More than four in ten Austrians surveyed plan to save their Christmas money this year. This is evident from an ongoing Integrated study. Young people are more likely to want to put money aside than older people.
Almost a quarter of young respondents want to invest the money, while a small part (seven percent) wants to invest it in education. “In the area of tension between persistent economic uncertainty, there is a trend towards cautious consumption and increased savings,” Deniz Bank AG said in a press release. She had the survey conducted by the opinion research institute Integral, which interviewed 1,002 Austrians between the ages of 16 and 75.
A total of 43 percent want to save their Christmas money. About one in five people (19 percent) plan to use the money for ongoing living costs or to pay off debts.
“Six in ten say Christmas bonuses help them cope better with unexpected expenses. Just as many find it a good way to save money for the future,” it says. For many it is “an important additional income,” says Petra Starecek, director of Integrated Research.
One in ten thinks the financial situation is very good
Those with a high household income, on the other hand, spend money more often on holidays and travel. The financial situation can best be assessed if the household income is higher than 4,500 euros. Overall, about one in ten respondents (eleven percent) consider their current financial situation to be very good, while one in three (33 percent) consider their current financial situation to be fairly good. This mainly concerns men, people with a high level of education and multi-person households.
45 percent can afford gifts
By the way, 42 percent of respondents want to spend their money on Christmas presents. Slightly more (45 percent) say they can pay for this with their Christmas bonus. “Our research into Christmas bonuses provides us with information about the current behavior of the population in Austria under the current economic conditions,” said a spokesperson for DenizBank AG.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
