The average life expectancy in Denmark has increased steadily since the beginning of the 1990s, but in 2018 stood still for the first time since that decade, with an average life expectancy of 79 years for men and 82.9 years for women in the Scandinavian country.
2019 saw the established trend resume, however, with the average life expectancy of men and women increasing by 0.31 years and 0.27 years respectively.
The average life expectancy for men is therefore now 79.3 years and 83.2 years for women, according to Statistics Denmark data.
Average life expectancy is defined as the average number of years a person born today can expect to live.
With the population of Denmark growing older, increased demands are placed demands on the country’s pension system, according to Brian Friis Helmer, a personal finances specialist at bank Arbejdernes Landsbank.
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“When we can expect to get older, we are faced with two choices: save more for retirement or remain on the labour market — at least if we want to maintain our standard of living when we retire,” Helmer said via a written comment.
The advisor recommended early planning for retirement and savings.
“Of course, that plan will change throughout life as you maybe find a partner or spouse, children, house and car. But that’s precisely why it’s important to continuously adjust the plan and your wishes for life as a pensioner,” he said.
“This way you ensure that you are always saving the right amount,” he added.
In addition to pension savings, assets can also take the form of property or funds such as a balance in a regular bank account, Helmer also noted.