The ongoing high inflation environment has increased Danish people’s focus on their pension costs, but to a much lesser extent than everyday financial expenses, research commissioned by Sampension has found.

The study, which was conducted by Epinion, found that 39 per cent of respondents increased their focus on pension costs, and the possibilities to lower these costs, as a result of inflation.

While this showed a growing interest in pension costs, almost nine in 10 (87 per cent) Danes heightened their focus on their everyday expenses due to inflation, and how they can be lowered.

Sampension head of market and customer advice, Anne-Louise Lindkvist, said that the steep price increases witnessed last year, which are still at a high level, have been a “tough time” for Danes’ private finances in general.

This has meant that many have naturally become more aware of what the money in the household goes towards.

“This is a positive development,” Lindkvist continued. “Because if you keep an eye on your expenses to a greater extent and also the opportunities to lower them, you can strengthen your finances.

"Just as the expenses play a significant role in one's available amount here and now, the costs also have a great impact on the size of the pension savings and thus ultimately the income as a pensioner.

“It is therefore gratifying that inflation has caused more people to increase their focus on their pension costs. But everyone should actually do that. Because the lower the costs you pay over the years, the more there is to do good in retirement life.”

Lindkvist noted that pension holders can save on costs if they have several pension pots and consolidate them with one pension company.

"If you get a new job, which a record number of Danes did last year, a new pension scheme can also come with it,” she stated. “And this can mean that you have pensions in several places, and that you therefore also pay to have them administered by different companies.

“Here you have to investigate whether it is advantageous to collect the pensions in one place and thus save costs."

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