What prevents women from taking care of finances on time? What scares her? And why are many unaware that old age poverty is female? The author of ELTERN, Jelena Heitmann, asks herself this very personally. Uli Blieffert seeks answers in an interview with financial blogger Madame Moneypenny. And he reveals who to turn to when you think you don’t know enough about money.
Under no circumstances can I and will I speak for all women here. It’s just about my whole personal relationship with money go. I have a serious block here, and I may not be alone.
When our son was born a few years ago, my world was still in order, I could financially afford my lack of interest. I got pregnant without much planning. My partner and I decided to get married and suddenly had a lot to do: doctor visits, nursery, going on vacation (almost) as a couple again.
Of course, money was also an issue. parental allowance! Great thing! But I couldn’t think much further. Who in their mid-30s would like to record their life as a timeline and estimate together with a financial advisor when the romantic phase is likely to end. And when the time as a single mother begins, which precedes the phase of old age in poverty. The fact that every second marriage in big cities ends in divorce was still pure theory for me in my freshman year with a child. From then on we spent another four years together.
When our daughter was there, I was allowed to spend parental leave with her. After that, we figured it out together, I would only work part-time. My ex-husband earned a few hundred euros more than me, just enough to make it clear that he would never reduce his hours, also because he had to pay alimony for his son from his first marriage. To the Division of the spouse I chose bad tax class 5 because we were jointly funded anyway.
All very classic – and not really thought through. Theoretically, I too could have chosen the better tax class to be able to save more of my salary for retirement. Or he could have regularly wired me a small amount for just this purpose. But when we got married, we also thought that everything would remain as it was. I didn’t feel bad about it at all, neither addicted nor neglected in any way. It was a trust mess.
And I don’t blame my ex at all. Because, as Munich-based financial investment advisor Veronika Sepp says, finances are quite often still today a man’s business: “Responsibility is almost imposed on men, even if they sometimes feel overwhelmed by it. But they have a hard time admitting it.
I feel caught. Also I prefer to delegate responsibility, because I was afraid of making a mistake, perhaps of being eaten by a financial shark. Or, even worse, have already screwed everything up irrevocably. I still have that feeling today, even though I should have known better years after the breakup.
And from today’s point of view I made another mistake in my thinking. As I felt at the time that taking care of my child was a gift and being able to spend time with my child, I am not confident in my new task i.e. taking care of our child and the house care work considered. More like a social order. A trend that Veronika Sepp observes (again) in the young mothers who attend her seminars: “When I say that a man should finance his partner’s retirement pension, then the woman slumps in her chair. And the man just says: ‘ Yes, of course! It’s also logical.’”
According to Veronika Sepp, the problem is less due to men’s lack of open-mindedness: “Women too must claim their rights, so something is set in motion ». She herself, says the investment expert laughing, doesn’t feel like always thinking of her husband when she invests money.
Better late than never, I tell myself. Veronika Sepp has a tip for all mothers who, like me, want to get started right away: “Women are particularly interested in financial investments if they can associate something with them”. The only reason I ended up in finance is because the leverage here is simply the greatest if you want to change the world.
Goodbye romance! Welcome reality! © Branislav Nenin / Shutterstock
And welcome to real life. Mothers who go part-time should sign a written contract with their partner, says women’s finance blogger Natascha Wegelin, known by the name Madame Moneypenny. ELTERN author Ulrike Blieffert wanted to know why he is smart and fair:
PARENTS: Reality often looks like this: A baby is on the way. And since the father earns more, the mother decides to work part-time after maternity leave. You say there should be a contract, why?
Who knows about money?
If you want to find out more about options for retirement provision, you will find reliable contacts at consumer advice centres. Also recommend Madame Moneypenny. Merten Larisch, foreman for retirement provision and financial investment advice at VZ Bayern, explained to us…
… what VZ Bayern recommends for couples when it comes to wealth accumulation and retirement provision: When you are married and have children together, you see yourself as a family going through tough times and tough times together. Like a couple who then, when they retire, will have common income and expenses. This is the first variant.
But since something can always happen – disability, separation, death – everyone should also calculate the second variant for themselves: how can I finance my life as a single parent? Women in particular, who are more often economically disadvantaged than men, should also seek advice individually, i.e. explicitly not in the presence of their partner. Otherwise, addictions and emotional consideration may get in the way of planning. By the way: the sooner you get advice, the better. Established habits are difficult to change.
… how your pension gap is calculated at retirement age: Determine the full expenses needed to maintain your current standard of living and note what will be lost at retirement age and what will be added. Income tax, health and long-term care insurance, and the rate of inflation, such as two percent per year, must also be taken into account. The statutory pension, company pensions and accrued retirement capital income are deducted from this amount. You can use the resulting difference to calculate your savings rate for private pension provision.
… how to find the right financial advisor:
Reliable and independent advice costs money. For advice from the Bavarian consumer advice center (in person or by telephone), e.g. B. one euro per minute due (the price in the VZ varies depending on the federal state). Good advisors in the area can be found at www.honorarberater-suchen.de, www.berater-lotse.de, www.verbund-deutscher-honorarberater.de or www.bvvb.de.
Basically, as the name suggests, the paid consultant is paid by his client in the form of a fee. During the initial consultation, which is usually free, always ask whether the advisor earns his money exclusively through the fee, i.e. a fixed hourly rate – or whether he receives commissions from investment companies or insurance companies instead or in addition. If commissions are involved, there is a risk that he will recommend financial products in his own interest, i.e. those with which the advisor earns the highest commission.
You could pay $300 for a serious two-hour paid consultation, but the other option is significantly more expensive. If the consultant receives a commission, i.e. a share of the contributions paid, the costs calculated over the duration of the contract quickly amount to many thousands of euros. For example, a 40+ year contract with a monthly fee of €200 can easily add up to €7,000 in costs.
