right products to meet your particular needs. Find out more at Planning for your Financial Future.
If you have money in your current account that you are unlikely to need for a while, transfer it to a savings or investment product where it can earn a return for you. Remember the 5 Year Rule - if you think you will need access to your savings within the next 5 years, your best bet is to opt for a secure Savings / Deposit Account. This will keep your funds protected, while earning you a better return than a current account. There are plenty of options to choose from depending on how much notice you’re prepared to give to access your funds. Find out about PTSB’s Savings Account options.
If on the other hand you don’t think you will need to access your savings for 5 years or more, consider investment products that offer higher growth, albeit at higher risk. Over the longer term the ups and downs of market volatility tend to flatten out, and as a result you can gain higher returns. Again, there are a range of options to choose from depending on your appetite for risk / reward.
Some aspects of planning for later life come to mind more easily, such as making a will or setting up a pension. However, we sometimes forget other important factors that can make a real difference to our quality of life in later years.
Use the P-A-T-H-W-A-Y-S mnemonic to help you remember the key things you should consider for later life planning:
Learn about the different types of pension that are available to boost your State Pension, and choose one to suit your needs.
Avail of professional financial advice.
Talk to people you trust. We often find it uncomfortable to talk about our personal finances, but it’s good to talk.
Plan for an increase in your healthcare needs. As we get older, we are more likely to need healthcare support.
Make a will. In time it will make things easier for loved ones.
Think about your home and any adjustments that might be needed to ensure it remains accessible whatever happens.
Estimate your income needs in retirement, factoring in the impact of inflation. A financial advisor can help you with this. Knowing your likely income needs will help with other decisions you need to make.
Make any extra money you have earn a return for you, bearing in mind the 5 Year Rule; secure savings accounts if you expect to need funds within 5 years, or investment products if you can wait longer.
In 2023 the Government launched the Decision Support Service (DSS) to help people who may have difficulty with decision making capacity today, or may have at some point in the future. It helps people to make decisions about their personal and financial welfare, and to create important documents like Enduring Power of Attorney or Advanced Healthcare Directives that put their wishes on record. Find out more at Decision Support Service website.
One in three of us intend to make a long-term financial plan, but struggle to get around to it. Women and those in middle age are the most likely to put it on the long finger, and also the most likely to benefit from having a plan. We’re generally not that comfortable talking about personal finances in Ireland, but it pays dividends to talk about it, literally!
If there is someone in your life you feel would benefit from getting professional advice and putting a plan together, why not suggest it to them? It may be just the ‘nudge’ they need …
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