Women are champions in saving money
On the average, Austrian women put aside EUR 253 for provisioning (EUR 13 less than men). This sum includes all types of provisions such retirement funds, additional private health insurance and then putting what is left over into savings accounts. This is only 5% less than men even though according to Statistik Austria women have to survive on monthly incomes that are on average 40% lower than for men. This income gap is due to the fact that nearly half of all part-time jobs are women’s. 80% of gainfully employed women work part-time, they earn less than men but put aside almost the same amount of money every month. “This is good development. Women are leaving the cliché of the financially dependent female behind them,” said Susanne Höllinger. “The basic elements of finance in life should include the full package of an own account, own savings account and own pension provisioning.” The types of savings are dominated by the classic forms: 65% of all women have a savings account, followed by a building society savings account (60%) and by life insurance (46%). Only 16% of women have riskier investments such as equities, bonds and funds. For advice on money and financial matters, both genders turn first to their bank’s account managers (45%) and then to family members (28%). For women, their partners rank third when deciding whom to turn to for financial advice (26%), and for men, women rank only fourth.
Three building blocks: Health, love and finance
46% of the Austrians surveyed believe there is a correlation between income and health. The higher the household income, the greater the correlation perceived. “The three building blocks for a carefree life are health, love and finance. To leave any one of these out of the equation is a big mistake,” said Susanne Höllinger. “Women have a greater need for private healthcare services. This requires provisioning.” Seven out of ten women pay for private healthcare costs. Every other woman spends money on private massages or physiotherapy, followed by alternative medicine (47%) and private physicians (45%). The higher the income, the more is spent on private healthcare services.