Danish pension assets hit new heights last year, reaching an average of DKK 641,000 after tax in 2021, although a "significant" gender gap remains, according to figures from Sampension.

Assets were up from DKK 591,000 in 2020 and DKK 451,000 in 2014, with Danes' average pension wealth increasing by 30 per cent from 2014 to 2021.

Sampension market and customer advisory manager, Anne-Louise Lindkvist, attributed the growth in pension assets partly to the past year's "generally excellent pension returns as a result of the strong tailwind on the financial markets".

“In addition, the progress on the labor market and the increasing employment during the year meant that Danes paid more into pensions overall. It also contributed to the growth of pension assets," she stated.

However, Lindkvist clarified that the development in 2022 so far has been "completely different", as the arrow has generally pointed downwards on the markets, which this has naturally affected the return and therefore Danes' pension savings.

Lindkvist added: “Of course, this kind of thing is never fun to experience. But here it is worth remembering that savings have grown significantly in recent years, that the markets are turning again, and that in the long run, Danes have the prospect of ever-larger pension assets, as we generally pay more into pensions during working life and at the same time retire later."

However, the figures also revealed a “significant difference” between men and women’s pension savings, as men's average pension assets were around DKK 736,000 after tax in 2021, while women's were DKK 549,000, a 25 per cent difference.

This gap was highlighted by Lindkvist as "worrying", as she ponted out that while women are becoming increasingly better educated, their pension assets still lag considerably behind men's.

"Women's pension savings must last for more years than men's, as they generally retire earlier from the labor market and at the same time live longer," she continued.

"The difference in pension assets is not least related to the fact that women still choose female-dominated subjects to a greater extent than men within eg care with lower pay, while men are still more likely to choose professions where the pay is higher.

"In addition, women are also on maternity leave and part-time to a greater extent than men. Overall, it has an impact on the lifetime income and the pension in the end."

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