The number of pensioners in Denmark has increased for 19 consecutive months and is at its highest level in more than four years, according to data from the Agency for Labor Market and Recruitment.

There were 1,134,387 state pensioners at the end of July, up from 1,132,186 at the end of June.

The number of state pensioners has increased every month since December 2022 and has risen by around 36,700 people during that time.

It means that the number of state pensioners in Denmark is now at its highest level since April 2020.

Between 2019 and 2022, the state pension age gradually increased from 65 to 67 years old, with the number of state pensioners during that period falling by approximately 59,400.

However, a survey carried out by Epinion on behalf of Sampension found that nearly a quarter (23 per cent) of 56-65 year olds did not know whether they were saving enough to get the income they expect in retirement.

"The number of Danes on public pensions is increasing significantly in these years,” commented Sampension head of customer advice, Anne-Louise Lindkvist.

“And the fact that the group of pensioners has now grown continuously for more than a year and a half is of course connected to the fact that, since 1 January 2023, a plug has been put in the increase in the state pension age, which otherwise rose steadily in the years before then.

“As a result, there are continuously more Danes reaching the age of retirement, and therefore we also see an increasingly large group of pensioners here at home.

"There is a prospect that the development will continue in the coming years, as according to the plan the state pension age is to be kept at bay until 2030.

“Therefore, there are also many Danes who have the prospect of replacing working life with retirement within the foreseeable future. And of them, unfortunately, there is a significant portion who risk getting an unpleasant financial surprise when they retire.

"It is worrying that too many Danes approaching retirement age are uncertain whether they are on the right track with their savings. Because if you do not have control over whether you are saving enough, a completely different financial reality as a pensioner can await than what you expect. And here we know that few people expect to have to significantly lower their standard of living in retirement, compared to what they have been used to in working life.

"It is particularly important for Danes, who can see the pension on the horizon, to have a realistic idea of what kind of retirement life they can look forward to financially. Because the closer you get to retirement age, the fewer years you have to strengthen your savings if needed - and thus also to ensure that there is a match between your expectations of income as a pensioner and what is actually is a view to.

“The increasing number of Danes who will reach the age of retirement in the coming years must be aware of this themselves.”

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