Poor interest rates mean Austrians save less

A growing number of Austrians see no sense in saving money due to less attractive interest rates, a survey has shown.Market and opinion research company IMAS said today (Mon) 41 per cent of Austrians considered saving money as “very important”, down by eight per cent year on year.IMAS also found that Austrians save an average 165 Euros a month, which is 9.8 per cent of all the money they have available. This is a year on year decline of 2.2 per cent, the body declared.Austrians however do still save more than the European average (7.6 per cent).People living in the western province of Vorarlberg save the most with an average 187 Euros, followed by Tyroleans (181 Euros), while citizens of Styria save the least at an average 155 Euros a month.Erste Bank board member Peter Bosek identified lower interest on savings accounts as the main reason why people were saving less money.Research has also shown that the savings book retained its position as the most popular way to save money as 83 per cent of Austrians interviewed said they were using one. Building society savings systems come second with 58 per cent, according to IMAS:Pollsters also found out that three per cent hoard all their money at home.These figures come shortly after Vienna has been found among the worldÂ’s top 25 cities in terms of spending power.Swiss bank UBS announced that the federal Austrian capital retained 24th place in its international spending power survey. The institute added the Swiss cities of Zurich and Geneva were in first and second places, respectively, ahead of New York, USA, and Sydney, Australia.UBS investigated incomes, price levels and spending power in 75 cities on all continents.People working in Vienna raked in an average of 2,298 Euros a month before taxes last year, according to Austrian insurance officials, who also said that the average Austrian income was 2,197 Euros.