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Monday 11 December 2017

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Young Finns have more trust in pensions than older generations

Written by Natalie Tuck
10/10/17

Young people in Finland have more trust in the country’s state pension system than older generations, new research has shown.

The Finnish Centre for Pensions’ Pension Barometer reveals that the youth in Finland have a higher trust in and are more familiar with the pension system than the rest of the population.

Finnish Centre for Pensions head of research Susan Kuiva-Iainen said: “Seventy-one per cent of the under-25 year olds in Finland trust that the statutory pension system will provide for them in old age, in case of disability or the loss of a family wage earner.”

Furthermore, nearly 80 per cent of the young in this age group also know how pension funds are earned, and two out of three are aware that retirement ages are rising.

Commenting on this, Finnish Youth Research Society statistical researcher Sami Myllyniemi believes that the main reason behind this high trust when it comes to pensions is that they form a spectator society.

“The majority of them believes, or at least hopes, that the pension system will work without their having to think about it,” he explained.



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