Erste Bank Savings and Credit Forecast Q4
Survey: 64% in favour of a suspension of capital yield tax due to low interest rates
- Average amount to be saved over 12 months: EUR 5,100
- Loan amount increases slightly to EUR 74,400
This is how Austrians save
Austrians plan to invest or reinvest 5,100 euro over the coming 1 months. This is on average 400 euro more than exactly one year ago. In spite of low interest rates, the savings book remains the top choice with 61% of the respondents, 53% (-1) are investing through a building savings account, and 38% (-1) want to take out a life insurance policy. Retirement plans recorded the most significant increase, 36% (+3) are planning to invest their money in this manner in 2015. 16% (+1) want to purchase real estate and securities are the investment vehicle of choice for an unchanged 24%. Overall, only 16% (-1) of Austrians plan not to invest at all this year. Austria's savings rate has stabilized somewhat, and currently stands at 7.4%. The volume of private household deposits at Austrian banks currently amounts to EUR 217.5 bn., the Sparkassen Group has a market share of nearly 19 percent.
Desire to take out private loans remains steady
Around one third of Austrians, primarily younger persons up to the age of 29 years, plan to make a major purchase this year. 79% (-4) are financing it out of their own savings, while 14% (+2) intend to take out a loan or a building savings loan for the purpose. According to the survey, the average loan amount has increased to EUR 74,400 (+ 6,200 euro). Erste Bank currently offers a fixed interest rate of 2.25% for 10 year loans, and there are also fixed interest rate loans with terms up to 15 years available. “Securing these low interest rates for long-term financings now is definitely highly recommended”, says Peter Bosek, member of the management board. The outstanding credit volume of private households in Austria currently stands at EUR 141.2 bn., Erste Bank and Sparkassen hold a market share of 19% thereof.
Austrians in favor of capital yield tax suspension
Base rates remain at a historically low level. This development, which has been ongoing for several years, weighs on the returns from savings. What is the opinion of Austrians regarding the proposal to temporarily suspend the capital yield tax on savings in such periods? 64% of Austrians are of the opinion that this should be done in such a period of low interest rates. Especially persons with a net household income of more than 2,000 euro are strongly in favor of the proposal. 11% have no opinion on the topic, 24% would be against the idea.
About the study: Integral has interviewed 1,000 Austrians (representative of the Austrian population from the age of 14) via telephone and asked them about their savings and investment intentions, as well as their financing needs. The survey was conducted in the 4th quarter in the time period from 29. August to 22. September 2014. Unless stated otherwise, comparative figures refer to the same quarter of the previous year.
This is how Austrians save
Austrians plan to invest or reinvest 5,100 euro over the coming 1 months. This is on average 400 euro more than exactly one year ago. In spite of low interest rates, the savings book remains the top choice with 61% of the respondents, 53% (-1) are investing through a building savings account, and 38% (-1) want to take out a life insurance policy. Retirement plans recorded the most significant increase, 36% (+3) are planning to invest their money in this manner in 2015. 16% (+1) want to purchase real estate and securities are the investment vehicle of choice for an unchanged 24%. Overall, only 16% (-1) of Austrians plan not to invest at all this year. Austria's savings rate has stabilized somewhat, and currently stands at 7.4%. The volume of private household deposits at Austrian banks currently amounts to EUR 217.5 bn., the Sparkassen Group has a market share of nearly 19 percent.
Desire to take out private loans remains steady
Around one third of Austrians, primarily younger persons up to the age of 29 years, plan to make a major purchase this year. 79% (-4) are financing it out of their own savings, while 14% (+2) intend to take out a loan or a building savings loan for the purpose. According to the survey, the average loan amount has increased to EUR 74,400 (+ 6,200 euro). Erste Bank currently offers a fixed interest rate of 2.25% for 10 year loans, and there are also fixed interest rate loans with terms up to 15 years available. “Securing these low interest rates for long-term financings now is definitely highly recommended”, says Peter Bosek, member of the management board. The outstanding credit volume of private households in Austria currently stands at EUR 141.2 bn., Erste Bank and Sparkassen hold a market share of 19% thereof.
Austrians in favor of capital yield tax suspension
Base rates remain at a historically low level. This development, which has been ongoing for several years, weighs on the returns from savings. What is the opinion of Austrians regarding the proposal to temporarily suspend the capital yield tax on savings in such periods? 64% of Austrians are of the opinion that this should be done in such a period of low interest rates. Especially persons with a net household income of more than 2,000 euro are strongly in favor of the proposal. 11% have no opinion on the topic, 24% would be against the idea.
About the study: Integral has interviewed 1,000 Austrians (representative of the Austrian population from the age of 14) via telephone and asked them about their savings and investment intentions, as well as their financing needs. The survey was conducted in the 4th quarter in the time period from 29. August to 22. September 2014. Unless stated otherwise, comparative figures refer to the same quarter of the previous year.
