Risk management
Every decision we make and every opportunity we take involves certain risks. Reflecting on how we personally deal with them is key in order to be prepared for considerable risks in different life situations and to protect ourselves against risks that could threaten our financial health.
A basic understanding of how to manage risks enables us to reduce potential dangers and challenges in life, make better use of opportunities and achieve our goals more effectively. The following sections take a closer look at different aspects of risk management, allowing us to better understand potential risks and effective ways to mitigate or eliminate them.
Dealing with risk: avoid, mitigate or embrace?
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Dealing with risks defines what risks are and identifies risks we might face in different life situations. The section also explains which steps private individuals can take to effectively manage risks.
Next, Risk diversification for investments illustrates how private individuals can mitigate risk by diversifying their investments across a variety of assets.
Protecting against risk through insurance showcases how insurance works and provides details on insurance services offered in Austria. The section also looks at which insurance policies private individuals should take out to protect themselves against risks and unforeseen events that might otherwise cause them serious financial harm.
Finally, Planning ahead: saving for retirement explains how the Austrian pension system works and shows how private individuals can save money from an early age to have sufficient retirement provision and to avoid poverty in later life.
