Saving is still very important in Austria. But many would like to set aside more money, according to a representative study commissioned by Erste Bank und Sparkasse. In the past two years of the pandemic, people in Austria have been able to save an average of 344 euros per month. This year the average amount saved was 301 euros. Only 50 percent of those surveyed were satisfied with this amount, compared to 65 percent in 2021.
The high inflation requires restrictions not only in consumption, but also partly in the saving behavior of people in Austria. 82 percent of those surveyed feel affected by inflation. 29 percent indicated that they saved less than three to four years ago, while 13 percent saved more. However, at 58 percent, the majority still set aside the same amount.
62% need to limit their spending
Due to the effects of inflation and the reduced financial space, 62 percent of those surveyed have already had to make cutbacks. 44 percent see savings opportunities in “dining out” and “less car use”. 42 percent want to cut costs on vacation and 29 percent when shopping for clothes. 22 percent want to spend less on electronic items such as cell phones, computers and televisions. About a quarter of the respondents put smaller amounts aside when ‘saving’.
To maintain savings, Erste Bank boss Gerda Holzinger-Burgstaller recommends a wide range of investments. “The savings account is not suitable for long-term provisions and even if the ECB raises interest rates slightly, the high inflation figures will still be far behind,” says Holzinger-Burgstaller.
Those are the motives to save
Savings motives were also examined: just like last year, the nest egg remains the most important saving motive at 66 percent, 58 percent saving to be financially secure in the long term. In contrast, only 45 percent (2021: 52 percent) had a reason to save, while 9 percent did so for no specific reason.
The Raiffeisenbank Oberösterreich also conducted a study on savings behavior on the occasion of World Savings Day, which in many respects produced a comparable picture. As a result, the savings percentage for the majority (55 percent) is below 20 percent. This is the percentage of personal net income that is set aside. One-third of those surveyed save up to 10 percent of their net income, and about one-fifth of those surveyed currently have no savings at all. More than 500 people in Upper Austria were questioned.
Source: Krone
I am Ida Scott, a journalist and content author with a passion for uncovering the truth. I have been writing professionally for Today Times Live since 2020 and specialize in political news. My career began when I was just 17; I had already developed a knack for research and an eye for detail which made me stand out from my peers.
