Ninety-four percent of Austrians consider financial independence important, yet only half achieve it, according to a study presented Monday by bank99. The survey—commissioned by the Post AG subsidiary from the market research institute marketmind—polled around 1,000 people aged 16 and over and found that financial dependence often coincides with a lack of financial literacy.

“Financial education is a key factor for financial independence, alongside other aspects such as socialization and income. Those who grasp the basics early have greater opportunities later,” explains Barbara Potisk-Eibensteiner, Post AG’s finance executive board member.

Gender Gaps and Knowledge Shortfalls
Traditional gender roles remain a challenge. While 59 percent of men achieve full independence, only 47 percent of women do. More than one quarter of women (28 percent) can cover at most basic expenses. Sixty percent of financially dependent respondents want to break free. Dependence is more accepted among women with children, those in rural areas, or in partnerships, whereas younger and older women show a stronger desire for self-determination, says Patricia Kasandziev, bank99 board member for digital markets.

The study also reveals significant gaps in financial knowledge. Although 74 percent rate their money management positively, actual knowledge is often far lower. Men tend to overestimate their financial savvy, women to underestimate theirs. In a basic finance quiz, over a third (36 percent) answered half the questions or fewer correctly. Financial literacy rises significantly only with higher academic qualifications.

“Financial knowledge must not remain a privilege of university graduates,” Potisk-Eibensteiner urges. Early integration of financial education in schools is essential so everyone—regardless of background or status—can shape their financial future actively and independently.