Research on pension adequacy
The primary task of pensions is to secure an income in retirement. Under this research programme, we will examine pension levels as well as pension benefits of population groups that are central to the improvement of pensions.
Retirement often spans years and decades and includes different phases as far as income is concerned. During this research programme period, we will conduct individual-level longitudinal studies of changes in pensioners’ income levels and reconduct the questionnaire survey from 2017.
We will assess livelihood adequacy primarily based on income. We will also review the livelihood of pensioners through consumption and subjective experiences relating to livelihood.
Under this research programme, we will monitor the Finnish working-age population’s knowledge and views of pension adequacy, sustainability and key principles of the pension system.
New studies
Pension Barometer: More than half of Finns consider the pension reform to be good
Around 55 per cent of Finns consider the pension reform proposal agreed in January to be good or very good. According to the Pension Barometer, around half of Finns have confidence in the pension system, although this has declined compared to previous surveys. Responses to the Barometer reflect an increase in general uncertainty.
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More than half of working-age people save for retirement, especially young people
Private savings for retirement have increased significantly over the past decade. According to a comprehensive survey by the Finnish Centre for Pensions, more than half of people aged 25–67 are saving or have saved for retirement in 2024.
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Factors outside the system build trust in pension security
Trust in pension security rests on three primary components. These include the functional reliability of the pension system, the adequacy and fairness of the pensions it provides, and external factors such as the overall economic situation, demographic aging, and the functionality of the political decision-making processes. This comprehensive article, based on the analysis of open-ended responses, was published in the September 2024 issue of Janus magazine.
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International comparison of pension contribution levels shows a standardisation of payment levels across various countries when considering overall pension security
This research article meticulously examines the levels of pension contributions and the allocation of pension funding across eight European countries: Denmark, Finland, France, Germany, Italy, the Netherlands, Norway, and Sweden. When considering the overall pension security, it is observed that pension contribution levels tend to converge. The average contribution level in these comparative countries stands at 14.6% relative to their GDP. The highest contribution levels are observed in Italy and Denmark, whereas the lowest levels are recorded in Sweden and Finland. The article was published in La Revue de l’OFCE.
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