Only card payments?
Bank boss: Our children need real money
Parents should give their children pocket money and talk to them openly about it. This is the advice of Erste Bank boss Gerda Holzinger-Burgstaller. Cash is preferable to an ATM card.
"Research has shown that learning about money as a child works better with cash," said Holzinger-Burgstaller in an interview with Der Standard. Younger children in particular find it difficult to understand money. "When money is put into a money box or spent in a store, children can learn that money is either put aside or saved for a later wish or that the money in the store is less and is not available indefinitely," explains the Erste Bank boss.
For this reason, pocket money should not be given indefinitely. "This is the only way children can learn that money dwindles through consumption." "People in Austria still often say that people don't talk about money. That's actually a very stupid statement. We should do exactly that and talk about money," said Holzinger-Burgstaller.
It is still often said in Austria that people don't talk about money. This is actually a very stupid statement.
Gerda Holzinger-Burgstaller, Erste Bank-Chefin
Future fund of 1000 euros
As examples, she said that it could be explained where the money actually comes from and what it means to have to plan with it. The bank boss also proposes a future fund in which every child receives 1000 euros from birth. "(...) This money will be invested in the capital market on a mandatory basis, in consultation with the parents or guardians". The custodian bank would pay the custody account fees. At the age of 18, they can then access the custody account themselves.
The Ministry of Finance would have to make around 80 million euros available for this - a "manageable amount for measures to promote the capital market" according to her. Saving is, by the way, "part of retirement planning, but not the only best instrument for a long period of time".
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