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The persistent wave of inflation hit Austrians hard in the first half of the year. In a recent survey of 1.200 households by the tariff comparison portal Durchblicker in May/June, three-quarters of the households stated that their household income fell or that the income increase did not compensate for their inflation-related additional expenditure in the first half of the year. Almost six out of ten households perceive the additional burden as massive: according to the survey, 58 percent say that their fixed costs have increased sharply to very sharply since the beginning of the year. 34 percent have to fall back on a nest egg to cover their living expenses, 17 percent overdraw their accounts or bridge the additional costs with loans.
“Due to the high inflation, Austrian households are still pessimistic with regard to the further development of their personal financial situation, even if not quite as pessimistic as recently. The sharp rise in rents and food costs are causing more and more households to worry. When it comes to energy and fuel costs, your situation has eased somewhat. However, households should take a close look at how much they are now paying from their electricity and gas provider. The price differences and thus also the savings potential are currently considerable,” explains Martin Spona, Head of Consumer Finance at Durchblicker.
Falling real incomes - people in Burgenland and Salzburg most affected
In a comparison of the federal states, the loss of purchasing power hit the Burgenland the most: More than 92 percent in Burgenland state that their household income has fallen or that the increase in household income has not compensated for the additional expenditure caused by inflation. This applies to 80 percent of households in Salzburg and 78 percent in Upper Austria. Vorarlberg and Carinthia fare best: Even there, two-thirds of households state that their income development has not been able to keep up with inflation.
Across Austria, people on parental leave, the unemployed and single parents are particularly affected
According to the survey, across Austria it was primarily people on parental leave (94 percent), job seekers (92 percent), single people with children (82 percent) and, when comparing the age groups, the 50 to 59 year olds (77 percent) who saw a decline in the first half of the year of their real income. Relatively, things are a little better for contract employees and employees, two-person households without children and generally the 30 to 39-year-olds.
Households continue to save on gastronomy, clothing and travel – 40 percent are positive about the future
Households particularly felt the price increases in everyday life for food (72 percent), restaurants and bars (58 percent) and travel (45 percent). Fuel, which was still the No. 1 fixed cost driver last summer, was replaced in the first half of the year by heating costs (46%) and electricity (45%). Households were particularly hard hit in the first half of the year by rent increases. Savings continue to be made above all in gastronomy (74 percent), clothing (69 percent) and travel (57 percent).
Although three-quarters expect their fixed costs to rise further in the coming months, more households are feeling confident about their financial situation. Nine months ago, only 34 percent of households had a positive view of the future; now it's 40 percent again. Six out of ten households, on the other hand, are still worried. For almost two thirds, the optimization of fixed costs still offers a lot of room for improvement.
Potential savings in fixed costs are still underestimated
The Durchblicker expert recommends that those whose household budget is currently particularly tight due to inflation take a particularly close look at their fixed costs – especially insurance, finance, electricity/gas and internet/mobile phones. In the survey, 62 percent of those surveyed stated that they had never optimized their fixed costs. Only every eighth household regularly checks the optimization potential.
According to the survey, insurance and financial products are the most frequently optimized. 4 out of 10 households have canceled or changed their insurance. One in five checked their current savings interest on the account as well as fees for their current account or credit card. According to Spona, anyone who has never scrutinized their household contracts can save considerable costs by comparing and switching providers – currently up to 3.300 euros in total.
