FINLAND - Approximately one-third of Finns would like to retire early but do not believe they will have the money to do so, research from Nordea Bank has revealed.

The survey of more than 1,400 Finnish people, aged between 50-64, revealed uncertainty about personal finance issues is influencing retirement plans, as most Finns want to retire at the official retirement age of between 63-68. 

But while one-fifth want to keep working as long as possible, the results show approximately one-third of workers would prefer to retire early.

Findings from the research - conducted by Synovate on behalf of Nordea - revealed men aged between 50-54 are most eager to retire, as they are attracted by more leisure time for hobbies, although more than half of respondents claimed stress was a key reason for considering early retirement.

Tarja Svartström, economist at Nordea, said: “The closer the retirement age, the later Finns plan to retire. Women want to retire later than men. This may be because the financial realities register with you when you are close to the retirement age. On the other hand, women’s pensions are lower for many well-known reasons.”

The survey, which also interviewed around 3,300 citizens of other Nordic countries, noted the main concerns for people approaching retirement are health and financial situations, while the most popular retirement dream is the ability to travel.

In addition, findings showed Finns are more inclined than other Nordic people to keep working until the official retirement age, as almost a third of Finns wishing to retire early do not believe they will have enough money to do so.
In particular, the research revealed one-third of Finns aged between 50-64-years-old consider their financial situation to be worse than they had imagined it would be at this age than when they considered it at the age of 30.

Svartström said one-fourth of the Finns surveyed regret either not saving for retirement earlier or not saving enough,and suggested the survey results are a “good reminder” to younger people and those who will be surprised by the estimated pension stated in the pension records that are about to be mailed out.

However, the research also revealed approximately 25% of 50-64 year olds regularly save money for their children every month, while a further 15% save regularly for their grandchildren, as the majority of Finns claimed it is better to distribute money during their lifetime when they can decide how much to give and to whom, and to also spend their savings on their own dreams rather than leaving an inheritance.

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