The Sparkassen Group invested a total of EUR 18.8 mn in regional social, charitable and cultural, youth and education projects in 2016. By doing so, the savings banks group returned a noteworthy part of the profit it had generated to the regions – thus putting into practice the idea of advancing the public interest. The money was spent on hundreds of projects all around Austria.
Hospice
Savings banks are not only tasked with creating and securing prosperity, fighting poverty and helping people in the regions realize their goals, but also with always providing for later and worse times – until the end. The cooperation with “Hospiz Österreich”, which has existed since 2007, takes a special spot in two respects: First, it is the only charitable initiative of the savings banks, supported nationwide; secondly, we are glad and grateful to be able to work in an area that is still being excluded and rarely talked about in our society. We hope that it will encourage volunteers and the affected parties to officially endorse this challenge as a partner of the hospice movement.
Zweite Sparkasse
People may face economic hardship and lose their banking facilities for a variety of reasons – such as e.g. unemployment, divorce or illness. Zweite Sparkasse was established for the purpose of helping people in a difficult financial situation, who are unable to open an account with other banks, but are making an effort to solve their problems. They are referred to Zweite Sparkasse by counseling services. The bank provides an account without an overdraft facility to people in need, in close cooperation with aid organizations such as Caritas or debt counseling services.
Financial Literacy
The Sparkassen Group wants young people to be more informed about problematic financial decisions, raising risk awareness. Financial ignorance hinders social, economic and cultural life.
• Savings banks support schools with workshops and extensive materials as partners, in order to bring financial and economic topics into the classroom. They play a pioneering role in the area of financial literacy, particularly through the work of the savings bank school counselors. These are employees, who regularly visit schools in their region in order to teach children and adolescents how to manage their money safely.
• Since 1969, the Arbeitsgruppe Wirtschaft und Schule (AWS, a co-operation between the Savings Banks Association and the Economic Chamber) has produced extensive materials for classroom use.
• In elementary school, the first foundations are laid to understand the money cycle. For this reason, we have been publishing special books for three years (20 Euro on the track, We create value, etc.). For teenagers, our focus is on budget planning and debt prevention.
• Approximately 40,000 children and young people are taught about financial literacy annually by the savings banks.
The Savings Banks Group raises interest in economic and financial contexts among children, adolescents and adults.
• The FLIP (Financial Life Park on the Erste Group Campus) is a free and independent place to learn how to deal with money in a playful way. The focus is on financial knowledge in the economic and global context.
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