More than eight out of 10 (82 per cent) Swedish couples lack a clear plan for their finances as pensioners, a report from Swedish pension provider AMF has revealed.

The report, Until the pension separates us: married and cohabitants' views on finances and pensions, found that although many couples share everyday life and finances, significantly fewer have planned for what their finances as pensioners should look like.

Over half (52 per cent) of Swedish couples completely lack a plan for their finances as pensioners, 30 per cent have spoken about the issue without deciding what to do, and 14 per cent have a clear plan.

“It’s something of a paradox that so many people are sharing the day-to-day financial burden, yet so few have discussed how it should work in the future,” AMF pension communications officer, Ebba Lagersten, said.

“Retirement may seem a long way off, but the financial situation you’ll find yourself in then is largely determined by how you live and work today. Wage inequalities carry over into retirement.”

AMF suggested that economic differences are still common in Swedish relationships, with men generally earning more than their partners and women more likely than men to say they do more housework.  

This is clear from the survey results, which showed that 61 per cent of men said they earn more than their partner, compared with 23 per cent of women.

Meanwhile, 44 per cent of women said they do more housework than their partner, compared to 13 per cent of men.

Despite this, 40 per cent of Swedish couples have completely joint finances, 30 per cent have their own income but share expenses equally and 22 per cent pay expenses in proportion to their income.

And although the majority of couples have joint finances, 58 per cent of couples said they have not discussed how large their pensions will be in relation to each other.

At the same time as this gender imbalance, the so-called silver separations or grey divorces – couples over the age of 65 who divorce – are increasing, according to Statistics Sweden.

Lagersten explained that this highlights why discussions about pensions are needed.

She suggested that while it may be easy to assume income differences matter less when finances are shared day to day, a separation changes this, as pension savings are not shared the same way.

“There is a risk of a bad deal for those who have earned less but at the same time done more of the unpaid work at home,” she added.

The survey also revealed clear differences between different groups in working life, as 42 per cent of white-collar workers have spoken about their future pensions with their partner, compared to 31 per cent of blue-collar workers.

Differences can also be seen depending on income, as those with higher income are more likely to have spoken to their partner about how large their pensions will be in relation to each other, compared to those on a lower income.

Among people with a monthly income of more than SEK 50,000, almost every second person has talked to their partner about how large their pensions will be in relation to each other.

Meanwhile, among those who earn SEK 30,000–39,999, the proportion drops to one in four.

“Many of our customers are privately employed workers, so for us it is extra important to see what it looks like for them. Pensions do not become less important because people talk less about it. That's why we want to encourage more people to talk more,” Lagersten concluded.

However, the survey did show a positive development for the younger generation as 32 per cent of couples aged between 25–35 have talked about their future pensions.

This is a substantial increase from 18 per cent of 25-35-year-old couples who said the same when asked in 2017.

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