One in 10 Finnish pensioners struggle to meet everyday expenses – ETK

One in 10 Finnish pensioners struggle to meet their everyday expenses, a figure that remains unchanged from 2017, according to the Finnish Centre for Pensions (ETK).

The study by ETK found those under 65, those in poor health, those with a low income, those who live in rented housing and those living alone are more likely to experience some or great financial strain.

The study found that the most typical cost that pensioners struggle with is healthcare expenses. Around 8.5 per cent of them reported that they find it very difficult or difficult to cover these expenses and 3.8 per cent were often forced to cut back on healthcare expenses in 2020.

“A few per cent of the pensioners had to rely on financial assistance from their next-of-kin, the church or some other charity, income support or instant cash loans to cover for necessities,” ETK senior research, Liisa-Maria Palomäki, noted.

Commenting, Palomäki, said: “The share of pensioners facing great economic difficulties has remained unchanged compared to 2017. Every tenth pensioner still experiences some or great difficulties covering their everyday expenses.”

On the other hand, pensioners who live with at least one other person, those with a higher-than-average income and those in good perceived health reported less financial strain than others.

Three out of four pensioners have money left over after paying for necessities. An equal share assessed that their income would allow them to cover an unexpected cost of around €1,200.

“Such unexpected costs might include repairing the car or fixing something in one’s home,” ETK economist, Kati Ahonen, explained.

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