More and more young people are saving for retirement

Old Person Couple PensionOld Couple in love. Photo: Pixabay.com

The percentage of retirement pensioners has doubled in five years, according to a new report from Finans Norge newspaper.

 

In 2014, only 9% of young people between 18 to 29 years old replied that they saved for old age. Five years later, the percentage has more than doubled. 22% of young people now say they save for retirement, wrote VG newspaper.

Finance Norge chief, Idar Kreutzer, is pleased with the increase,and believes that it is also good for society that more people save.

“We have a very good welfare systems in Norway, both through the National Insurance Scheme and the pension system through an employer. But the fact that we see a clear development where many people say that they plan to save means that more people realise that it can be wise to save in addition to these schemes’’ he said.

Kreutzer pointed out that pension savings really conflict with our common sense.

‘’The human brain is programmed to want immediate gratification.

Therefore, saving is difficult. We tend to exaggerate the importance of neglect, and underestimate our consumption,’’ he said.

 

© NTB Scanpix / #Norway Today

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