Finland's latest pension survey reveals a nation gripped by financial uncertainty for its later years. Nearly half of all Finns estimate their future statutory pension will not maintain their desired standard of living, according to a new study from OP Pohjola. Only 18 percent of adults aged 18 to 79 believe the state pension will be sufficient for at least a fairly good standard of living.
OP Financial Group's Life Insurance CEO Kristiina Michelsson said the uncertainty is understandable. "Income levels often drop significantly when moving into retirement," Michelsson commented on the survey results. The numbers highlight a stark reality, in 2024, the median pension in Finland was about 1,800 euros per month, while the median salary was approximately 3,600 euros. "This difference underscores the importance of planning ahead," Michelsson stated.
A Deep-Seated Concern Across Demographics
The worry is not evenly distributed. Women report weaker confidence in their pension's adequacy than men, with 51 percent of women doubting it will suffice compared to 43 percent of men. The most pronounced anxiety is found among young adults. A striking 59 percent of 26 to 34-year-olds are skeptical about their future pension's sufficiency. In contrast, those aged 50 to 64 are the most confident, with one in three believing their pension will be at least fairly adequate.
Michelsson linked this generational divide to broader economic and political discussions. "The economic fluctuations of recent years and the debate around demographic changes and the future of the pension system are likely reflected in the results. Especially for the young, retirement seems distant, which causes uncertainty," she assessed. This points to a systemic concern that extends beyond personal savings, touching on the sustainability of Finland's social contract in the face of an aging population.
The Knowledge Gap and Planning Deficit
Compounding the anxiety is a significant lack of basic financial awareness. Every other Finn does not know or is unsure of the amount of their accrued pension entitlement. Knowledge is particularly low among the youngest respondents, but even in the 35 to 49 age group, half report being in the dark about their pension accrual. This information gap presents a major hurdle for effective long-term planning, as individuals cannot prepare for a financial future they cannot quantify.
The survey indicates that awareness grows with age, yet the persistent uncertainty among middle-aged adults suggests public information campaigns and personal financial education have substantial ground to cover. The ability to easily check one's own accrual and pension estimate online is a tool that, according to the data, is underutilized by a large portion of the population.
Strategies for a Secure Retirement
Faced with these doubts, Finns are contemplating various strategies to secure their retirement years. The most common plan, cited by 44 percent of respondents, is to rely on personal savings and investments. A significant 28 percent intend to lower their standard of living in retirement, with women (one in three) more prepared to make this compromise than men (one in four).
Furthermore, about a fifth of Finns plan to secure their livelihood by working part-time during retirement, and 10 percent intend to delay their retirement date altogether. These figures illustrate a shift in mindset, where retirement is no longer viewed as a clean break but potentially as a phased transition involving continued earning. "It is good that Finns are considering different ways to secure and supplement their retirement income. The most important thing is to plan in time, as foresight brings not only financial security but also peace of mind," Michelsson advised.
Systemic Implications and the Path Forward
The widespread lack of confidence presents a clear challenge for policymakers in Helsinki. When half the working population doubts the core promise of the welfare state's pension system, it risks undermining social cohesion and long-term economic stability. The findings will likely fuel ongoing debates in the Eduskunta about pension reform, contribution rates, and the balance between statutory and private provision.
The data also suggests that the current public discourse on aging, the dependency ratio, and the sustainability of public finances is filtering down to the public, increasing anxiety, especially among the young. This creates a dual task for the government and financial institutions: to ensure the long-term viability of the pension system while also improving financial literacy and transparency so individuals can make informed plans. The success of Finland's model, often watched closely within the EU for its blend of social security and economic resilience, may hinge on addressing this crisis of confidence with both robust policy and effective communication.
Ultimately, the OP survey paints a picture of a pragmatic but concerned populace. Finns are not passively worrying, they are actively considering trade-offs—saving more, spending less, or working longer. The systemic question remains whether individual action will be enough, or if broader structural reforms will be necessary to restore faith in Finland's retirement future.