Eine Frage der Perspektive?− Die Wahrnehmung von Steuern bei Anlageentscheidungenzur privaten Altersvorsorge

This study empirically analyses the influence of tax concessions on decisions regarding retirementsavings in Austria. We analyse real decisions on retirement savings by using qualitativedata. This allows us to examine how different, perceived decision-making criteria haveled to actual investment decisions by taking into account the context in which such decisionsare made. Our main results are as follows. We find evidence that taxes do not matter much.Financial planning for retirement consists of saving discretionary income instead of the requiredsavings premium and choosing a secure type of investment which yields more than asavings book. Savers do not base their decisions on calculating and comparing rates of returnor tax benefits. Instead, we find strong influences of relatively unqualified relatives, bankclerks and the desire for security. Thus, the financial outcome is strongly linked with the decision-making context and decision-making processes.