The Oesterreichische Nationalbank (OeNB) has published the latest findings from the Austrian Survey of Financial Literacy (ASFL), conducted in 2023 as part of the OECD/INFE International Survey of Adult Financial Literacy (ISAFL). The results confirm Austria’s strong standing in financial knowledge and well-being, ranking second among 40 participating countries, just behind Germany.

Key Findings:

• Austria’s High Ranking
  Austria continues to perform well in financial literacy, excelling in financial knowledge, behavior, and attitudes.
• Persistent Gender Gap
  The survey highlights that young women in Austria tend to have lower levels of financial knowledge than men, reinforcing the need for targeted financial education initiatives.
• Income and Financial Well-Being
  Among lower-income groups, financial literacy alone does not significantly improve financial well-being. Instead, practical financial behaviors, such as budgeting and saving habits, play a more crucial role.

Empowering Women Through Financial Education

The FINPOWER project, an Erasmus+ initiative, directly addresses the gender gap in financial literacy by developing training materials and digital learning platforms to empower women with essential financial skills. By providing accessible financial education, FINPOWER aims to enhance financial decision-making and economic independence for women across Europe.

Future Steps in Financial Literacy

Austria’s National Financial Literacy Strategy, launched in 2021, focuses on coordinating efforts between public and private institutions to improve financial education. Initiatives like FINPOWER contribute to this strategy by ensuring that financial literacy efforts specifically target vulnerable groups, such as young women and those from lower-income backgrounds.

The full report, “OeNB Report 2024/13: International Survey of Adult Financial Literacy 2023 – First Results for Austria,” is available on the OeNB website.