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Quite common. Remove the plastic pieces from the steering column. You will need a Torx set, get one with longish handles. Or, like I hobbled along with for a long time, a Craftsman T15 with the black plastic cut off.
On the left side of the column you will find the electrical portion of the ignition switch. A metal housing. Do NOT remove any wires. Replace the metal part.
Part looks like this:
https://www.fcpeuro.com/products/volvo-ignition-switch-850-940-960-760-9447803#description
Looks to be the same as the the 700/900.
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Keeping it running is better than buying new
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