IMAS study reveals

Only one in two people know the status of their pension account

Austrians set aside an average of 250 euros per month for healthcare and pensions.

(Bild: Wenzel Markus)

What do you do when you don't know exactly what's coming your way? Exactly: you hold on to the money you have at your disposal. The slump in consumer sentiment is a phenomenon that many companies are currently struggling with. However, Austrians continue to spend a lot of money each month on their own health and pension provision, as an IMAS study shows.

Financial provision is of enormous importance to Upper Austrians, coming right after health, security and family - according to a study by IMAS International for Erste Bank, Sparkassen and Wiener Städtische, which was published on Tuesday.

IMAS opinion researcher Paul Eiselsberg reports that 54% of the country's population "rather expect a deterioration" in economic conditions and quality of life in the coming months. "So it's hardly surprising that in this environment the topic of provision is becoming more and more important," says Sonja Brandtmayer, Deputy General Manager of Wiener Städtische.

The top 3 reasons for financial provision

For which cases do Austrians make financial provisions? According to the IMAS International study, these three reasons are the most common in Austria:

• Because you never know what stroke of fate will come your way.
• Because you should also think about your family, partner or children.
• Because you can no longer rely on the state systems.

More and more people seem to be worried about their lives in old age. "Every sixth person in Upper Austria assumes that they will not receive a sufficiently high state pension in old age. There is growing concern that they will not be able to afford the standard of living they want in later life," says Sparkasse Oberösterreich CEO Manuel Molnar.

It is encouraging that the average amount people are prepared to invest each month in their private pension and healthcare provision remains high.

Manuel Molnar, Vorstandsdirektor der Sparkasse OÖ

Bild: Sparkasse OÖ/Maybach

Since 2005, all Austrians born after January 1, 1955 have had a personal pension account. According to the IMAS study, only just under half of Upper Austrians - 49% to be exact - are aware of the current balance in their pension account. Strikingly, the older the respondents, the more likely they are to know. Slightly more than one in two people who say they know their balance are satisfied with it. Nevertheless, three out of five Austrians assume that they will have to continue working in retirement in order to be able to afford their standard of living in retirement.

250 euros per month are put aside
On average, Austrians set aside 250 euros per month for private pension and healthcare provision last year. Men invested 299 euros per month, women 192 euros. In 2023, the average amount was EUR 247, compared to EUR 317 for men and EUR 170 for women in the previous year.