Younger women in Denmark are increasingly taking responsibility for their pension savings and now make up a “significantly” larger proportion of pension customers who adjust the investment risk on their pensions, according to data from Sampension.

Among the pension company’s customers who have changed their investment risk profile in the first eight months of 2023, 18-34 year old women accounted for 13.8 per cent.

This is the highest proportion ever and more than double the 6.5 per cent over the same period in 2018.

"Historically, economics appeals mostly to men,” commented Sampension head of market and customer advice, Anne-Louise Lindkvist.

“But there is a shift underway, especially among younger women, who are increasingly focusing on their personal finances.

“This also applies to pensions, where we, for example, see that more and more people in this group take an active approach to the risk with which the savings must be invested. And the development is very positive. Because it's important that you make it a good habit to take care of your finances and pension even at a young age.”

Lindkvist added that the increasing financial interest from younger women is related to, among other things, the fact that women are becoming increasingly better educated each generation.

Sampension’s data showed that younger women were almost exclusively increasing their investment risk when changing their risk profiles, with nine out of 10 shifts by younger women being to more investment risk.

"When you increase the investment risk, it means that your savings are invested to a greater extent in shares, which over time will give a higher expected return,” Lindkvist continued.

“Thus, it is also a good example that there can be financial gains to be made by getting a little familiar with your pension, and women in particular need to be aware of that.

"Women's savings are generally smaller than men's and must also last for several years, as women typically retire earlier and live longer. But here the women themselves can contribute to strengthening pension savings in the long term by focusing more on their pension - and for that reason too, it is gratifying that younger women are increasingly entering the pension battle. But having said that, there is still a great need for many more women to follow suit."

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