Financial reserves

Mr. and Mrs. Vorarlberg are savers

Eight out of ten people in Vorarlberg put hundreds of euros aside every month, but some also let something slip away. 

The people of Vorarlberg have a reputation for being good budgeters and efficient savers. A recent study commissioned by Erste Bank and Sparkasse shows that there is indeed something to this theory:

Second highest savings amount in Austria
After all, eight out of ten of those surveyed stated that it is "very important" or "important" for them to put money aside. They put aside an average of 337 euros per month - 16 euros more than in the previous year.

This means that Vorarlberg has the second-highest savings amount in Austria this year. Only in Burgenland do people save even more diligently, where the amount put aside each month reaches 360 euros.

"Incomes have risen sharply as a result of the wage settlements in recent years. The negative news that has characterized the last few years has obviously led Austrians to use the increases for saving rather than consumption," analyzes Martin Jäger, spokesman for the Vorarlberg savings banks.

"Although this in turn is slowing down the recovery of the already weak economy, it is also creating urgently needed reserves," the financial expert continues. This corresponds to the fact that nine out of ten respondents in Vorarlberg are convinced that everyone should have a financial reserve available.

Leave nothing lying around
However, some of the savings behavior also indicates a certain degree of uncertainty, as 56 percent save in their current account and 30 percent keep their money at home. Jäger points out that you should never leave more than three salaries in your current account - as this would probably mean forgoing a certain return.