New pension study

Old-age poverty worries half of all Styrians

Women are particularly affected by poverty in old age (symbolic image).

(Bild: stock.adobe.com)

The topic of financial provision is becoming increasingly important in the face of demographic change, economic difficulties and possible savings in the pension system. Steiermärkische Sparkasse and Wiener Städtische confirm this in a new survey - and show ways to combat poverty in old age.

Two thirds of Styrians doubt that they will receive a sufficient pension from the state in old age. A whopping 59 percent even assume that they will have to continue working even after they have completed their years of service in order to maintain their standard of living. These are the findings of a new pension study commissioned by Erste Bank und Sparkassen and Wiener Städtische, for which 1,000 people aged between 16 and 65 were surveyed across Austria.

"A multitude of crises - from inflation to wars and pandemics - are causing respondents deep worry lines", explains study author Paul Eiselsberg, "only seven percent expect the economic situation to improve this year". It is "no wonder" that people are worried about their future, says Sonja Brandtmayer from Wiener Städtische, explaining the importance of financial provision. In fact, the study shows that this is somewhat or very important for 86% of Styrians. Possible strokes of fate as well as partners and children and a solid standard of living are cited as reasons.

Gerhard Fabisch, Chairman of the Managing Board of Steiermärkische Sparkasse, Sonja Brandtmayer, Deputy General Manager of Wiener Städtische and study author Paul Eiselsberg presented the new pension study.

(Bild: Margit Kundigraber)

Appeal aimed specifically at women
However: "Nevertheless, people often insure their possessions better than their own lives", says Brandtmayer. Financial education and forward-looking planning would therefore be crucial, especially for younger people. This can secure the future for those 48% who consider the risk of poverty in old age to be high: "Especially for women, as they are three times more likely to be affected. Healthy selfishness is required here - a partner is not sufficient financial provision."

Gerhard Fabisch, CEO of Steiermärkische, mentions demographic change as another factor in old-age provision. His forecast: "In 20 years, everyone will need a second, private pension - the state money will only ensure survival." He also encourages Styrians to save - those surveyed are already putting away 250 euros a month. However, the savings should not be left in the account, but rather deposited in a life insurance policy, funds or securities.