Sixty per cent of Finnish people believe that employment-based immigration can be a good means to strengthen pension financing if so required, according to the Finnish Centre for Pensions (ETK).

According to its Pension Barometer, the second most popular alternative is to raise pension contributions. Around 30 per cent think that raising the pension contributions of the working-age population and employers is a good or fairly good option to strengthen pension financing.

Furthermore, increasing risk-taking in pension investment operations to raise pension assets was the third most popular option. Of the respondents, around 30 per cent thought that was a good or a fairly good option, but nearly as many thought it to be at least a fairly bad option.

Of those 1,000 Finns surveyed, most respondents object to cutting current or future pensions. About 80 per cent of the respondents felt that cutting current and future pensions is at least a fairly bad option.

“Had there been only one option to strengthen pension financing, slightly more Finns would have selected increasing employment-based immigration compared to the 2023 Pension Barometer,” ETK economist, Sanna Tenhunen, said.

In addition, the Pension Barometer poll explored basic knowledge of pensions with several statements. Those surveyed were most familiar with the statement about minimum pension security: more than 80 per cent of them knew that if a person has a small or no earnings-related pension, they receive a national or guarantee pension. More than 60 per cent of the respondents knew that the retirement age is not the same for everyone.

Sixty per cent knew that the main part of the pension contributions paid now is used to finance current pensions in payment. Nearly 30 per cent of the respondents believed that this is not true. A higher number of respondents were aware of the effect of the increment for late retirement in 2024 compared to 2023. Nearly 60 per cent said that they know that deferring retirement with an old-age pension permanently increases the pension. The equivalent share of respondents a year ago was 50 per cent.

“People are reasonably familiar with pensions. We hope that as many as possible know the basics about pensions. That would allow them to make informed decisions both in their working life and at retirement based,” ETK head of research, Susan Kuivalainen, stated.

Around 70 per cent of Finns trust the Finnish pension system. More than 60 per cent find that pension assets are managed reliably. Trust in the pension system and in managing pension assets remained at the same level as in the 2023 Pension Barometer.

Around 50 per cent of the respondents (that is, slightly more than in 2023) estimated that the pension provides a reasonable income for current pensioners. Roughly as many thought that there would be enough money to pay out pensions also in the future.

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