A TNS Gallup survey on behalf of Finland's OP-Pohjola Group has found that two-thirds of those questioned believe financial planning needs to continue post-retirement.
A TNS Gallup survey on behalf of Finland’s OP-Pohjola Group has found that two-thirds of those questioned believe financial planning needs to continue post-retirement.
The third Financial Literacy Survey had 1,017 respondents across Finland, forming a representative sample of the population aged 18-69 years.
Half the respondents were concerned about their financial standing during retirement. Two-thirds of respondents said that people should beging to save for retirement under a voluntary pension plan at the age of 40.
Some 46% of the younger respondents said that saving for retirement via a voluntary pension plan should start at the age of 20-29.
Economist Maarit Lindström said the results indicated a significant shift in attitudes in the Finnish market.
“The majority of the respondents, especially the young ones, seem to accept the fact that people should also personally prepare financially for maintaining their standard of living during post-retirement years.”
However, the survey also found that most respondents prefer saving early rather than making people work later in life.
“The respondents think that able-bodied people should have the right to retire at the age of around 62 years,” the survey reported.
Weaker financial literacy
Respondents said that news about financial and economic issues had become harder to understand. This indicates a trend, as fewer people tend to follow economic and business news than at the time of the first survey in 2011.
“As the world and global economy are becoming more and more complicated, even those who consider to be knowledgeable about economic and financial issues feel that they have to struggle more than ever before to perceive the effects of the general economic development on their personal finances and financial standing,” Lindström said.
“People tend to easily give up following economic and business news and issues if it becomes awkward.”
The survey found that banks were still considered the most reliable providers of advice on personal financial planning.
The media were considered the second most important provider of advice.
“Every other Finn thinks that using a single provider of banking and insurance services makes for a more convenient use of services and enhances the feeling of managing personal finances. When banking and insurance services form a comprehensive package, it will be easier for people to become convinced of a solution that is suitable for their personal needs,” Lindström added.