1000 people were surveyed for the study, and six out of ten respondents think that saving is important in principle. Most of those surveyed save monthly, putting aside an average of 225 euros. The highest amounts are saved by men (284 euros vs. 166 euros for women), younger people and those with higher education (with a high school diploma: 319 euros vs. without: 180 euros).
Across Austria, the highest amounts are saved in Tyrol and Upper Austria, and the lowest in Burgenland. The amount that is put aside depends largely on income, but also on gender. Saving is significantly more difficult for households with a net household income of less than 2,000 euros (monthly savings amount: 115 euros) and for pensioners (132 euros), people on maternity leave (85 euros) and the unemployed (60 euros). In addition, women save 41 percent less than men (284 euros) at 166 euros per month.
Part-time work and old-age poverty
Childless couples and young people who still live with their parents put significantly more aside than parents or people in single households. Part-time workers save an average of 165 euros (full-time workers: 244 euros), while women who work in the home or women on (educational) leave only save around 60 euros.
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“Women are at a great disadvantage when it comes to saving, as several factors often come together: lower income, more part-time work, more often living alone, single parenting, significantly less financial knowledge. As a result, they also use less profitable forms of savings and investments,” says Patricia Kasandziev, board member for market and digitalization at bank99. Even part-time work reduces the savings opportunities by a third, which affects half of all women in Austria. The risk of poverty in old age is therefore significantly higher for them, says Kasandziev.
As the study shows, Austrians mostly save traditionally: 54 percent use an online savings account, 35 percent a savings book and 34 percent their own checking account. 38 percent said they prefer to keep their saved cash at home. Stocks and bonds (28 percent), precious metals (20 percent) or funds or ETFs (12 percent) are used less frequently. If they do, men are more likely to choose these riskier forms of savings and investments.
Almost half of all respondents strictly rule out investing in funds or stocks. This probably also has to do with the level of knowledge: seven out of ten respondents did not know what passively managed funds or ETFs actually are.
