Vienna Insurance Group Study Highlights Risk Awareness Gaps Among Young People and Pushes for Improved Education

Vienna Insurance Group Study Highlights Risk Awareness Gaps Among Young People and Pushes for Improved Education

(IN BRIEF) A study commissioned by Vienna Insurance Group (VIG) reveals significant gaps in risk awareness among young people aged 18-29, who are more prone to taking risks without fully understanding their potential consequences. The study, conducted across nine countries, found that many young adults lack awareness of serious health risks, financial instability, and the support they can expect from the state in emergencies. VIG is addressing these gaps through educational initiatives, collaborating with local schools and universities to promote risk literacy. The study also highlighted the need for financial education to better equip young people for the challenges they will face.

(PRESS RELEASE) VIENNA, 13-Feb-2025 — /EuropaWire/ — A recent study commissioned by Vienna Insurance Group (VIG) has highlighted significant gaps in risk awareness among young people aged 18-29, revealing that this age group is more inclined to take risks without fully considering their consequences. The study, which was conducted by Gallup International and focused on various risk factors such as health issues, accidents, and cybercrime, shows that young adults are particularly underprepared for the challenges associated with modern life. VIG is now focusing on increasing risk literacy and prevention, particularly among younger generations, as part of its broader social sustainability goals.

The study, carried out across nine countries in 2023, found that 80% of young people reported having little to no awareness of the risks associated with serious health issues, accidents, and financial instability. This lack of understanding stems from a combination of limited life experience and an overconfidence in their ability to avoid or handle risks. In addition to physical and health-related risks, young adults also show unrealistic expectations regarding state support in case of emergencies, particularly in Austria and Slovakia, where many believe the government should cover the consequences of accidents or loss of income.

Dr. Hartwig Löger, CEO of VIG, commented, “Young people face challenges not only due to their limited experience but also because they tend to overestimate their ability to manage risks. This can lead to impulsive decision-making that could negatively impact their financial stability and future well-being. It’s clear that there is a critical need for improved risk literacy among younger generations.”

The study also revealed that many young people are not equipped with sufficient financial knowledge to navigate risks effectively. In fact, 80% of respondents in the 18-29 age group reported low to moderate financial literacy, a gap that is not limited to the youth but also present in older generations. According to the findings, financial knowledge should be incorporated into educational curricula to address this widespread issue.

In response to these findings, VIG is actively working with local schools and universities to enhance risk education. Several VIG subsidiaries, such as Omniasig in Romania and Wiener Städtische in Austria, have already launched initiatives to educate young people about risk management and financial literacy. These programs aim to increase awareness and equip young adults with the knowledge they need to make informed decisions, particularly regarding financial planning, pensions, and health insurance.

The study’s results were based on a survey of 9,000 people aged 18-65 across nine countries, including Austria, Bulgaria, Croatia, Hungary, Poland, Romania, Serbia, and Slovakia. The survey focused on various risks such as serious diseases, self-inflicted accidents, cybercrime, and property damage. The findings indicate that increasing risk literacy is essential to better prepare young people for the challenges they face and help them make more informed, responsible decisions.

About the study: In 2023, Vienna Insurance Group commissioned Gallup International to conduct a representative risk awareness survey in nine countries in which VIG operates. Age group: 18-65. The results for the 18-29 age group were analysed separately. Sample: a total of 9,000 people (including 2,081 aged 18-29) in nine CEE countries (Austria, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Serbia, and Slovakia). The following risks were used to assess risk literacy: diseases and accidents with serious consequences, occupational disability, damage to residential property, self-inflicted accidents, and cybercrime. Mixed-mode collection method: online and phone.

Media Contact:

Wolfgang Haas
Internal & External Communication | CO³
+43 50 390-21029
wolfgang.haas@vig.com

SOURCE: Vienna Insurance Group