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Stiftung Wirtschaftsbildung
International Survey of Adult Financial Literacy 2023: first results for Austria
Authors: Valentin Voith, Maximilian Zieser
Year: 2024
This report presents results of the third Austrian Survey of Financial Literacy (ASFL), conducted in 2023 as Austria’s contribution to the International Survey of Adult Financial Literacy (ISAFL) coordinated by the Organisation for Economic Co-operation and Development/International Network on Financial Education (OECD/INFE). Among the 40 countries participating in the ISAFL, the average Austrian resident ranks considerably above average in both financial literacy and financial well-being, which places Austria among the top-scoring nations. Despite these encouraging results, we find notable financial knowledge gaps within certain segments of Austria’s population. Young women, in particular, exhibit less financial knowledge than young men, and women, in general, report lower financial well-being than men. Although there is a significant positive correlation between financial literacy and financial well-being, we find heterogeneous relationships across income groups. Specifically, for the low-income bracket, financial knowledge appears to be less relevant for financial well-being, while day-to-day financial behaviors seem particularly relevant. Our results suggest that a differentiated view on financial literacy is advisable and that need-based approaches present a promising avenue toward designing effective financial education programs.