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29.10.2007

BA-CA Money Investment Barometer on World Savings Day:
Austria's financial institutions await customer rush

  • Around 2 million savers will visit their bank the day after tomorrow
  • Private pension provisioning remains the main motive for saving
  • Online savings increasing despite customer reluctance
  • Austrians investing more than ever

Austrian financial institutions are bracing themselves for a veritable customer rush. Around two million savers, or one in four Austrians, intend to visit their bank on World Savings Day. This is one of the findings of the current BA-CA Money Investment Barometer, a representative survey conducted by the market research institute FESSEL-GfK for Bank Austria Creditanstalt (BA-CA). "Despite its long tradition, World Savings Day still retains the character of a family festival. There are presents for young investors as a reward for saving, while grown-ups can find out more about new products and check how big their nest egg currently is," says Werner Kretschmer, BA-CA director for Private Banking and Asset Management.

When asked about their reasons for visiting their bank branch, 27 per cent of the population say they are accompanying their children or grandchildren. Twenty-five per cent are looking forward to the presents they receive and 23 per cent call in to the bank because of the delightful traditions of World Savings Day. Overall, World Savings Day in 2007 is perceived much more by ordinary Austrians as a good opportunity for contact with the bank and as a thank-you from the financial institutions than in recent years.

When it comes to the motivation for these savings and investments, private pension provisioning remained the key factor for 72 per cent of those polled. This was followed at 67 per cent by the legendary "contingency fund" and financial security for children at 62 per cent. "The desire to provide financial security for oneself and one's children is a long-running issue. This stems from a growing awareness of the problematic pension situation and declining confidence as regards state benefits. This is a great opportunity for banks and the solutions they offer," comments Kretschmer.

Online savings products: one in ten uses them, one in five has thought about it
Although the BA-CA Money Investment Barometer shows great reservations regarding saving via the Internet, this form of investment is still making progress. According to the survey, nine per cent, or around 630,000 Austrians, already have an online savings product. A further 19 per cent can envision using online savings in principle. However, 72 per cent remain sceptical towards the format. "Banking transactions are a matter of trust. We see OnlineB@nking as an important additional offering for our customers and we will develop this further on a targeted basis," stated BA-CA director Werner Kretschmer.

BA-CA currently offers five different savings products via the e-Shop in its OnlineB@nking range. Erfolgskapital fix and ErfolgsKapital dynamisch were launched by the bank in January as Austria's first account-based online savings products. Overall, BA-CA has approximately 505,000 OnlineB@nking customers.

Record investment 2007: EUR 191 per month
According to projections by BA-CA Group economists, savings in Austria will reach a record level in 2007 at EUR 191 per person per month. This corresponds to around 11.6 per cent of the average monthly net income. In the previous year, new capital formation amounted to around EUR 168 per month. On the whole, strong growth in monetary wealth formation in Austria continues to benefit from the upward trend in incomes and moderate consumption propensity.

Enquiries: Bank Austria Creditanstalt Press Office Austria
Tiemon Kiesenhofer, Tel. +43 (0) 50505 ext. 52819
E-mail: tiemon.kiesenhofer@ba-ca.com