The consequences of the inflation of recent years are still dramatic for Austrians: many have hardly any reserves for unforeseen costs.
If the washing machine or the car breaks, 44 percent can fall back to less than 2000 euros, according to Teambank AG. In general, a fifth of the people in Austria has less than 500 euros available for emergency situations (see image). Six percent of the respondents even explain that they no longer have financial buffers. Only a quarter of the Austrians could immediately mobilize 5000 euros for emergency situations.
Foundation in all age groups
The amount of the amounts available for unexpected expenditure is distributed in the same way over all age groups. In comparison with the last survey of July 2024, the only larger shifts in the segment of those who have reserves have between 1000 and 2000 euros. Eight percent of the 50 to 79 year olds are currently in this category, while it was 14 percent in the summer of the previous year. The share of younger adults between the ages of 18 and 29, who have corresponding savings, fell by five percentage points in the same period.
“The number shows that a considerable part of the Austrians only has low financial reserves and therefore often stands for challenges in the case of non -planned costs,” says Christian Polenz, CEO of Teambank AG. “Extra range for action can offer a permanently available credit line. It is crucial that it was designed according to the financial circumstances.”
61 percent only use Loans & Co. in exceptional cases
The research also shows that most are very careful when it comes to “borrowing money”. Because whether it is a loan, purchase or loan: the Austrians are aware of their responsibility. 61 percent only use financing in important exceptional cases and more than half of the respondents only acquire loans if they are financially protected.
According to an IMAS study, 42 percent of Austrians are convinced: “I am financially worse than five years ago”. Especially the generation 60+ (48 percent) and women (45 percent). People still feel the price rise and complain about inflation in butter, cheese, milk etc.
On the other hand, only ten percent say they are doing better compared to 2020 today. Among the 16 to 34 year olds it is even 16 percent, but only six percent of more than 60 -year -olds.
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.
