Swedish pensioners feel significantly more financially secure than younger people, according to new research highlighted by Skandia.

A Novus survey found that 84 per cent of Swedes aged between 65 and 84 said they had good financial security, compared with 67 per cent of those aged 18 to 34.

Meanwhile, 26 per cent of the youngest age group said they lacked financial security, double the 13 per cent recorded among those aged 65 to 84.

Skandia pension economist, Mattias Munter, said the figures challenged the perception of retirement as an inherently financially uncertain period.

“In the debate, retirement is often talked about as a financially uncertain period in life, but the figures show the opposite,” he warned.

“It is twice as common to feel financially insecure at the beginning of working life as after retirement age.”

Munter argued that predictability played an important role in financial security and said Sweden’s pension system provided a significant degree of stability for most retirees.

“It is a statement of strength, but also something that politics must protect,” he added.

The findings were released ahead of the Seniors’ Parliament, which is due to take place in Stockholm on 21 August and will bring together representatives from Sweden’s parliamentary parties.

The event, hosted by Skandia and organised by SPF Seniorerna together with PRO, SKPF Pensionärerna and News55, will focus on issues including senior finances, healthcare and care provision.

Ahead of the event, Skandia stressed that pension policy should not focus solely on the level of pension benefits, arguing that the stability of the pension system, sound public finances, and low and stable inflation were also important factors underpinning financial security in retirement.

The company added that policymakers needed to balance measures affecting the immediate finances of current pensioners with longer-term questions around pension system financing, working lives, occupational pensions and the balance between basic protection and earnings-related pensions.

Munter said predictability was particularly important for people approaching retirement because they had fewer opportunities to respond to unexpected increases in living costs through higher earnings or longer working lives.

“For those who retire in the coming years, the opportunity to fend off unexpected cost increases, for example by working more or increasing their salary, will be significantly reduced," he continued.

“Pensioners do not need more political surprises; they need to be able to trust the calculation they have planned their working life according to.”

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