Fresh figures highlighted by the Norwegian Fund and Asset Management Association (VFF) point to NOK1.8bn of payments into the IPS (individuell penjonssparing) through 2018, taking related assets to NOK3.2bn (€329m).
Some 104,000 contracts for saving via IPS have been signed since the regime came into effect in November 2017.
On average, account holders saved NOK17,133 (€1,765) last year, although the average rises with age: the youngest saved an average of NOK5,138, while those over 60 averaged NOK24,838.
The data suggests those aged 50-59 are most likely to engage with an IPS account. The regime is designed to encourage tax efficient savings for people aged 18-75, with an annual savings limit of NOK40,000 (€4,122). In return for the tax efficiency, the regime locks in the money, which can only be paid out from age 62.
Fund providers can also offer IPS accounts, and there are no limits on what securities can be invested in via the account.