Incomplete financial knowledge
Many Germans have little idea of investing
Despite social media and finfluencers: Most German bunkers prefer to bunk their savings on giro or call money accounts. What is behind suspicion of investment tips?
According to their own statements, a good third of the people in Germany are familiar with little or not at all with regard to investment. In a YouGov survey for Postbank 34.6 percent of 2,001 adults, their personal knowledge of financial issues at most responded as poor or replied that they had no knowledge at all.
More than a quarter (26.7 percent) of the question at the beginning of July does not find out about finance at all. Those who are looking for advice on how to save or invest, especially in family or friends (23.8 percent). Financial platforms on the Internet or advice in the bank are also an option for a good fifth.
Financial tips on social networks as a source of information?
On the other hand, so-called finfluencers, which are out of financial issues on social media channels such as YouTube, Instagram and Tikok, for the majority of the survey participants in financial issues: more than three quarters (77.6 percent) comment on this question skeptically to rejecting.
However, the younger the respondents, the sooner they consider finfluencer as an important source of information. The 18- to 24-year-olds say this 29.6 percent, for 45- to 54-year-olds it is still 8.5 percent, and only 3.2 percent for those over 55.
“Likes and followers are not a seal of approval”
Consumer advocates and financial supervision regularly advise caution for investment tips on social media. “There are good information offers surrounding the investment and advice on social networks with a serious background. However, countless wrong or only partial representations are circulating there,” wrote the Bafin financial supervision in an evaluation last autumn.
Thomas Brosch, Head of Digital Sales at Postbank, confirms: “Likes and followers are not a seal of approval. Just because a recommendation is hyped is by no means balanced or fits the personal situation.” In general, one should critically examine any information that leads to an investment decision, “advises Brosch.
The chief managing director of the German Protection Association for Securities (DSW), Marc Tüngler, recommends that self-appointed financial professionals on the net in principle be subjected to a thorough background check: Who is the person who gives tips and what did you have to do with finances before your work as an influencer?
Plenty of funds on the most at least checking accounts
The paradox: Although many young people, according to the survey, are very interested in financial issues, like the majority of savers in the survey – they leave the majority of their money on the most atmospheric checking account, bunkers at home or prefer overnight money accounts where you can quickly have credit if necessary.
Asked where the largest proportion of their savings stays, most of the 1,529 savers call the checking account (19.6 percent). In second place is the overnight account (18.5 percent), cash at home or in the locker prefer 5.1 percent. Equity funds and ETFs are the first choice for 10.4 percent, just before the self -used property (10.2 percent).
dpa
Source: Stern
