Financial Capability of Austrian Households

Abstract

Based on a survey by the Oesterreichische Nationalbank (OeNB) in 2004, this paper aims to assess Austrian households’ financial capability with respect to managing money, planning ahead financially, making financial choices and staying informed. People’s attitudes about money often depend on their education, income and age. A higher level of education, income and age tends to go hand in hand with a more positive financial attitude. The OeNB’s survey, however, revealed that, in the case of Austria, there is generally no relationship between a household’s financial behavior and the education level of its members. Moreover, half of the respondents seldom shop around for financial services and are thus not knowledgeable enough to make informed financial decisions.

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