Majority of pensioners in Finland report improved financial situations in recent survey

A recent survey by the Finnish Centre for Pensions reveals that a significant majority of pensioners have reported improvements in their financial situations over the past few years. The study tracked the same group of respondents across three different years—2017, 2020, and 2023. About 70% of those surveyed expressed contentment regarding their financial well-being during these years, with many managing their usual expenses without reliance on savings.

Most pensioners found that their essential costs were easily met, and they had remaining funds after covering necessary expenditures. This suggests that the rapid rise in consumer prices did not broadly undermine the financial status of retirees, with some even adjusting their spending habits in response to economic pressures, according to a specialist from the Centre.

However, over 10% of respondents indicated that they struggled financially and had no money left after meeting basic needs in any of the surveyed years. Those with lower pensions, living alone, or facing daily challenges due to health issues were more likely to experience prolonged financial difficulties. For instance, one-fifth of individuals in the lowest income bracket consistently found it challenging to cover healthcare costs.

Notably, individuals over 80 years old reported longer-term difficulties in managing expenses related to healthcare, medications, and food compared to their younger counterparts. The report highlighted responses from over 1,000 individuals who participated in all three surveys, selected randomly from a population of 55 to 85-year-olds receiving full pensions, retirement pensions, or partial disability pensions. Some participants also received early retirement or special agricultural pensions.