Does Austria have a good government pension and/or do employers offer good pensions to their employees?
It makes sense that people wouldn't invest heavily in the market if they have good pensions through work and the government. There is less need to save for the future then. In North America it would be difficult to live off ones government pension alone and not every employer offers a pension plan so many people need to invest for their retirement.
So far Austria had a very generous pension system, so the need for private pension savings account was not as big as in the US, but going forward I wouldn't solely count on the public pension system any more. Too much debt, budget deficit, changing demographics etc.
That's good that there is a good pensions system in place. But ya, probably best not to solely rely on it. You never know nowadays what will happen - what will be taken away.