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Financial Capability of Austrian Households

Pirmin Fessler (), Martin Schürz (), Karin Wagner () and Beat Weber
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Martin Schürz: Oesterreichische Nationalbank, Economic Analysis Division
Karin Wagner: Oesterreichische Nationalbank, Economic Analysis Division

Monetary Policy & the Economy, 2007, issue 3, 50–67

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.

Keywords: financial education; financial capability; financial literacy; private households; surveys. (search for similar items in EconPapers)
JEL-codes: D14 D18 D80 E21 G11 G14 G28 (search for similar items in EconPapers)
Date: 2007
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Handle: RePEc:onb:oenbmp:y:2007:i:3:b:3