Austrian women have a desire to save

Have I saved enough? This is a question more and more women are asking themselves. The average amount saved every month by members of the female population has increased by 28 euro over the past two years and currently stands at 202 euro. While male savers are on average setting aside more with 243 euro, the amount they are saving has increased only by 18 euro since 2014. Women's main motive for saving remains retirement provision (34%), followed by building up a rainy day fund (26%). “More and more women are thinking about the future and providing for their old age. This is a welcome development”, says Birte Quitt, head of retail strategy at Erste Group. Austrians moreover reserve 41% of their savings for other family members. Women are therefore left with 118 euro monthly for their own financial provision, men with 144 euro. However, women are not only saving for their family, but also for their partners: while 26% of Austrian women stated last year that they were saving for their partner as well, 36% are doing so currently.
 

Stocks are becoming more popular with women

Austrian women continue to have faith in traditional forms of saving such as savings books (81%) or building savings contracts (72%). Providing for the future plays an important role in the choice of savings products as well: almost half of all women are investing money in life insurance policies (47%) and/or pension plans (45%). Ownership of securities among women is also developing in a satisfactory manner, as it has increased by 8 percentage points compared to the previous year. “More than a third of women are in the meantime holding securities as well. This is absolutely necessary for long-term financial provision”, Quitt says.
 

Money remains a partnership matter: 7 of 10 couples are making joint financial decisions

Money is often a sensitive issue in partnerships. 68% of couples are making joint financial decisions. Men remain the main breadwinners in relationships: 58% of Austrian women state that the income of their male partners is higher than theirs. Almost three quarters of these women are moreover unable to secure their living standard on their own, and are dependent on their partner. In spite of these dramatic figures, a moderate downtrend has become noticeable: while 78% of women still stated that they were financially dependent in 2015, only 73% did so this year. Furthermore, segregated accounts are increasingly popular: every second couple has strictly segregated accounts, 29% in addition have a joint account, and 22% have solely a joint account. “Aside from joint planning and financial provision, it is however important for women in particular to create a financial cushion of their own. If a relationship breaks up, women often come away empty-handed”, Quitt remarks.
 

Three golden rules for financially aware women

The rising interest of Austrian women in financial issues is reflected in their desire for women-specific financial products as well. 6 of 10 women want financial products specifically tailored to women, which represents a 10% increase over the previous year. Erste Bank offers a highly customizable product with YouInvest, which is very suitable for women as well. “With YouInvest one is able to configure investments in line with one's needs in a simple manner. It offers many possibilities that are particularly suitable for women as well”, Birte Quitt stresses. With respect to financial questions, Austrian women prefer to consult their bank advisors (76%). Partners (61%) and family members (48%) are asked for advice on financial matters as well. In order to prevent financial uncertainties from arising in the first place, there are a number of recommendations for financially aware women:

• Talk openly with your partner about your financial situation. The issues of costs, income and financial provision shouldn't be taboo. During parental leave and or while doing part-time work it is important that one's partner look after financial provisions. “Financial independence nevertheless remains essential and should always be kept in mind”, Quitt advises.
• There are of course times during which one's income may be somewhat lower. Nevertheless, one shouldn't forget about financial provisions and – if it is at all possible – regularly set savings aside. “Think about the long term and adapt the amount you are saving to your income. Small amounts also contribute to a financial cushion”, Quitt appeals to women.
• Run your household like a company. Activities like drafting a household budget or running a cash journal are instrumental in keeping a close eye on one's financial situation. This is the only way of getting a feel for one's financial life and to ultimately make correct financial decisions in partnerships as well.

Study International Womens Day

About the survey:
On occasion of International Women's Day, Erste Bank has asked market research institute IMAS International to conduct a telephonic survey on the topic of women and finances. 506 persons were interviewed in the time period from 3. February to 8. February 2016, on whether they are aware of the income gap in their job, what income losses are incurred due to part-time work and parental leave, how much they are able to save for themselves and family members, which products they are using for themselves and family members, who the main breadwinner is, whether husband or wife are making financial decisions and who they are asking for advice in financial matters. The results are representative of the Austrian population above the age of 18.