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A 13th AHV pension, the rising cost of living, poverty: People in Switzerland seem to be preoccupied with retirement provision and financial issues – is that also your perception?
It's a positive thing that people are talking about money – that's one of the aims of my work. FinanzFabio's vision is to save Switzerland from poverty in old age through financial education. For many people, it is difficult to assess the quality of the countless pieces of information. I am always shocked at how much half-knowledge there is. What's more, it is not enough to talk about problems – we also have to point out solutions.
We'll talk about solutions in a moment. What kind of issues do people come to you with?
Are there differences in what the different generations are preoccupied with?
What financial mistakes do you see most often?
The worst mistake is not to invest at all for fear of doing something wrong. Something that is often underestimated: More income is the biggest lever in retirement provision – for example through a new job, self-employment or a part-time job. The pension fund solution should always be discussed during job interviews: There are big differences there. Many people are unable to read their pension certificate. So they don't even know how much they are saving in their pension fund for old age. Self-employed people often pay themselves too low a salary because they want to save on taxes, but they do not realize that they are minimizing their AHV pension as a result. Many spouses sign the tax return without having looked at it. They are therefore unaware of their financial situation, which takes its toll in the event of a divorce. Other mistakes include apartments that are too large and expensive, fixed costs that are too high, not having a budget – and last but not least: Spending money you don't have.
Let's move on to the solutions. What applies to everyone?
About FinanzFabio
Fabio A. Marchesin is a qualified financial planner and has been working in the financial sector for 20 years. His podcast "FinanzFabio – Let's Talk About Money" is listened to 72,000 times a month – with an upward trajectory. The finanzfabio.ch blog was created in 2018 with the aim of saving Switzerland from poverty in old age through financial education. FinanzFabio aims to achieve this with free content such as the podcast and newsletter, as well as online courses and personal consultations.