Financial resolutions for 2018: Austrians want to save more and become more independent in banking

If asked about their future usage of savings and investment forms in the coming year, great emphasis is placed on savings. 17% of those surveyed said they wanted to use passbooks/savings cards more often. But also securities (equities, funds, bonds) will be given more importance in the coming year, 13 percent want to make increased use of this form of investment “The low interest rates reduce the purchasing power of our customers and our job is to prevent that. In order to preserve one’s accumulated capital and build assets, it is important to divide the savings into different asset classes. In any case, the portfolio should contain securities,” recommends Thomas Schaufler, Director of Private Customer Business at Erste Bank. 12 percent want to increasingly store their saved money at home or in a safe/vault and 10 percent want to focus more on investments in gold or other precious metals in the New Year.

Online-Banking on the rise

As far as the services that are offered by banks are concerned, there is a trend towards customer independence. In the New Year, 75% want to increase their usage of online banking, and 59% said the same for the self-service areas. But Austrians also intend to visit branches more often in 2018, and consult their bank advisors (41%). Among the 18- to 29-year-olds, even 6 out of 9 of those surveyed have this resolution of visiting the branches more often on their list. “Not only are we investing in our George banking platform, but we are also investing heavily in modernizing our branches and training our employees. We want to offer our customers the best possible advice and perfect service around the clock for all financial matters. Hence, offering online banking and providing personal advice in the branches is the perfect combination for us,” says Schaufler. 4 in 10 Austrians want to increase their use of bank apps in the New Year. Digital payment options (such as contactless payment via NFC) will be used more intensively by one in four. One in ten Austrians will keep using the bank’s telephone services in 2018.

^{On the study design: In an online survey, Integral asked 518 Austrians about their 2018 financial resolutions, their future use of bank services, and their preferred savings and investment options for the coming year. The survey was conducted between 4 and 10 December 2017. The results are representative of the Austrian population aged 18 and over, i.e. around 7.2 million people.}