Financial emergencies can arise at any time. Yet, according to an online survey by TeamBank, about one in five adults in Austria have hardly any reserves. Many also repeatedly resort to financing options.
According to the research, five percent have no savings at all and seven percent have no idea how much money they can fall back on in an emergency. However, the share of those who have less than 500 euros aside has fallen: it was 23 percent in February, now it is 19 percent.
13 percent of Austrians would immediately have between 500 and 1000 euros. About 14 percent have slightly higher savings, namely more than 1,000 euros. Most respondents (25 percent) have 5,000 euros or more aside.
Buying on account is very popular
75 percent of respondents indicate that they have already used various financing options. The most popular option was buying on account (35 percent), followed by installment loans and overdrafts (both 27 percent).
However, according to the survey, six in ten people resorted to loans only in emergencies. “The high price increases in recent years and the subdued economic conditions worry many people,” CEO Christian Polenz said in a press release. That is why the Austrians are “reluctant when it comes to purchases”. A total of 1,525 people between the ages of 18 and 79 were interviewed online in July by market research institute YouGov on behalf of TeamBank.
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.
