Study as a wake-up call

Tyroleans have already lost faith in their pension

Lots of money thanks to the state pension? 66 percent of Tyroleans don't believe so.

(Bild: stock.adobe.com/Helen-HD)

Two thirds of 1000 respondents believe that they will have to continue working in retirement because there is not enough money. 40 percent make private provisions: on average 250 euros. These and other interesting facts emerge from a recent study.

A study on pension provision carried out by the market research institute IMAS on behalf of Erste Bank und Sparkassen and Wiener Städtische Versicherung is a wake-up call to politicians.

"Two thirds (66%) in Tyrol assume that they will not receive a sufficiently high state pension in old age. And there is growing concern that they will not be able to afford the standard of living they want in retirement," says Patrick Götz, CEO of Tiroler Sparkasse.

Further figures: Only 40 percent are very satisfied or satisfied with the state pension system. However, 45 percent are not satisfied with it.

The fact that people are making provisions despite the challenges is very pleasing.

Patrick Götz

More than half believe the situation will deteriorate
To illustrate this better: in 2023, Tyrol's senior citizens received an average pension of 2300 euros gross per month. For women, it was only 1290 euros gross. But this is not the only alarm signal to the Tyrolean state parliament and parliament in Vienna.

Of the 1000 people between the ages of 16 and 65 surveyed, when asked about their economic circumstances and quality of life, 52% said that they believe these will deteriorate in the coming months. A further 38 percent assume that things will remain the same, while only nine percent believe they will improve.

Sonja Brandtmayer from Wiener Städtische Versicherung and Paul Eiselsberg from IMAS.

(Bild: Tiroler Sparkasse/Sandra Meraner)

Investing in provisions despite the challenge
Given the lack of confidence in the pension system, it is no wonder that 40% of those surveyed said they were making private provision for their retirement. Interesting to note: "Despite the challenging economic situation, the average amount is actually slightly higher than last year at EUR 250," says Götz. At EUR 299 per month, men invest significantly more in their private pension than women, who put aside EUR 192.

Savings account for pensions very popular
And how do people make provisions for their pension? 69% rely on savings accounts, 39% on life insurance and 35% on building society savings. These are followed by fund savings plans, securities, real estate and gold. 

"The fact that people are making provisions despite the challenges is very pleasing," concludes Patrick Götz.