Less than 500 euros

Many face financial ruin in emergencies

Financial emergencies can occur at any time. Nevertheless, according to an online survey by TeamBank, around one in five adults in Austria has hardly any reserves. Many of them also repeatedly resort to financing options.

According to the survey, five percent have no savings at all and seven percent have no idea how much money they can fall back on in an emergency. However, the proportion of those who have less than EUR 500 set aside has fallen: while this figure was 23% in February, it is currently 19%. 

13% of Austrians would have between 500 and 1000 euros at their disposal in an emergency. Somewhat higher savings, i.e. more than 1000 euros, are held by around 14%. Most respondents (25 percent) have 5000 euros or more set aside.

Purchase on account very popular
75 percent of respondents stated that they had already made use of various financing options. The most popular option was purchase on account (35 percent), followed by installment credit and overdraft (both 27 percent).

However, according to the survey, six out of ten people only used credit in emergencies. "The high price increases of recent years and the subdued economic conditions are unsettling many people," said CEO Christian Polenz in a press release. As a result, Austrians are "reluctant to make purchases". A total of 1525 people between the ages of 18 and 79 were surveyed online in July by the market research institute YouGov on behalf of TeamBank.