Despite the increased cost of living due to inflation, there is hardly any other country where people save more than Austria. With a per capita bank deposit of 34,000 euros, Austria ranks fourth in the EU behind Luxembourg, Belgium and Malta. On average, Austrians put aside 225 euros per month.
However, there is still a rather conservative, risk-averse attitude towards saving, as well as significant gender differences in both the amount saved and the motives for doing so. This was the result of a study conducted by the bank99 Representative study commissioned by marketmind less than 1,000 people aged 18 and over.
“Gender Spar Gap”
According to the survey, men save an average of 284 euros per month, while women only put aside 166 euros. Bank99 board member describes the difference of 41 percent Patricia Kasandziev as the “gender savings gap”. The gap is explained primarily by the income differences due to the high part-time rate (51 percent) among women. A comparison of the federal states shows that the highest amounts are saved in Tyrol and the least in Burgenland. Vienna is in the middle.
Motives: Emergency funds more important than retirement provisions
Large gender differences are evident in the most important Reasons for savingA financial reserve for emergencies (46%), fulfilling bigger wishes (43%), retirement planning (38%), building up financial reserves (37%) and making provisions for uncertain times (35%) are mentioned most frequently here. Taking a career break, on the other hand, is only important for four percent.
While men cite “emergency reserves” followed by “retirement provision” as their main motive, women want to fulfill bigger wishes, build up reserves or have no clear savings goal at all. In addition, one third (32%) of men are interested in building wealth in the long term, compared to only 18 percent of women.
Study author Christian BoschManaging Director von marketmindexplains it like this: “The gender difference, which relates primarily to income, is also visible here: men are more concerned with building up long-term wealth. They also have significantly more free capital at their disposal. For women, the priority is improving their living situation and fulfilling their wishes. What is the same for all, however, is that their saving behavior is strongly influenced by security and the desire to make good provisions for the future.”
38 percent hoard cash at home
When asked how Austrians save, a traditional picture emerges. 54 percent have a Online Savings Account35 percent a kclassic savings book34 percent save on Current account and 38 percent prefer to hoard cash at home. Only a minority uses riskier forms of investment such as Stocks and bonds (28 percent), Precious metals (20 percent) or Funds and ETFs (12 percent).
Women are even more risk averse than men. Only 4 percent of women Kryptoassetsfor men it is 12 percent. Overall, almost half of those surveyed (43 percent) strictly rule out investing in funds, stocks, etc. “In Austria, concerns about riskier investments are much stronger than in other countries,” says Kasandziev and attributes this to a low level of knowledge. About 70 percent of those surveyed do not know what ETFs even are.
Bank as the most important source of information
Only four out of ten respondents said they inform themselves about savings options on a monthly basis, with younger, better educated and higher earners engaging with the topic much more frequently than older people. The most important sources of information are the Bank (20 percent) and the Exchange with friends and family (14 percent) followed by Comparison portals (11 percent). While men Online research prefer, women prefer personal advice.
“The results show that it is primarily those who have money available who seek information. However, it would be particularly important for those people who do not have much income to develop a savings and investment strategy early on in order to be secure in old age,” says KasandzievShe also advocates for more financial education.
The Post subsidiary Bank99 currently has around 293,000 customers and total assets of EUR 3.7 billion.
After the European Central Bank’s noticeable reduction in key interest rates last week, savings interest rates will soon continue to fall. The good news: In many cases, the current conditions are now above the inflation rate (currently down to 2.3 percent) (see graphic). However, the 25 percent capital gains tax (KESt) is still deducted from this. There are also offers of up to 3.6 percent for funds due daily. However, these usually only apply to new customers or in combination with an account at the same bank.
Generally, slightly higher interest rates than funds that can be withdrawn daily are currently offered with lock-in periods of one year. An additional advantage: the interest rate will not change in the next 12 months, even if the ECB – and this is almost certain – makes further interest rate cuts during this period.