Austrians accumulate their assets preferably in cash

Austrians accumulate their badets preferably in cash

LINZ / VIENNA. Stability instead of risk: every man in two keeps his money at home.

38% of private wealth consists of savings or money Picture: dpa

Safety first. The Austrians act according to this motto when it comes to their money. Out of a total of 655 billion euros in household badets, 42% of cash and deposits, such as savings, were invested the previous year. Equities and bonds accounted for 33%, with the remainder invested in unsecured investments. This is the result of the statistics of the Oesterreichische Nationalbank (OeNB).

A study by the University of Economics and Commerce Vienna on behalf of the subsidiary of OeNB, Mnzeg Austria, confirms that Austrians still attach great importance to cash. As a result, half of the outstanding cash is kept in its four walls. "Cash is increasingly replacing personal savings accounts," said Gerhard Starsich, managing director of the Austrian Mint. He presented the study last Wednesday with the governor of Upper Austria, Thomas Stelzer, in Linz.

Four out of five payments in cash

Investors take less risk in cash than in stocks or bonds, said Starsich – although the period of low interest rates is still on track. "Money is a way for most people to control their finances." In addition, he was quickly available and robust in times of crisis.

Not only in terms of investment, but also in terms of payment, compatriots resort to cash. Four out of five transactions are made with notes and coins. With this card, Austrians pay on average 155 times a year. In Norway, there are 494 transactions almost three times more cashless.

Although the number of transactions with digital payment methods in Austria has increased by 11.4% since 2011, that of cash transactions would have also increased by 3%, said Starsich. This thwarted the claims of those who viewed money as an abandoned model because it favored the underground economy. "Less money does not mean less crime, it just goes to digital means of payment," Starsich said.

Stelzer pointed out that he needed a "healthy combination of payment streams". It is important to teach early treatment of money. The country will soon launch the "pocket money initiative" in schools. Children and young people must move towards the "zero deficit of the country," said the governor.

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