What women can do

Five tips for becoming financially independent

Own money means independence (symbolic image)

(Bild: ©DDRockstar - stock.adobe.com)

Budget planning, investments, pension provision: when it comes to finances, many people, especially women, are quick to give up. But there are a few rules you can follow to protect yourself. Because in the worst-case scenario, you could find yourself all alone and without money after a separation or death. 

Ulrike Bierent has heard many stories of desperate women. Women who are separating and suddenly their ATM card is blocked. Who have no access to the account in which their own, self-earned money is stored. Women who suddenly find themselves alone with a loan. And even women who endure violence because they cannot afford to separate.

The women's and girls' advice centers of the province of Styria, which Bierent runs, want to prevent this. They have put together a new flyer with tips that every woman - or every man - should know. "The worst mistake is not dealing with the topic," says Ariane Pfleger, Managing Director of Raiffeisen-Landesbank. 

Financial tips for girls and women: Ulrike Bierent, Gabi Lechner, Simone Schmiedtbauer and Ariane Pfleger (from left)

(Bild: LandSteiermark/Binder)

Here are the most important financial tips from the experts:

1. A look at your pension account
   What sounds complicated can be done in just a few clicks: The PVA pension calculator allows you to work out online how much your pension will be. This also pays off for those who are still in the middle of their working life - long periods of part-time work in particular can lead to a nasty surprise. If one partner is dedicated to raising children, pension splitting (where a couple's pension entitlements are added together and then split) can help. "This is a real sticking point," says Gabi Lechner, Vice President of the Styrian Chamber of Commerce. 
2. Keeping an eye on income and expenditure
   How much money do I have at my disposal, how high are my fixed costs, how much do I want to save? The easiest way to keep an overview is to write everything down. "Debts build up very quickly," warns Ulrike Bierent, starting with the first installment purchase of a cell phone. As a general rule, only buy what you can afford. 
3. Talk to your partner about money
   It's not a sexy topic, but it's important: "Love and trust are often great, but the awakening comes when you break up," says Bierent. If you have a joint account, you need to be careful. "With a so-called 'and account', you don't have access to the money if your partner dies," explains Women's Affairs Councillor Simone Schmiedtbauer (ÖVP). "Some women still don't have their own account and are not authorized signatories. That is an absolute no-go." It is best to seek advice from your bank. 
4. Don't sign anything unquestioningly
   Time and again, Ulrike Bierent finds that women are liable for loans, for example when buying property, but were not aware of this. This should also be discussed openly in the partnership.
5. Save up a nest egg
   "Many people find it difficult to save up," says Bierent. However, a nest egg of at least two to three months' income is important and should be a priority. 
6. Don't be afraid to invest
   "Many women don't make enough use of their finances because they don't know enough," says Raiffeisen board member Ariane Pfleger. "This is shown by the fact that they invest their money mainly in savings accounts and at most in funds." Pfleger's message: "Take an interest in the capital market!"

Anyone who wants to find out more about this topic should keep their eyes peeled for new dates in the "Finanzfrau" event series. From February 13, 2025, there will again be dates in all Styrian regions.