More than one in 10 (11 per cent) Danish people plan to put extra money into their pension savings before the end of the year, according to a survey from Sampension.

The survey, conducted by Epinion, found that despite inflation being at its highest level in Denmark in 40 years, around one in nine plan to put in additional money on top of their regular contributions.

On the other hand, 83 per cent of respondents said that they have no plans to pay extra pension contributions before the turn of the year.

However, 6 per cent of those who do not have plans to make extra contributions had already paid extra money into their pensions earlier in the year.

The remaining 6 per cent of those surveyed said they did not know whether they would make additional pension contributions this year.

"The skyrocketing price increases are hard food for many at this time, and therefore extra contributions to pensions are naturally not what is generally at the top of the Danes' list of personal financial priorities at the moment,” commented Sampension market and customer advisory manager, Anne-Louise Lindkvist.

“And it doesn't have to be, either, if you are experiencing a depressed economy. Because here it is first and foremost important that you can pay the bills and generally get the household running, and at the same time, especially in these times, it is also a good idea to have money in the bank as a buffer for unforeseen expenses.

“Having said that, according to the survey, there is a relatively large proportion of Danes who plan to invest extra in their pension savings before the new year, which is remarkable in light of the current economic situation.

“But if there is air in the economy, it may make sense to consider paying extra into the pension. Because even smaller amounts paid in now can make a noticeable difference to the pension savings in the long term, as the money will be compounded with returns over the years and thus grow.”

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