Survey: Only Half of Austrians Are Financially Independent
Financial dependence often coincides with a lack of financial education, revealed the survey commissioned by the Post AG subsidiary at the market research institute marketmind, involving around 1,000 people aged 16 and over.
"Financial education is a crucial factor for financial independence, alongside other aspects such as socialization and income. Those who understand the basics early on have more opportunities later," explains Post AG's Chief Financial Officer Barbara Potisk-Eibensteiner, summarizing the study's conclusion.
Traditional Role Models Likely to Remain a Challenge
Traditional role models are likely to remain a challenge. According to the survey, 59 percent of men achieve complete independence, but only 47 percent of women do. More than a quarter of women (28 percent) also state that they can only cover basic expenses. Sixty percent of people in financial dependence want to actively get out of it. For women with children, in rural areas, or in partnerships, dependence is more accepted according to the study, while the desire for financial self-determination is more pronounced among younger and older women.
"Financial independence is not just a personal goal, but a societal necessity," says Patricia Kasandziev, a bank99 board member responsible for Market & Digitalization. Especially in light of uncertainties in the pension system, timely action for security is important.
Study: Large Gaps in Austrians' Financial Knowledge
The bank99 study also shows large gaps in Austrians' financial knowledge. Seventy-four percent of Austrians rate their handling of money mostly positively, but actual financial knowledge is often significantly poorer. While men often tend to overestimate their financial knowledge, women tend to underestimate theirs. Both genders answered a knowledge test on basic financial knowledge conducted as part of the study at a similar level. More than a third (36 percent) could only answer half of the questions or fewer correctly. Looking at educational qualifications, the survey shows: Only with a higher academic degree does financial knowledge increase significantly.
Only a third of respondents stated that financial knowledge improves their financial situation. However, the study shows a strong correlation between lack of financial knowledge and financial dependence. People with high financial knowledge have more control over their financial decisions, are more motivated to improve their situation, and can plan larger investments. In contrast, people with less financial knowledge report less independence and control and have less confidence in their investment ability.
"Financial knowledge should not just be a privilege for university graduates," says Potisk-Eibensteiner. It is crucial that financial education is integrated early in the school curriculum - to provide everyone, regardless of origin or social status, with the skills to actively and independently shape their financial future.
(APA/Red)
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