A new security survey from TrygFonden reveals that four out of ten adult Danes now fear unexpected bills. This is the highest number in the 20 years that TrygFonden has conducted the survey. According to the foundation’s chief researcher, Anders Hede, the measurement shows a clear increase in concerns about the fragility of personal finances. “For many, it is a major source of insecurity if they do not have the financial leeway to handle an unexpected expense,” says Anders Hede. “People without reserves to cover unforeseen expenses feel significantly more insecure than those with liquid funds in their accounts.” Worries might be associated with the period of high inflation and rising interest rates that many Danes have experienced. “Even though inflation has declined, the concern is still present,” explains Anders Hede. “Higher interest rates and price increases have affected a broad spectrum of society, and many people are impacted.”
The survey shows that 39 percent of respondents feel either “somewhat insecure” or “very insecure” at the thought of lacking money for unexpected expenses. This is an increase from 33 percent in the corresponding measurement from 2023. Louise Aggerstrøm, a personal finance expert at Danske Bank, notes that there are otherwise positive signs in the economy. Inflation has been below one percent since February of this year, and many employees have seen significant wage increases. Nevertheless, the high inflation in 2022, triggered by events like Russia’s invasion of Ukraine and the COVID-19 pandemic, has left deep scars. “Price increases have been a shock that still resonates with people,” explains Aggerstrøm. “Even without being irresponsible, one could suddenly find that the economy was falling apart. Especially energy prices and grocery prices rose drastically.”
The security survey is based on responses to digital questionnaires conducted from February 12 to April 4, 2024, with the participation of 5725 respondents aged between 18 and 65 years old.