New Year: Austrians want to live more frugally in 2022

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Living more frugally and not accumulating new debts: this sums up the New Year’s resolutions of Austrians with regard to their finances. While around 29 percent want to put more money into savings accounts in the new year, investing in securities is less attractive for many people: only 15 percent are considering such an investment for 2022, according to a recent survey by J.P. Morgan Asset Management.

According to the survey, 37 percent of Austrians intend to live more frugally in the New Year. To do so, they are prepared to cut back on their consumption or look for more favorable comparative offers – for example, for contracts such as electricity or mobile communications. 27 percent are determined to pay off their debts or at least not incur any new debts. Slightly less than one-third of respondents also said they wanted to deposit more money in their savings accounts.

Little interest in investing in securities
In comparison, there is relatively little interest in possible investments in securities. Only slightly more than one-eighth of respondents (15 percent) said they would like to make such an investment. However, the topic of sustainability is enjoying greater popularity: 17 percent of respondents not only want to increase their money, but also do something good with their investment.

28 percent of respondents satisfied with their financial situation
Among those surveyed, 28 percent were satisfied with their own financial situation and did not plan any further activities in the coming year. “While many industries and businesses continue to feel financial impacts in the second year of the pandemic, on the other hand, many people experienced additional savings, as some expenses, such as vacations, could not be made. This may be one reason why, in addition to frugality, satisfaction with the financial situation is also high on the list,” explained Markus Sevcik, Executive Director at J.P. Morgan Asset Management.

A quarter of respondents use financial advice
Just over a quarter of respondents (17 percent) currently use financial advice. However, 16 percent expressed an openness to receiving advice and said they would like assistance to plan for 2022. Of the 27 percent of Austrians who use financial advice, 17 percent currently have no need for advice, but 10 percent would also like advice for financial planning in 2022. The survey polled 800 women and men aged 18 and over from Austria between December 1 and 5, 2021.

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