2024-10-20 16:00:00
- Generation Z thinks about dying most often
- High agreement on the usefulness of precautions
- Six out of ten people have already made preparations for their own death – these are primarily intended to relieve the burden on their relatives
- A quarter have life insurance so that their surviving dependents are well taken care of
- The preferred form of burial for Austrians is cremation
The results of a current survey conducted by Allianz Austria among 1,000 people show that death is no longer a taboo topic: three quarters of Austrians think about their own death. What is astonishing is that Generation Z, i.e. those aged 14 to 30, are most concerned with dying (31%). In contrast, only 25% of baby boomers, i.e. those aged 60 to 78, are. Millennials (31 to 44 year olds; 17%) and Generation X (45 to 59 year olds; 20%) are the least likely to think about the end of their lives. There are also differences between the sexes: 28% of women vs. 18% of men are concerned with their own death.
“Death affects us all. “It is therefore all the more important to deal with it and to talk to people close to you about worries, fears and wishes, for example regarding your own funeral,” says Rémi Vrignaud, CEO of Allianz Austriaadding “When a loved one dies, it is a heavy blow and an emotional burden. Organizational and financial challenges often arise. It is therefore crucial to take precautions at an early stage in order to take appropriate precautions during your lifetime that will relieve or protect the surviving dependents.”
High agreement on the usefulness of precautions
86% of Austrians think it makes sense to take precautions for their own death. The reasons for this vary: The majority (66%) want to relieve the burden on their relatives because important decisions can be made in advance and financial burdens can be reduced. 57% report financial protection for funeral costs, outstanding bills or other obligations. Close behind (56%) is the desire for clear inheritance rules so that the inheritance can be divided according to one’s own ideas. 56% of those surveyed also say that they want to avoid disputes. For 29%, ensuring their own funeral wishes is a valid reason for making appropriate arrangements. Peace of mind and the certainty that you have taken your own precautions are crucial for 29%. 25% consider individual design options such as the type of funeral or memorial service to be important. Coming to terms with your own death and preparing emotionally for it is important to 22% of survey participants.
On the other side are the 14% of Austrians who consider precautions to be of little use. Primarily (33%) they are of the opinion that living circumstances and wishes can change and no longer correspond to the precautions taken. 26% say that financial priorities are set differently during their lifetime because money is needed more for current wants and needs. 20% see no need for precautions because other forms of financial protection have already been taken. Another 20% want to leave the decision to their relatives. At least 15% find the topic of death and burial unpleasant and do not want to deal with it.
A quarter have life insurance
Although there is no question about the usefulness of precautions for Austrians, 38% have not yet taken any. However, the majority are already prepared: a quarter have spoken to their relatives about the topic. 24% have taken out life insurance – 16% have taken out funeral insurance or funeral expense insurance. Almost a quarter of those surveyed (20%) recorded their last wishes in a will. 20% also recorded their funeral wishes orally – 7% in writing. 6% have a living will, 5% have a power of attorney and 3% have objected to organ or tissue donation. Looking across generations, half of Generation Z (54%) and Millennials (51%) have not yet made any arrangements for their own death. In contrast, it is only 19% of baby boomers.
“Unfortunately, death sometimes occurs very suddenly – even for young people who have small children or are currently building a house. Apart from the emotional blow of fate, financial worries often arise when the main breadwinner in the family suddenly dies. This makes it all the more important to take appropriate precautions and ensure that the surviving dependents are well protected. Life insurance can enable the family to secure its existence,” explains Vrignaud.
Depending on your individual needs, Allianz offers different life insurance packages. It is an important prerequisite, especially for young families, in order to be secure for the future. The amount paid out is intended to help avoid financial bottlenecks and ensure the family’s standard of living. Provision is also suitable for covering funeral costs and other unexpected expenses. Life insurance can also be required by banks to secure a loan for building a house, buying an apartment or a car.
Cremation as the preferred form of burial
Austrians have a clear idea of the type of burial they want: a quarter would like cremation in an urn grave or on an urn wall in the cemetery. A natural burial – in this case the urn is e.g. B. buried under a tree – is preferred by 18%. 17% prefer burial in the cemetery. 8% of those surveyed stated that they would like a cremation and that the urn should be kept at home with the surviving relatives. 3% can imagine having their ashes pressed into a diamond or gemstone.
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