Carefree in 2060

Project information

The current Swedish pension system is relatively simple, with taxed incomes generating monthly pension incomes after retirement. However, the topic is accompanied by emotions such as guilt, shame, and anxiety regarding the right course of action. Future challenges such as increasing inflation, an aging population, and climate change threaten pension sustainability. On a positive note, the gender gap in pension incomes is projected to decrease from 30% to 4% by 2040, reflecting changing perspectives on women in the workforce and policymaking. These trends highlight how the pension system was built upon outdated values, underscoring the need to address inequalities and insecurities through sustainable approaches.

Method

To learn about pensions on the personal, professional and societal layers, I was in conversation with professionals working for the pension agency, banks, savings solutions and researchers at economics and sociology departments at universities, as well as with individuals with diverse backgrounds with pension planning on their minds (or not). A pattern emerged where pension as a topic consistently related to the big moments in life and major financial decisions. These discussions revealed a disconnect between the simplicity of the pension system and people's perceptions of it. Approaching the scope of the pension system with methods from Actor Network Theory, looking at non-human elements as active participants, and speculative design, facilitate reaching new insights. The found possibilities permit to look at the present to increase an individual’s agency over time as it can be their biggest resource when income levels are low. In this project, I propose to look at money as an actor we have a relationship with, to scale away guilt, shame or anxiety and harness money’s positives. Through the strategic use of reflection, we can understand our ongoing relationship with money, shaped by childhood experiences, everyday life and planning for the future. By aligning our financial behaviours with our values, hopes, and dreams, we can transform our relationship with money and shape a future where it serves our aspirations. This is an unfolding process that starts today as our changed financial habits affect future consequences.

Results

Taking a holistic approach to financial planning exposes the inherent bias in the established system, which prioritises wealth growth and material possessions, thereby in one fell sweep rejecting those that do not speak the same language. Instead, what if we view money as a means of adding and prioritising values in our lives? This perspective led to the development of a simple app, focusing on emotional values and ethics rather than getting lost in complex technology. The aim is to provide tools that adapt to future contexts, enabling us to align our financial resources with the future we envision. Changes in behaviour are more permanent, more effective if the motivation comes from our values within, rather than being nudged towards another behaviour. This conversation with oneself, rooted in ongoing reflection on personal values, places significant emphasis on individual actions, moving from passive consumption to active reflection. Our present actions have an impact on others, both geographically distant and temporally removed – our future selves and future generations.