Austrian parents prioritize early financial planning for children

A survey conducted by Wiener Städtische among 1,000 parents in Austria reveals that 71 percent of parents are already taking measures to provide for their children's financial future. The primary motivation for 63 percent of respondents is to ensure their children have a strong start in adulthood, while 37 percent aim to ensure continuous provision in the event of a parent's death.

Many parents advocate for early intervention. Approximately 58 percent believe the ideal time to begin financial planning is during pregnancy or around the birth, and over 20 percent would start as early as the planning stage for a child. Additionally, 46 percent of parents express a desire to prevent their children from facing old-age poverty.

Sonja Brandtmayer, Deputy General Director of Wiener Städtische, emphasized that the most effective financial assistance begins years before a child receives their first salary, noting that starting early allows families to leverage the compound interest effect. To address these needs, the insurer has introduced a new product that combines classic and fund-linked life insurance, allowing for flexible contributions and adjustments during the term.