World party day in Burgenland: savings behavior over time

World party day in Burgenland: savings behavior over time

The World Savings Day, which has been celebrated on the last working day in October since 1924, invites young and old to think about their savings behavior. In Burgenland in particular, the sparmation of the population has changed remarkably, because while the term “saving” is still being held up, growing dissatisfaction with the amounts actually saved is shown.

A current survey by the IMAS shows that the average savings of the Burgenlanders are now 360 euros per month, an increase compared to the previous year. Despite this increase, 56 % of those surveyed are dissatisfied with their savings amount. This is characteristic of the general uncertainty that many people are creating in Burgenland.

The background of dissatisfaction

The uncertainty was recently fueled by the overall economic situation, and many Burgenlanders feel pessimistic about their financial future. According to Georg Posch, the regional manager of the first bank in Burgenland, households have saved more than consumed in recent years, but the resulting dissatisfaction shows that the need for financial security is growing.

As the numbers show, the importance of saving in the population has hardly decreased; 83 % of the Burgenlanders think it is essential to put money aside. This is also an indication that savings still remain an important topic. Nine out of ten respondents believe that everyone should have a financial reserve that gives security.

diversified investments in the trend

The way that is saved has also changed. More and more people are no longer considering their savings in a savings account. The data show that over half of the respondents mean saving saving more than just putting money on the account. In times of strong inflation, in which real interest rates have dropped in the savings accounts, many Burgenländer are actively looking for alternatives.

Over 79 % of the population prefer the classic form of savings, which is shown in the familiar savings account. Nevertheless, awareness has grown that working capital should also be spread broadly in order to secure it against loss of value. Interest in securities, pension provisions or even in precious metals such as gold has also increased. These trends in the forms of investment reflect the striving for security and yield.

The references to a diversified investment strategy illustrate that the Burgenlanders are increasingly willing to accept risk to achieve potentially higher returns. The company has therefore not only adjusted to the usual forms of savings, but is open to new investment options.

Although there are differences in the views, the topic of saving in the minds of many Burgenländer remains an important concern, and developments in recent years suggest that young generations also take a new perspective on the topic. Awareness of financial security and sustainable savings strategies will continue to play an important role in the future, especially in times of economic uncertainty and changing market sites.