Only one in three Finns trust pension system

Finns' confidence in the national pension system is deteriorating, suggests a survey published by the Finnish Centre for Pensions (ETK). About it Helsenki Tames reports.

The survey, Trust in Pension Security, indicates that only one-third of Finns currently have confidence in the ability of the system to deliver pension promises in the future, representing a decline of roughly five percentage points from the previous edition of the survey released in 2011.

Approximately half of respondents expressed their confidence in the ability of the pension system to guarantee a reasonable livelihood in retirement and even fewer their confidence in the sufficiency of disability pensions.

The views of Finns on the sufficiency and equality of pensions were in the first half of last year.

ETK highlights in its bulletin that public confidence in the pension system appears to have declined across all indicators: the percentage of respondents who indicated that they are confident that the pension system will guarantee reasonable income security for the elderly has fallen from 62 per cent in 2011 to 54 per cent in 2014.

Nearly half, or 49 per cent, of female respondents voiced their confidence in the ability of the pension system to guarantee a reasonable livelihood also in the future.

The statement that pension guarantees a reasonable livelihood for people who are unable to work was consistent with the views of 37 per cent of respondents, signalling a decrease of up to ten percentage points from 2011.

Overall, Finns rated the pension system at 6.5 on a scale of one to ten. No corresponding rating is available from the previous survey.

In addition, the survey found an obvious lack of trust in the equality of the national pension system, with no more than one-third of respondents estimating that the system is equal. However, the share of undecided respondents has also risen from the previous survey.

The survey also shows that 63 per cent of Finns do not approve of the decision to determine the retirement age on the basis of life expectancy. It was recently agreed as part of an overhaul of the national pension system that the retirement age will change parallel to the life expectancy.

A total of 3,032 18—68-year-old people responded to the survey, according to ETK.

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