FaceClub CEO Dinner: Promote financial education early on

Financial education is necessary and a success factor of a financial strategy is the long term

The economic and social structure is currently undergoing dramatic changes in Germany. The zero-interest economy has fueled stock market prices and, not so rarely, dubious real estate projects. But it did not do any good to the productive power of the German economy. Anyone who looks with alert eyes will see that the infrastructure is overused almost everywhere and the quality of public services hardly exceeds sufficient. The pension system is shaky and health insurance companies are underfunded. Although government revenues have increased disproportionately in recent years, politicians complain about empty coffers. The fact that the state provides extensive insurance is a promise that politicians can no longer (or want to) keep. Depending on the calculation, the costs of more or less unchecked immigration alone are between 50 and 100 billion euros.

Citizens have to accept these challenges and learn to handle money independently and confidently. If he doesn’t want to live in poverty in old age, then he has to build up assets with foresight. In fact, if you start early enough, it’s relatively easy. Because even small amounts invested with foresight create a considerable capital stock.

The Panel Discussion

The challenge is to invest money soberly and not to believe the tactical promises of politicians. That’s why it’s important to talk more about money and expand financial knowledge. At the FaceClub-CEO Dinner On November 17, 2023, “Financial Education” was discussed in the Hamburg restaurant “Favoloso”.

Christoph Pliessnig (Founder and CEO of the licensed digital asset boutique Teroxx) got the approximately 70 participating guests in the mood for the subsequent panel discussion in his keynote speech “Financial success begins with financial education”.

“In order to be able to make smart financial decisions, we pass on knowledge to our customers on an equal level. “You must be able to understand exactly what opportunities and risks there are with digital investment strategies,”

emphasized the native Austrian.

There is a lot of catching up to do when it comes to imparting financial knowledge, especially among young people. That made Ok, this yearmember of the board of Sparkasse Lübeck AG, clearly:

“The ability to save continues to decline. “Most young people don’t know how to deal with debt or what pension protection is available,”

Free teaching material that the savings banks provide to schools, a modern approach via social media channels as well as lectures or the establishment of branches specifically for young customers are intended to help strengthen financial education, Heuer continued.

Banking specialist Christian Gritzka also outlined concrete suggestions for better financial education. The board of directors and shareholders of DKG & Co Vermögensverwaltung AG advocated making financial products more tangible.

“The products are often far too complex and appear very complicated and abstract due to the detailed mandatory information. It is all the more important that the consultants put themselves in the customers’ shoes and explain things simply and understandably.”

He explained what influence an understandable, linguistic presentation has on financial education Susanne Kazemiehfounder and owner of the FrauenFinanzgruppe.

“The simpler and more graphically financial knowledge is explained, the more interest in dealing with it grows.”

This could Dani Parthumqualified economist, financial coach and business journalist, just affirming that helping women become “financially smart” is the goal of her work.

“Research has shown that women who decide to have a child and cut back on their careers lose around 800,000 euros. As a result, they achieve less wealth over the course of their lives than men. I would therefore like to encourage women to talk more about money and to take responsibility for their finances.”

The sooner the better

In order for financial education to be fruitful at an early stage, the moderators of the evening event, Christoph Fröhlich, editor-in-chief of the business magazine “Das Investment” and Malte Dreher, editor of the private banking magazine, spoke out in favor of financial education becoming an integral part of the curricula.

In addition to the lively discussion, the participating FaceClub members received important ideas from tax advisor Sven Bendig on how self-employed people can significantly reduce their tax burden.
After the presentations had ended and all audience questions had been answered, the event initiated by Sören Bauer concluded with a cozy get-together with snacks and stimulating conversations.