Over half (51 per cent) of Finnish pensioners save into a bank account as a method to prepare financially for the future, research from the Finnish earnings-related pension provider Ilmarinen has revealed.

The research showed that the popularity of bank account saving has increased over the past seven years, as, for a long time, saving in a bank account accounted for 44 per cent of pensioners' financial planning.

According to the survey, the number of people saving for a supplementary pension on their own has also risen after several years, with 18 per cent of respondents saying they have a supplementary pension.

Ilmarinen stated that supplementary pensions were previously popular between 2019 and 2022, at which time as many as 20–26 per cent reported having a supplementary pension.

The survey also found that people are now less likely to believe that owning a home is a means of financial planning.

In 2019, 66 per cent of respondents viewed buying a home as a form of financial preparation for retirement, compared to 35 per cent of respondents in 2026.

Commenting on this decline, Ilmarinen researcher, Jouni Vatanen, said: "This likely reflects the state of the housing market in Finland. Prices have come down, sales times have lengthened, and apartments outside growth centres are selling poorly. It is, therefore, no wonder that owner-occupied housing as a form of wealth is currently associated with uncertainties.”

Investing, on the other hand, has slightly increased in popularity as a means of financial planning for pensioners, with almost four in 10 (38 per cent) of respondents saying they invest in funds, shares or real estate.

The last time investing was this popular was in 2019, when 40 per cent of respondents said they invest in funds, shares or real estate.

Additionally, the survey revealed that approximately 49 per cent of the respondents said that they have had to cut back on their expenses recently.

"The unpredictability of global politics and the resulting rise in prices will inevitably be reflected in the pockets of pensioners as well. For many, this means a tighter everyday life and more careful consideration of what the money is enough for," Vatanen said.

The survey showed mixed responses from pensioners about whether their standard of living in retirement met their expectations. Approximately 61 per cent of respondents said it did, while 23 per cent said the standard of living during retirement came as a surprise.

Vatanen said: “Retirement is a major life change that involves a lot of things that can only be predicted through experience."

Given this, he suggested that future retirees could “greatly benefit” from the experiences, observations, and practical tips of those already retired, including when it comes to financial planning.

Despite respondents reporting that they have cut expenses, more people feel their pension is sufficient than a year ago. A third (33 per cent) believed their pension was sufficient when asked a year ago, while the recent survey showed that 39 per cent of respondents consider their pension adequate.

From 2021 to 2024, the percentage of individuals satisfied with their pension varied between 27 and 36 per cent.

Respondents were also asked whether they believed their pension would still be sufficient in 15 years, and 32 per cent said they thought it would be. 

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