Austrians Save More, But Feel Financially Insecure

In light of ongoing economic uncertainties, Austrians have recently been saving more money. The average monthly savings amount rose from 308 euros in 2024 to 320 euros this year, according to a recent study by Erste Bank on the occasion of World Savings Day on October 31. The traditional savings account remains firmly rooted in the domestic savings culture, although alternatives like stocks are gaining importance.

Austrians Continue to Diligently Set Money Aside

The fact that Austrians continue to place great value on their financial cushion is also evident from the high savings rate, which is traditionally significantly higher here than in the Eurozone. According to forecasts, this is expected to slightly decline in 2025, but from a high level: in 2024, the savings rate rose from 8.6 to 11.7 percent according to Statistics Austria. In absolute numbers, private households set aside a total of around 34 billion euros in 2024 - an increase of 46 percent compared to 2023 (23.3 billion euros), as Erste Bank reports. For 80 percent of respondents, saving remains "very" or "quite important".

At the same time, people's satisfaction with their monthly savings has dropped to a low point - only 39 percent stated they were satisfied with their savings rate. "Saving is closely linked to security in Austria. In everyday life, prices are rising. The need to be financially prepared is growing accordingly," explained Erste Bank CEO Gerda Holzinger-Burgstaller.

Change in Investment Behavior

How people invest their money is undergoing a change. Although the classic savings account is still not obsolete - according to the study, the savings account remains relevant across all age groups - more and more people are turning to alternative forms of investment such as stocks, gold, or cryptocurrencies. For example, 38 percent of respondents now invest in stocks, which is 10 percentage points more than ten years ago.

A similar result was recently found by Bank Austria in a study on the financial behavior of Austrians. According to this, 42 percent are currently interested in securities products such as stocks and bonds, up from 35 percent in 2024. The actual ownership of securities also increased significantly to 37 percent compared to the previous year (28 percent). The average monthly savings amount determined by Bank Austria was 250 euros in the median, which is lower than that of Erste Bank, but it also showed growth compared to 2024 (200 euros).

World Savings Day Celebrates 100th Anniversary This Year

The World Savings Day, initiated by banks, will be celebrated for the 100th time on October 31 this year. The main idea of the initiative is to bring the population closer to financial management and motivate them to save. Traditionally, many banks distribute small gifts in their branches on World Savings Day and take the opportunity to inform about their offers and promotions.

Around the upcoming action day, some banks also advised customers to engage with financial topics and use the advisory services of the banks, as stated by the Post subsidiary bank99 in a release. The Santander Bank, on the other hand, sees a general need for improvement in financial education in Austria, as indicated by their own survey data. Two-thirds of respondents agreed with the statement that there is too little financial education in Austrian schools.

(APA/Red)

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