The Board accuses the PP-A of giving a “false” figure on the financial savings achieved with government aid mechanisms

The Minister of Finance and Public Administration, María Jesús Montero, on Thursday accused the PP-A of giving a “false, invented” figure, of the financial savings achieved by the Junta with the aid mechanisms of the central government.

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In particular, the PP-A deputy Pablo Venzal has estimated in “a whopping 7,678 million euros” the financial savings achieved by the Board in recent years thanks to central government aid mechanisms, and “as a result of the differential that It would have meant going to the secondary debt market at the time when they asked for the debt and the price at which they put the money. “

It has been in the control session to the Andalusian Government, in the House of Parliament, where the PP-A, through Pablo Venzal, has asked the Board for the “amount” achieved through “additional financing mechanisms to the Lofca “and” what has been the saving in interests of the autonomous community of Andalusia “thanks to these mechanisms.

The Minister of Finance has responded that, “between 2012 and the first quarter of 2018, the amount that has been formalized in relation to the loans deriving from these extraordinary mechanisms” has been a total of “31,467 million euros, of the that we have to pay 2,150 million euros in interest, “he added.

He has detailed that amount has been intended “primarily to meet debt maturities and finance the public deficit,” and stressed that, in any case, “are limited to the hardest moments of the crisis, hence the Bank itself from Spain think it’s a good time to get rid of those mechanisms. “

In this regard, he recalled that Andalusia has requested the Ministry of Finance and Public Administration “authorization to begin partially to issue debt and a return to normalcy and our financing in financial markets,” and has insisted that he expects the minister of the branch “can answer us as soon as possible” to that request.

The parliamentarian of the PP-A has afflicted the counselor who had “forgotten to respond” to the question about the financial savings achieved with the Government’s aid mechanisms, and in this regard has stressed that the Board has disposed of the Autonomic Liquidity Fund (FLA) ) at interest of 0.30 percent in 2012 and 2013; from 0.10 in 2014, and from 0.0 in 2015 and successive years “.

In addition, he stressed that, “in the payment funds to suppliers”, since 2014, the Board has had “in 1.4 that additional financing mechanism”, after which he stressed that “huge savings of money “that the Andalusian Administration has achieved is reason for the Andalusian Executive” were proud of the Government of Spain and the Spanish “, thanks to the solidarity of the same, since some autonomous communities have not received with the same intensity to those mechanisms of aid or have not even been received, as Venzal has abounded.

In this line, the ‘popular’ deputy has asked the counselor that from the Board be “more serious”, instead of stating that “the interest paid to the State is infamous.” In addition, he stressed that “not only have they been helped like this, but the liquidity and the installments that the Government of Zapatero demanded has been transferred to more than 20 years, and when the expiration of any of them has arrived. they have refinanced again. “

After that, counselor Montero has accused the ‘popular’ of being “nervous” with the departure to the markets of Andalusia, because, “from the first day that the Andalusian Government announced that it had requested authorization” for this, the president of PP-A, Juanma Moreno, “said that this was confrontation”. Against this, the Andalusian head of Finance has concluded indicating that “the Government of Spain is interested in Andalusia being financed in the markets”.

What is a financial chiringuito?

If you want to keep your investments safe you have to get away as far as you can from what is known as a financial chiringuito. The National Securities Market Commission (CNMV) defines them informally as entities that offer and provide investment services without being authorized to do so.

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After a financial chiringuito hide physical or legal persons who are not registered neither in the CNMV nor in the Bank of Spain. Nor do they meet the requirements required of the Investment Companies and can not offer guarantees of any kind. They are totally outside the law and investors who fall into their clutches will be unprotected .

Normally, financial chiringuitos look for clients resorting to data bases that often obtain of fraudulent form. The advertising brochures and advertisements in newspapers, magazines or even television serve as support to give credibility to his speech.

How to know if I am in front of a financial bar?

The first thing that should make you suspect that you are in front of a financial chiringuito is that they will offer you a profitability that is much higher than that of the market . They will tell you that these are very sophisticated investments in distant and exotic markets with very low risk. And all adorned with many technicalities whose sole purpose is that you do not know anything.

Always keep in mind that nobody gives hard to four pesetas and that if the market offers an 8% average return, which is already a lot, nobody is going to give you 20% for your pretty face. And less to you that you have no idea of ​​complex investments.

That the luxurious offices that they rent for their frauds or the expensive and elegant clothes of their commercials does not prevent you from seeing the smoke that comes out of their mouths. Under that appearance of success and respectability scammers hide that the only thing that pretend is to take your money and run .

The collection techniques they use are studied millimeter-wise and are very aggressive. The psychological pressure exerted on their potential clients is very great. They never accept a no for an answer and transmit the idea that they are doing you a great favor and that you are going to let “the opportunity of your life” go by to make you rich.

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What should I do?

If you suspect that you are in front of a financial bar, the first thing you should do is go to the CNMV’s Investor Assistance Office to request information about that financial institution, or check the registration of authorized entities under your control directly on its website. .

Most victims of this type of fraud contact the CNMV after having lost their money . Would not it have been much better to have made a preventive call before? Do not be intimidated by the verbiage of the possible fraudster and clarify all your doubts before risking losing your money.

In this crazy world that we have had to live it is preferable to be cautious of more than having money in your pocket, do not you think?

