One in three Austrians currently sees themselves in a bad financial situation, the future prospects are pessimistic. 56 percent of the population expects the economic situation in Austria to weaken in the winter months. Three quarters of the population fear that inflation will have a major impact on their own lives, and 83 percent of the population see their current lifestyles at risk from rising prices. Four in ten employees are dissatisfied with their current income.
The accelerating price spiral and the uncertain economic situation are causing problems for the Austrian. Rising costs of living due to rising energy prices mean that the majority of the population is pessimistic about the near future: 56 percent expect an economic slowdown in the winter months, according to the results of a current survey* by Ipsos in Austria.
38 percent fear further deterioration
Only 20 percent of all respondents rated the current economic situation in the country as “very good” or “good”. The estimate of their own financial situation is hardly better either: 29 percent would describe it as ‘good’ or ‘very good’, but just as many would describe it as ‘poor’ or ‘very bad’. Given the tense economic situation and the uncertainty about the further development of the Ukraine conflict and energy supplies, expectations for the coming six months are mostly pessimistic: 56 percent expect a weaker economic situation in the spring and privately around 38 percent fear a worsening of the personal financial situation of the economy in winter.
A major reason for this pessimism is the looming inflation trend.According to current estimates from Statistics Austria, prices have risen more recently than in more than 50 years. The current results of our survey confirm that this development is also observed in everyday life: in all major consumption areas, respondents reported almost exclusively on price increases. Eight in ten respondents have noted price increases for groceries and drugstores in the past six months, but increases in fuel prices (72 percent), electricity prices (64 percent) and heating costs (58 percent) were perceived as very high.
The Austrians have also already identified the alleged main factors for the price increases in recent months: in addition to the increased energy prices, which nearly two-thirds of the population blame for the current price increase, the war in Ukraine (58 percent) and the ongoing consequences of the corona pandemic (40 percent) was mentioned particularly often as the reason. In the fourth place, however, the alleged profit optimization of trade and producers (30 percent) is also partly responsible for the current inflation development, followed by the interest rate policy of the European Central Bank (25 percent).
A necessary restriction of the lifestyle used to date is undisputed for 83 percent of the respondents. But how will the Austrians react to the unprecedented wave of inflation? The most popular strategy to fight inflation in everyday life is the increased use of discounts and special offers (63 percent). This is immediately followed by the increased demand from the government to save less energy and heat (61 percent).
Austrians want to save more
The other places are followed by the temporary elimination of unnecessary purchases (56 percent) and the general resolution to spend less and save more (52 percent). A whopping 18 percent of employees are now considering the possibility of creating a better financial footing by working overtime and overtime. 15 percent of employees feel compelled to demand a salary increase in the short term. Just as many are considering applying for aid and grants from the public sector.
Only eight percent of workers in the survey said they were very satisfied with their pay or salary, and another 51 percent were at least moderately satisfied. On the other hand, 28 percent are dissatisfied before and one in ten are not at all satisfied with their current income.
*The survey was conducted between September 12 and 14, 2022 as part of a population-representative online survey with a total of n=500 participants (population age 18 and older).
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
