"It's not enough to talk about problems – we also have to point out solutions"

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.

They want to provide for their family, buy their own home, take early retirement or start investing. I am often asked how money should be divided fairly in couples. For married couples, I recommend paying all income into a joint account. Both individuals are paid pocket money from this account into their own account. Each can spend this money as they please without being accountable to their partner. In addition, each person has their own savings account with a nest egg – because joint accounts are blocked in the event of death.

It is often young people who send their parents to me for retirement strategy planning. I'm happy when the different generations talk to each other about money. We all sit down together for the planning session – that way the children also learn something. For young people, the focus of advice is usually on asset accumulation, while for older people it is, for example, the affordability of their own home in old age or the choice of an annuity or a lump sum. Another important topic is residential property in the event of death. Without an inheritance contract, the surviving partner may not be able to pay off the children and may have to sell their home.

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.

One topic that is generally underestimated is having a budget: It is essential to be aware of your income and expenditure and to draw up a budget. The next steps are to reduce fixed costs and save up a nest egg. I recommend paying yourself first – preferably automatically. Many people make the mistake of saving what is left over at the end of the month. I invest every month with a standing order as soon as my salary is paid – before I pay my bills. In most cases, it makes sense to invest in pillar 3a. I recommend investing additional money in a broadly diversified ETF (Exchange-Traded Fund). It is important to start investing early and gain experience. Not only because of compound interest, but also so that you get used to the ups and downs of the stock market before you withdraw your pension fund capital.