Financial worries: One in five people in Austria has hardly any reserves!

For many Austrians, the turn of the year brings with it new projects and resolutions. Topics such as more order in the wardrobe, using a fitness card or a healthier diet are often on the list. A key aspect that is often overlooked is the financial situation. A survey by Team bench shows that one in five Austrians has hardly any reserves for emergencies. The proportion of people with less than 500 euros in savings fell from 23% in February to 19%. This suggests that many people are still financially vulnerable.

Many respondents resort to financing options in exceptional cases, with purchase on account being the most popular option. According to the survey, 75% of participants have resorted to such financing offers in times of emergency. Five percent of those surveyed even have no savings. These numbers were collected in an online survey conducted in July 2024, involving 1,525 people between the ages of 18 and 79.

Financial reserves and their use

The survey results show that 7% of respondents do not know how much money they have available to them in an emergency. In addition, 13% have savings between 500 and 1,000 euros, while 14% have saved more than 1,000 euros. In addition, 25% of participants have set aside 5,000 euros or more. Installment loans and overdrafts are each used by 27% of those surveyed. 60% say they only resort to such loans in emergencies.

Christian Polenz, CEO of Teambank, said that the high price increases and uncertain economic conditions are unsettling many people. The survey highlights the importance of taking care of your own finances and being prepared for unexpected expenses, such as vienna.at reported.