VIENNA, Austria - July 02, 2019 – 55% of young adults are currently satisfied with the general economic situation in Austria, but only 38% expect the general economic situation to improve over the next five years. This was the result of a representative survey conducted by BAWAG P.S.K. and Austrian Banking Association among 1,029 respondents aged between 18 and 29. Although they consider the economic situation in Austria to be average in the future, they see their own visions of the future more optimistic: 67% of those surveyed expect their own financial situation to improve over the next five years. The optimists of the country with regard to their financial future come from Austrian regions in the west, the pessimists from Lower Austria and Burgenland.
Women more optimistic than men
A deeper look into the evaluation of the general economic situation in Austria shows, that women perceive the situation much more optimistically than men: about two thirds of women see the situation as positive (compared to only 43% of men), and the outlook for the economy in 2024 is also much better at 48% (compared to 29% of men). Women see their own financial situation better than men in the present and future - but the difference is much smaller than in the evaluation of the economic situation. "Although women are generally more positive about the economic future, their individual need for action when it comes to provision is actually greater than that of men. Pay differentials and a high percentage of women who work part-time lead to a lower life income than men. This is particularly noticeable in retirement," Markus Gremmel, Head of Marketing and Products at BAWAG P.S.K. explains.
Young adults called on to long-term asset generation
The migration background has no influence on one's own financial picture of the future. Not surprisingly, the evaluation of the overall situation is descending in relation to the increasing financial strain in the family - the better the financial background is, the more optimistic the evaluation of the future. The way young adults approach their financial planning for the future is also shaped by their parental home: More than half (57%) of those surveyed stated that they had received the knowledge of money management from their parents. This also applies to investment securities, as Gremmel points out, as the number of young investors in Austria is low: "In contrast to their parents' generations, who generally show a very restrained attitude towards securities, young adults should focus more on securities investments. A positive picture of the future is not enough. Young adults should take early and effective measures to ensure a financial life that develops in a positive way and long-term. There is no getting around the capital market for long-term wealth building”, Gremmel concludes.
The representative online survey was conducted by marketmind, 1,049 people aged 18 to 29 were surveyed.
Manfred Rapolter (Head of Communications, Spokesperson)