Young People in Austria Face Growing Financial Insecurity

Young People in Austria Face Growing Financial Insecurity

Yppenplatz in Vienna, Paul Bauer

 

One-third of young people in Austria feel financially insecure, according to a survey conducted by the Arbeiterkammer (Chamber of Labour).

The AK Youth Monitor, carried out between mid-February and early April, polled 1,200 individuals aged 16 to 29. Half of the interviews were done via telephone, with the remainder completed online. This survey will now be conducted annually.

The primary concern highlighted by the survey was inflation.

The study also revealed a declining trust in democracy, with only half of the respondents feeling they can make a difference in politics, and fewer than a third thinking they have fair representation in parliament.

Furthermore, just 46% of young people feel that any political party takes their concerns seriously.

Just over half of those surveyed said they used up their savings, spent more than they had in their accounts, borrowed money from family or friends or took out bank loans in the past year.

About 25% had to delay moving or find cheaper housing because of rising costs. Around 20% had to give up or discontinue further education because of money problems, which was more pronounced among economically disadvantaged groups.

Approximately 30% feel financially secure, relying on their own income, parental help, or potential inheritances. For 40%, their income or parental help is sufficient. However, the other third have trouble because their income barely covers expenses or isn’t enough.

Overall, almost half of those surveyed cut down on groceries because of inflation last year, and 44% did the same for holidays. 41% reduced spending on going out, and 36% postponed buying things they had planned to get.

Last week, Statistik Austria reported the lowest inflation levels since July 2021.

Read more: Austrian Inflation Hits Three-Year Low

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