2023-11-06 14:24:33
Zero percent interest: The piggy bank is not suitable for increasing money. Image: dpa
How can children build wealth at an early age? Actually it’s not that difficult. But banks often recommend the wrong thing, warn consumer advocates.
Twenty years ago the matter was clear: after the birth of the niece, one of the first steps was to go to the local Volksbank to set up a savings account and deposit a few euros a month, which would one day help the child get a stay abroad or get a driver’s license finance. But even though there was still more than two percent interest on it back then, looking back we have to say that in terms of purchasing power, the money in the savings account has not increased since then due to inflation.
Daniel Schleidt
Coordinator of the business editorial team in the Rhein-Main-Zeitung.
Parents and grandparents want exactly that: to give their children and grandchildren a good start in life as adults, and a few thousand euros in the account are always good for that. So if you want to make provisions for your offspring, you should do one thing above all else: start early. Many moms and dads today start thinking about a sensible investment for their little ones as soon as the paperwork has been completed.
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