“Women do a large part of the unpaid work, taking care of the children and the household. When the children grow up, parents or grandparents are often cared for. As valuable as these activities are for our society, they are not adequately compensated financially”, says Stefanie Huber, CEO of Sparkasse Oberösterreich. For their commitment, women would first have to accept losses in salary and later in pensions.
If you take a calendar year as a basis for comparison, this year was February 16th “Equal Pay Day”: So in 2023 there are 47 calendar days that women work, purely mathematically, unpaid. The difference in retirement pensions between men and women is 42 percent on average.
Huber and Karin Kiedler, head of market research at Erste Bank Austria, presented the women’s finance study at a press conference today, Thursday, which is traditionally presented around International Women’s Day on March 8th. 1350 people were interviewed by the Imas Institute. According to this, only 21 percent of women are sure that they will receive an adequate pension in old age. 27 percent stated that they had to cut back due to inflation (men: 22 percent). 88 percent want to be financially independent: However, there is still a long way to go. Around every fourth woman in Austria is dependent on financial support from people close to her family. Sparkasse and Erste Bank therefore have the initiative “she invests” brought to life.
Huber emphasized the need for financial education for women to make good decisions about their money: “Pension provision is of great importance, because financial independence in old age begins at a young age.” Financial education must begin in childhood. Women should not be afraid of investing: “For example, cautious women can start with small sums. A lot comes together over the years.”
Don’t be afraid of investments
Huber and Kiedler recommend that all women keep their own account and make provisions themselves, for example in the form of a savings card or savings account. The association “Financial Planners” advised women in a broadcast today not to be afraid of investments and to show initiative in salary negotiations.