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Survey: Pensions best secured by work-based immigration

Finnish Centre for Pensions (ETK) commissions an annual survey of people's opinions about pensions.

According to a recent pension barometer, confidence in the pension system remains high for people living in Finland . Image: Silja Viitala / Yle

Most people living in Finland would prefer to see work-based immigration increased in order to secure the financial stability of the pension system, according to the latest pension barometer from the Finnish Centre for Pensions (ETK).

The majority of those surveyed said that they will manage with their pension income. Fifty-eight percent of respondents were confident that their income was good or fairly good.

Around 1,000 people living in Finland aged 18-79 were interviewed for the survey, carried out by polling firm Kantar in May. The poll has a margin of error of 3.1 percent.

The share of people who are confident about their income is slightly lower than in 2021. Last year, 64 percent of respondents were very or fairly confident that they had enough earnings.

Meanwhile, 17 percent of those surveyed were not confident on the amount of money in their pensions, while 11 percent estimated that the pension income would be inadequate to live on.

Support for increasing work-based immigration.

Attitudes towards various changes affecting the pension system were also investigated.

A report published last year by ETK deemed that the Finnish pension system was unsustainable as it will not be able to support itself in the future. Influencing factors are the decrease in working age people and the country's low birth rate.

In the recent pension barometer, respondents were asked how they felt about various possible measures to strengthen the pension system's funding.

Of the options put forward, respondents said they felt the most positive about increasing work-based immigration to boost employment. Sixty-two percent of all respondents agreed that increasing work-based immigration would be a good or fairly good way of filling the funding gap.

Since last year's barometer, support for work-based immigration increased by ten percentage points and 36 percent of respondents rated it as the best of all the options put forward.

Just over a fifth of respondents thought that the preferable way to strengthen funding would be to increase pension contributions from employees and employers— roughly a third considered this to be a good or fairly good option.