Vienna, 7 September 2017 – The focus during the summer months was on holiday and pleasure, and no one wanted to think about money. Autumn is bringing a number of issues that present many Austrians with financial challenges: the start of school, getting new windows put in before winter, gingerbread in the stores pointing to Christmas purchases being just around the corner. This prompted BAWAG P.S.K. to again carefully consider the needs and wishes of its customers. In August, MARKETAGENT.COM conducted a study commissioned by the bank to find out what financial issues are important and how people deal with financial challenges.
“People do talk about money”
This was one of the key findings of the recent study, which came as a surprise because it runs counter to the aphorism “people don’t talk about money”. The study showed that two thirds of Austrians do talk about their financial situation frequently or at least occasionally with their family, and that nearly half talk about their financial situation with friends. The most frequent topics discussed with family or close friends are home financing, the costs of raising children, and significant other purchases. Most – over 70% – talk about their financial situation with their partner, but also with good friends or their mother (four of ten respondents in each case). While many Austrians talk about their financial situation with their mothers, only one in five talks to their father about financial matters. This may be because women are more risk averse than men when it comes to money, a fact that is also reflected in product selection. Women tend towards traditional forms of saving and building association savings agreements while men tend significantly more towards securities.
The respondents generally prefer to save money towards specific needs, or to cover their needs with their wages and other benefits. When this is insufficient, it is time to get good advice, and around two thirds get it from their partner, many from friends, and more than one in four from their mother. Here, again, mothers are consulted more often than fathers.
Markus Gremmel, Head of Marketing & Products at BAWAG P.S.K., points out: “Our study confirmed that advice from friends and family plays an important role in financial matters. That is why we launched the family weeks, where customers can get advice but also pass on benefits to friends and family!“
The family and friends weeks
The BAWAG P.S.K. family weeks from 1 September to 31 October 2017 offer particularly attractive conditions because – as with everything good in life – they should also be shared with friends and family! Because the recent study also showed that more than three quarters of the respondents would also like to pass on good terms for a loan, primarily to their partner, children, and friends.
Benefits for everyone
Customers will be credited a EUR 285 bonus on the loan settlement account for a new consumer loan (loan total up to EUR 75,000 EUR, term of up to 10 years) during the period of the campaign. As a thank you and because we want everyone to be happy, the borrower can pass on an interest discount of 0.5% and a EUR 30 bonus (BAWAG P.S.K. pays the capital gains tax) on a current account in the form of a new KontoBox Medium, Large, or XLarge, for which the account management fee will be waived for the first three months.
The borrower can give both benefits – the interest discount and no account management fee for three months plus the EUR 30 bonus – to five friends or family members. The recipients can redeem the benefits by no later than 31 December 2017.
How it works
Every customer who takes out a KreditBox Schnell loan or online loan during the campaign period will receive five vouchers that he or she can give to friends and family two weeks after the loan agreement is signed. Customers who receive a voucher can sign up for one or two products – a consumer loan or a KontoBox Medium, Large, or XLarge. The bonuses can be redeemed online or offiline. This means that accounts can be opened and loans taken out “full online” (including video identification), except for KontoBox XLarge.
It is again the entertaining amateur soccer players of FC Wohlenegg who in this case are making their family and friends very happy with the benefits of the BAWAG P.S.K. family weeks in a television ad, on posters, in brochures, online, and in the social media. There are sure to be plenty of laughs, as always. The campaign is also being supported by interesting and informative blog entries on the topics of family and friends, including from Austrian influencers, at https://www.bawagpsk.com/mitten-im-land
BAWAG Group Communications
Tel: +43 (0) 5 99 05-31210