Financial education is key: empowering women to plan for retirement at an early stage

Financial education is key: empowering women to plan for retirement at an early stage

In times of economic uncertainty and rising inflation rates, the topic of financial education is becoming increasingly important. Michael Holzer, chairman of the WKNÖ's financial service providers specialist group, emphasizes the need for the population to acquire solid financial education. This is particularly important with regard to modern forms of investment such as exchange traded funds (ETFs), as many people today are losing touch and are not making sufficient use of the options to secure their assets.

“The classic savings account is no longer sufficient to protect assets in the long term,” explains Holzer and calls for financial knowledge to be conveyed both theoretically and practically. The focus should be on financial provision, which is important for everyone in order to be prepared for the future.

The Importance of Financial Education for Women

A special aspect of financial education concerns women, who often find themselves in a difficult position due to part-time work and the gender pay gap. Holzer points out that women in old age can be particularly affected by poverty in old age because they often earn less in their working lives. “It is urgent that women actively invest in their financial future,” emphasizes Holzer. To counteract this, the WKNÖ offers numerous information offerings to provide targeted support.

The challenge of pension provision is closely linked to demographic developments. Increasing life expectancy and changes in the pension system make it necessary to take care of private provision at an early stage. Holzer warns: “If you delay for too long, it will be difficult to close the financial gaps later.” Sound financial education is therefore the key to meeting life's challenges in an age-appropriate manner.

Qualified advice as a basis for financial security

In a complex financial environment, independent and competent advice is simply essential. In Lower Austria there are almost 700 commercial financial advisors available to offer individual and tailor-made solutions. Holzer emphasizes that these consultants are legally obliged to undergo regular training in order to stay up to date and offer their customers the best possible advice.

Access to verified financial service providers is crucial in order to design your personal investment strategy taking into account individual goals and risk tolerance. “Competent advice is the best way to manage your own assets effectively and at the same time make provisions for the future,” says Holzer.

The reader may also be interested in further insights and information on the topics of financial education and retirement planning this article on news.wko.at, which provides deeper insights and presents key recommendations.