What do you do if you don’t know exactly what to expect? Exactly: you keep the money you have available. The collapse of consumer confidence is a phenomenon that many companies are currently grappling with. However, Austrians continue to spend a lot of money every month on their own health care and pension benefits, an IMAS survey shows.
Financial facilities are of enormous importance for Upper Austrians and come right after the topics of health, safety and family – this is evident from a study published on Tuesday by IMAS International for Erste Bank, Sparkassen and Wiener Städtische.
54 percent of compatriots expect a “deterioration” in economic conditions and quality of life in the coming months, reports IMAS pollster Paul Eiselsberg. “It is not surprising that the topic of precaution is becoming increasingly important in this environment,” says Sonja Brandtmayer, deputy general manager of Wiener Städtische.
Apparently, people have become more and more concerned about their lives as they get older. “One in six people in Upper Austria assume that they will not receive a sufficiently high state pension later in life. There is increasing concern that we will not be able to afford the desired standard of living later,” says Manuel Molnar, director of the Sparkasse-Oberösterreich.
Since 2005, all Austrians born after January 1, 1955 have a personal pension account. According to the IMAS survey, only slightly less than half of Upper Austrians – exactly 49 percent – are aware of the current balance in their pension account. It is striking that the older the respondents are, the more likely they are to know. Just over one in two people who say they know their balance are satisfied with it. Nevertheless, three in five Austrians assume that they will have to continue working later in retirement in order to continue to afford the standard of living after retirement.
250 euros per month are reserved
Last year, Austrians set aside an average of 250 euros per month for private pensions and healthcare. Men invested 299 euros per month, women 192 euros. In 2023 the average was 247 euros; last year the amount for men was 317 euros and for women 170 euros.
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.
