Prevention is caring – Austrians look out for one another
Vienna (OTS) –
- More than every second person in Austria provides for family members – protecting their own children is particularly important for parents
- Low-income earners and single parents provide more for their children than for themselves
- Carinthians, Styrians and Tyroleans take the most care of themselves, while Burgenlanders take care of others
- Large gaps in knowledge about precautionary issues among the majority of the population
- Men feel more secure than women; Trust in state provision low
- Significant differences between the desire and reality of security; young people feel poorly provided for, especially when it comes to pensions and housing
The awareness of securing one’s own future is becoming increasingly important in our society. According to a representative survey of 2,000 people conducted by marketmind on behalf of Allianz Austria, 86% of Austrians make provisions for themselves and/or others – primarily through saving or investing money (78%), health care, etc . private health insurance (43%) or a pension or retirement plan (41%). Over half (57%) of people in the country take precautionary measures for loved ones. Above all, 61% of parents want their own offspring to be well protected and often invest more in their children’s future than in their own.
“Prevention means caring – that is a key finding of our study. “The Austrians look at each other,” says Allianz Austria CEO Rémi Vrignaud and adds: “But what we also see is the fact that the desire for precaution is present in many areas, but many people do not yet feel adequately protected. However, it cannot only be people’s responsibility to provide for their future. On the one hand, companies are obliged to establish measures such as company pension schemes for their employees. On the other hand, politicians are of course called upon to finally reform the pension and healthcare systems sustainably.”
The level of knowledge on the subject of preventative care can be greatly improved – especially among women and younger people
According to the Allianz Pension Barometer, only 43% of Austrians feel very well or well informed about the topic of pension provision. According to their self-assessment, an above-average number of men (49%) have a very good to good level of knowledge, while the figure for women is only 37%. The level of information increases with age: only 33% of 18 to 29 year olds feel very well or well informed compared to 50% of those over 60. For more than half (55%) of those surveyed, the most important sources of information are their partner or family, closely followed by insurance companies or insurance advisors (53%).
“Gaps in financial knowledge can make an average household poorer by up to 2,690 euros per year. Only those who know the options available in the area of precaution are able to make independent and self-confident decisions for themselves and their own family. “Therefore, greater efforts must be made to convey this knowledge in an understandable way,” demands Vrignaud.
Austrians want their families to be well protected; low-income earners and single parents look more at their children than at themselves
Austrians’ care for others becomes most clear when it comes to the question of who provides for whom. Overall, over half (57%) of people in the country are committed to helping others. Protecting their own offspring is particularly important to them: 61% of parents take precautionary measures for their children. While only 50% of the lowest earners, with a monthly net household income of up to 1,000 euros, make provisions for themselves, 63% of this group do this for their children. Single parents are more likely than average (72%) to provide for their children. At the same time, it is this group that looks least at themselves: only 53% of single people with child(ren) are securing themselves for the future.
More than every second person living in a relationship (54%) takes precautionary measures for their partner – including 64% of men and 43% of women. 41% of grandparents say they are protecting their grandchildren for the future. Although only to a small extent, 5% of Austrians still provide for their parents, 4% for godchildren or nieces or nephews, 2% for their siblings and 1% for grandparents.
In most cases (69%), people take care of themselves. Interestingly, there are an equal number of men and women (69% each), although the latter are often said to have lower levels of preventive care.
“In summary, one can say that most people in the country do their utmost to ensure that their loved ones are well looked after – even in times of high prices and inflation. Of course, this also depends on your wallet to a certain extent, but not as much as you would initially think,” he says Verena Priemer, Managing Director at marketmind. “Men’s provision for their partner still predominates and forms of investment are very conservative. The low level of information on precautionary topics certainly plays a major role here.”
Conversely, one in seven people in Austria (14%) does not take any precautions at all, neither for themselves nor for others. This particularly affects women, people without a high school diploma, single-person households, households with a monthly net budget of up to 1,000 euros and singles.
Burgenlanders show the greatest solidarity with others
A comparison of federal states shows that Carinthians, Styrians and Tyroleans most often make provisions for themselves (73%), while Viennese people make the least provision (62%). Burgenlanders care most about protecting other people (64%). In detail, it is the Tyroleans who are particularly often committed to their partners. Salzburgers lead the ranking in terms of precautionary measures for their own offspring (67%) – Vorarlbergers bring up the rear here (52%). Only 22% of Tyroleans protect their grandchildren vs. 53% of Burgenlanders. The largest number of people who do not provide for themselves or others can be found in Vienna (18%).
Men feel better secured for the future than women; trust in state provision is low
If you ask Austrians how they assess their security for the future, over half (58%) feel very well to well provided for. However, there is a noticeable gender difference here: 64% of men feel very well to well protected, but only 53% of women. If you take a look at the generations, 65% of those over 60 feel that their own provision for the future is (very) good, directly followed by 58% of 18 to 29 year olds. The latter are often the ones who still benefit from the precautionary measures taken for them. Confidence in one’s own precautionary measures is significantly higher than in state provision (50% vs. 33%).
Desire and reality drift significantly apart in many areas of prevention
Precautionary measures affect different areas of life or events to different extents. If you ask Austrians what is particularly important to them and also how well they feel protected here, there are significant gaps between desire and reality. For more than three quarters (78%) it is important to have a financial cushion for bad times or unplanned major expenses – but only half (51%) actually feel well protected here. 71% consider it important to make good provisions for their pension, but this only applies to 47%. Financing or securing housing is also important for 69%. 52% feel adequately protected here.
Broken down by gender, it can be seen that precautionary measures are slightly more important to women than to men in most areas. There is a difference when it comes to protecting their partner – here men see themselves as more responsible than women (67% vs. 58%). In reality, on average, men feel better protected than women in all areas. The biggest gap between desire and reality for both genders is in the area of financial security: This is important for 79% of women and 76% of men, whereas only 47% and 56% respectively consider it to be good. 58% of women (55% of men) see private health care as essential, but only 41% (46% of men) feel adequately covered here.
Lack of pension and housing security for the young generation
Among 18 to 29 year olds, the biggest gap is in the area of pension provision: 69% consider this to be important, but only 40% currently feel well prepared for it. There are also significant differences in this age group when it comes to financing and purchasing housing:
69% consider precautions in this area to be important, but only 41% feel adequately protected. “The differences between the genders but also the gaps between desire and reality are clearly pronounced. Better conditions must be created, especially for women, so that they become more financially independent and have sufficient security for old age,” explains Vrignaud and adds: “The young generation is very aware of the importance of retirement provision, but has little trust in the existing systems and measures. When it comes to the financing and affordability of housing, young people in particular are severely affected by the stricter lending regulations and the shortage of housing.”
Around 6.5% of income for pension provision
In total, Austrians spend around 6.5% of their monthly net household income on pension provision. On average, men invest slightly more money in their future than women (6.7% vs. 6.3%). On average, those aged 50 to 59 and those over 60 spend the most money on preventive care (7% each), while those aged 30 to 39 spend the least (5.8%).
About the study
On behalf of Allianz Austria, marketmind surveyed around 2,000 people between the ages of 18 and 75 on the topic of future prospects and pension provision between February 29 and March 20, 2024. The results are representative of the entire Austrian population.
Questions & Contact:
Allianz Elementary Insurance Corporation
Dr. Thomas Gimesi
Press spokesman
+43 676 878 222 914
presse@allianz.at
https://www.allianz.at/