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
When asked about their reasons for visiting their bank branch,
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 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