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The average monthly pension of Finns grew by nearly 50 euros in 2020. In real terms, it has risen by an ample 200 euros in one decade. Yet every third pension is less than 1,250 euros per month.

The average monthly pension in 2020 in Finland was 1,762 euros, nearly 50 euros more than in 2019. The median pension was 1,534 euros per month, nearly 40 euros more than in 2019. 

Men received an average monthly pension of 1,983 euros and women 1,579 euros. In real terms, the monthly pension has risen by an ample 10 per cent or 220 euros in one decde.  

Despite the steady growth, one third of the pension receipients received a pension that was less than 1,250 euros per month. A clear majority of them were women. Eight per cent received a monthly pension of more than 3,000 euros. A clear majority of them were men. 

New old-age pensions at the same level as those of the baby boomers 

On average, men retiring in 2020 received a pension of the same size (€2,100/month in 2019) as male baby boomers and men slightly younger than that. Women’s new old-age pensions (€1,600/month) were larger than those of older women. Those aged 80 or older recieved clearly smaller pensions.

“For a long time, new retirees on an old-age pension tended to receive higher pensions than their predecessors.  Now that the life expectancy coefficient cuts starting pensions, the gap has narrowed. The pension calculation rules were also more generous earlier,” explains head of statistics Tiina Palotie-Heino (Finnish Centre for Pensions).  

The data is based on joint statistics of the Finnish Centre for Pensions and Kela. 

The pension income is in gross amounts.

What does the average pension depict? 

  • The average monthly pension of people who reside in Finland and who get an earnings-related or a national pension. 
  • The review excludes persons who get a part-time pension, a partial old-age pension or only a survivors’ pension. 

Read more:

Finnish Centre for Pensions – Central body of and expert on statutory earnings-related pensions