30.10.2017
8 in 10 Austrians pass their savings mindset onto the younger generation
The savings mindset is deep-rooted in the minds of Austrians. Seven in 10 people continue to see the idea of ‘saving for a rainy day’ as being important and relevant. And the younger generation in particular is committed to this mindset, with 84 percent of 16 to 29-year-olds agreeing with it.
Tomorrow’s World Savings Day focuses on savings-oriented mindset and education in financial matters. According to the latest Integral online survey conducted on behalf of Erste Bank und Sparkassen, almost 1.1 million Austrians are planning to head to their bank branch on that day. “World Savings Day is still a tradition in Austria. In this context, it is also important to maintain a savings-oriented mindset and pass this into the younger generation”, says Thomas Schaufler, Head of Private Customer Business at Erste Bank Oesterreich. And that’s exactly what Austrians are doing, with 8 in 10 saying they pass their savings mindset on, or would do so if they had children or grandchildren. This figure increases to 9 out of 10 people in the 16 to 29-year-old age bracket. “Saving for a rainy day is traditionally deep-rooted in our minds. And that’s a good thing. Stashing everything away in a savings book is not beneficial given the current interest rates. We recommend speaking with your bank to discuss what’s best for you”, says Schaufler.
Tomorrow’s World Savings Day focuses on savings-oriented mindset and education in financial matters. According to the latest Integral online survey conducted on behalf of Erste Bank und Sparkassen, almost 1.1 million Austrians are planning to head to their bank branch on that day. “World Savings Day is still a tradition in Austria. In this context, it is also important to maintain a savings-oriented mindset and pass this into the younger generation”, says Thomas Schaufler, Head of Private Customer Business at Erste Bank Oesterreich. And that’s exactly what Austrians are doing, with 8 in 10 saying they pass their savings mindset on, or would do so if they had children or grandchildren. This figure increases to 9 out of 10 people in the 16 to 29-year-old age bracket. “Saving for a rainy day is traditionally deep-rooted in our minds. And that’s a good thing. Stashing everything away in a savings book is not beneficial given the current interest rates. We recommend speaking with your bank to discuss what’s best for you”, says Schaufler.
The history of World Savings Day
World Savings Day was founded in Milan by global savings bank representatives in 1924, and was first celebrated on 31/10/1925. The idea was to raise people’s awareness about adopting a savings mindset and being thrifty with resources. The notion of savings and pensions came increasingly into focus over the decades as a result. Until World War II, World Savings Day was a celebration of the act of saving. After 1955, however, it also served as a basis for education in economics and financial matters in Austria. World Savings Day blossomed under the motto of “living the thrift ideal”, and has traditionally been celebrated with great festivities at savings banks. In 1989, the UN officially declared 31 October as World Savings Day, and it continues to be celebrated to this day – particularly in German-speaking countries.
About the survey: The Erste Bank hired market research institute Integral to conduct an online survey about World Savings Day and savings-oriented mindset. 503 people participated in the survey between 12 and 17 October 2017, and the results are representative of Austria’s online population aged 16 and over (7.72 million people).