A record number of Danish people made additional, voluntary contributions to their pensions in the first half of 2023, according to figures from Sampension.

The pension company received additional contributions from approximately 9,600 of its customers in H1, the highest number it has ever received in a half-year.

The figure is an increase of 6 per cent compared to the same period last year, while the number of customers who have paid extra into their pensions has risen by 39 per cent over the past five years.

Sampension noted that the H1 2023 increase was witnessed despite continued high inflation and interest rate rises.

"It is remarkable that a record number of people have chosen to put extra money into pension savings this year, when we have experienced continued high inflation and interest rate increases, which has helped to put pressure on the Danes' private finances,” commented Sampension head of market and customer advice, Anne-Louise Lindkvist.

“The development shows, among other things, that many prioritise saving even in challenging times, and this is emphasised, for example, also because Danes' savings in the bank have also reached new heights this year.”

The figures showed that young people in particular were making additional pension contributions.

In the past year, the number of Sampension customers under the age of 35 who paid extra into their pensions increased by 36 per cent, the largest increase among all age groups.

Over the past five years, the number of Sampension customers under the age of 35 making additional contributions has risen by 81 per cent.

"Historically, interest in pensions has been particularly low among young people here at home, as it can probably be difficult for them to deal with something that lies far in the future,” Lindkvist continued.

“But there seems to be a movement underway, where more and more people are joining their pension and also paying extra into pension savings.

“In our conversations with the young people, we hear that the motive for extra payments is particularly about ensuring greater flexibility later in life, while some express concern about the level of public pension benefits.

"If you have air in your finances, you can advantageously look at whether it makes sense to put extra money into the pension savings.

“Because even small amounts can make a big difference over the years, which can contribute to the fact that in the end you have better opportunities to get the withdrawal time and the standard of living in retirement that you dream of."

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