Provision study 2024: Financial security is becoming more important - Austrians set aside almost 250 euros every month for private provision.

Provision study 2024: Financial security is becoming more important - Austrians set aside almost 250 euros every month for private provision.

According to a report by www.versicherungsjournal.at, the 2024 precautionary study showed that health, safety and financial provision are becoming more important for Austrians. The respondents set aside almost 250 euros a month for private financial provision.

According to the study, 85 percent of participants have a high need for financial preparedness, and nine out of ten believe that this will become even more important in the future. The reasons for this are, on the one hand, possible strokes of fate and, on the other hand, a lack of trust in state systems.

The impact on the market is therefore that demand for financial provision products will increase, both in the health sector and in retirement provision. This means that insurance companies are increasingly being asked to offer attractive pension products to meet the needs of consumers.

In addition, it is to be expected that the importance of financial security in old age will continue to increase for those surveyed, given the financial strain on state budgets due to demographic developments.

The study also shows that savings amounts have increased compared to previous years, with women spending an average of 170 euros and men 317 euros per month for private financial provision. This suggests that financial preparedness is an issue that is taken seriously by both genders.

Overall, the precautionary study indicates that Austrians are increasingly sensitive to security and precaution, which has an impact on the financial and insurance industry's offerings as well as consumers' savings behavior.