According to a recent Gallup survey, every second Austrian considers his financial knowledge to be "insufficient". Interest in investing is growing. Austrian households do not want to accept a further loss of purchasing power. On the occasion of World Savings Day, the Vienna Stock Exchange points out the necessity to facilitate the journey of Austrian savers to become investors. Financial education is essential and provides more equal opportunities. Education is the best investor protection and pays off.
"Those who invest for the long term, step by step, diversify widely and keep an eye on fees are well equipped for the journey from saver to investor. The right questions need to be asked at the decisive crossroads. Better financial education will give you a head start here," says Christoph Boschan, CEO of Wiener Boerse AG.
Austrians discover their desire for investments
In the current low-interest environment, many Austrians are losing money on their savings accounts. At the same time, the stock market offers historic average yields of 5 to 8 percent. In the past few months, there has been a noticeable increase in interest in the topic of investing. Banks and online brokers reported an above-average number of new customers, stock investments increased and new accounts were opened. Some investors took advantage of the low prices to enter the stock market. Austrian Managers of listed companies were also in a buying mood. By the end of September 2020, access to the knowledge area of wienerboerse.at already exceeded that of the entire previous year. Demand for the seminars of the Vienna Stock Exchange Academy doubled in the current year.
Head start with financial education
For 15 years now, the Vienna Stock Exchange Academy, a cooperation of Wiener Boerse and WIFI Management Forum, has been offering seminars and training courses on the stock exchange and capital market. The financial education kit "The Austrian Capital Market", which was designed in 2003 and is regularly updated, was developed by Wiener Boerse together with a team of educators. Capital market lectures have reached around 100,000 students so far. With the teacher training seminars on the topic of "How does the Austrian capital market work", Wiener Boerse trains around 200 teachers every year. To ensure the financial inclusion of all citizens, economic education should start as early as possible. A good understanding of economic principles is an essential prerequisite for active participation in modern society, not only as a consumer but also as an investor. "Social market economies have done a fantastic job in terms of equality and inclusion for today's generation. Only economic and financial education does not yet benefit all citizens. We are pleased that the Austrian government is now taking a proactive approach to the issue," says Christoph Boschan.
