The Danish economy is strong. Employment is high, savings are growing and many people in Denmark have significant assets in the form of property, pension savings and investments. Yet financial concerns still weigh on many people.

A new Danske Bank survey conducted across the Nordic countries shows that many people in Denmark worry about their personal finances, while their financial position is stronger than they realise.

A total of 32% point to unforeseen expenses as one of their biggest concerns, while 30% worry about whether they can live the life they want and 21% worry about whether they are saving enough for retirement. But 75% actually have a financial buffer.

Financial uncertainty is not always due to a lack of resources
According to Danske Bank economist Asger Wilhelm Dalsjö, the survey underlines that many people underestimate the strength of their own finances:

“The uncertainty of recent years surrounding price increases and interest rates, for example, appears to have contributed to people worrying a lot about unexpected expenses. But in fact, many have seen their personal financial situation improve in recent years, partly as a result of solid pay increases. The numbers also indicate that most will have more money at their disposal this year, despite the rise in energy prices. At the same time, a lot of people have prioritised saving up a significant share of the increase in their income over recent years. According to the survey, however, many still do not feel sufficiently bolstered despite their income growth and increased savings.”

He points out that financial security is also very much about having an overview.

“Some of this insecurity may very well be related to a lack of overview. If you are unsure whether you have enough money for unexpected expenses, it is a good opportunity to get an overview of your finances and the resources you actually have. You can then assess whether your buffer is sufficient or you need to set aside more.”

According to Mark Wraa-Hansen, Head of Personal Customers Denmark,  Panorama™ reflects a broader trend in customers’ needs and starting points. Whereas conversations in the past often started from a single topic such as home finance, investments or pension savings, more customers are today asking for help to understand their overall financial situation:

“Customers often come to our meetings very well prepared with a good understanding of their finances. But finances have also become more complex. So there is a growing need for advice that helps create an overview across home finance, savings, pension savings and investments. In our experience, customers really appreciate the helicopter view and often leave the meeting with more clarity than they had expected.”

In its first year, Panorama™ has been used in more than 77,000 customer meetings and is now part of more than half of all meetings with personal customers. More than 700,000 customers have shown interest in Panorama™ through the mobile banking app, while customer satisfaction after a meeting stands at 9.49 out of 10.