Financial entities open a line of credit for operations of less than 300,000 euros per company

The public entity dedicated to the provision of guarantees, Avalia, and eight financial entities -Ibercaja, Caja3, Caja Rural de Teruel, Bantierra, Banco Popular, Banco Sabadell, Bankinter and Caja Laboral Popular- have signed an agreement, this Monday, with the objective of opening a line of credit for operations of less than 300,000 euros per company.

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At the signing ceremony, which was held in the Pignatelli Building in Zaragoza, representatives of the eight entities were present, the Minister of Economy and Employment of the Government of Aragon, Francisco Bono, and the President of Avalia, Pablo Martín Retortillo.

“What we intend is to facilitate the provision of credit lines to SMEs and self-employed who have viable projects from the economic and financial point of view, with the backing of Avalia’s bail,” explained the Minister of Economy and Employment.

He also clarified that the amount of operations can not exceed 300,000 euros per business group, and has framed the signing of this agreement at a time “of vital importance to continue promoting measures that facilitate access to financing and allow SMEs and the self-employed meet their needs under appropriate conditions of price and term. “

Bono also mentioned that the operations must be managed in the branch network of financial institutions, through the offices that Avalia has in Zaragoza, Huesca and Teruel.

Tool for SMEs

The president of Avalia, Pablo Martín Retortillo, has affirmed that this agreement is “an important tool for Aragonese SMEs, and is focused on them”.

He also noted that, in total, through agreements with the same conditions that have been signed in previous years, 540 SMEs have benefited from these lines of credit, “with almost 70 million euros of risk in small proportions.”

“Avalia is doing its bit for the credit to flow, and these SMEs have employed more than 11,000 people in Aragon,” added Retortillo.

Regarding the conditions for access to credit, he pointed out that the financing is used for productive and technological investments, both for the national market and for foreign markets.

Thus, the credit line is intended to finance the installation or expansion of fixed-new assets purchased from third parties and also immobilized. In addition, companies that need financing of working capital will be helped to try to solve liquidity problems and promote exports.


Microcredits will be granted for long-term financial operations aimed at the initiation or improvement of very small business activities, with a manifest difficulty in accessing traditional sources of financing, with a nominal amount of no more than 25,000 euros, and, in some cases, In some cases, the refinancing and restructuring of the liability will be aided.

Regarding the economic conditions that Avalia will apply, the public company will pass on a guarantee fee of 1 percent per year, which could be reduced in some cases, and a single opening fee of 0.60 percent. The costs that the operations will imply for the client companies of Avalia will serve to continue financing other SMEs and self-employed workers.

In 2012, Avalia has formalized 817 operations for almost 34 million euros, participating in all activity sectors. Its activity was extended by a group of companies that total 40,000 workers. In the first semester of 2013, the activity of the public company, attached to the Corporación Empresarial Pública de Aragón, has increased by 11 percent.

In addition to this, and thanks to its solvency ratios, above the industry average, Avalia Aragón SGR managed to close 2012 with profits, compared to the generalized losses recorded by the majority of Spanish financial institutions.

Access to financing

During this act, the Minister of Economy and Employment of the Government of Aragon, Francisco Bono, has been confident that “after the summer, between the summer period and Christmas you can move” the credit. Although he added that it is something that also “depends on the entities”.

At this point, he warned that companies such as Avalia “do not replace banks, neither in orientation nor in financing”. The counselor also said that there are “more requests for credit than before,” referring to the previous years of the economic crisis, “which means that there are more companies in better conditions.”

The financial entities deny 70% of the credits that the companies ask for

The crisis has meant an almost total closure of the credit to the productive economy. This complaint, proclaimed for years by Spanish companies and families, already has figures. After reaching its peak (45%) in 2006, the rate of credit granting throughout the Spanish financial system has plummeted to 30% at present.

If during the bubble companies obtained almost half of the loans they requested, now this figure is only a third, as indicated by the Financial Stability Report of the Bank of Spain for May 2013. This variation is, in practice, Spanish companies either do not have access to new loans, or if they do, it is with worse conditions.

The Bank of Spain data does not reflect, however, the access conditions of all economic agents. The credit restriction is even greater in nationalized financial institutions (to which the Bank of Spain, generically, includes Group 1). Thus, Bankia, CatalunyaCaixa and Novagalicia hardly grant 20% of the loans that companies request.

This difference between rescued banking and healthy banking “can be thought to respond, to a large extent, to the most difficult financial situation of the entities of this group over recent years,” explains the institution governed by Luis María Linde. In other words: they did not give credit because they preferred to invest in public debt or to clean up their own accounts .

The analysis on the granting of loans carried out by the Bank of Spain is “indicative and limited” , as recognized by the public supervisor, since it does not reflect the credit information of the entire population, but only of those non-financial companies that they request financing from entities with which they are not already related.

Essential to regrow

If the unions and the employers (and the European authorities) coincide in something, economic growth is almost impossible if credit does not circulate again. Thus, last week the president of the European Council, Herman Van Rompuy, urged the European Central Bank (ECB) to end the fragmentation of the Eurozone and facilitate the financing of SMEs in peripheral countries. “It is unacceptable that companies in southern countries should pay more to finance themselves,” he said.

“The main problem in this country is the lack of funding for small and medium-sized companies,” explains Juan Pablo Lázaro, Cepyme’s vice president, who denounces that the flow of credit continues to decrease quarter by quarter . His organization is betting on a series of measures that open the tap: to oblige state-subsidized entities to allocate a percentage of credit to SMEs, to allow companies to pay VAT on a cash basis (that is, when it has already been charged, which would allow a 10% increase in liquidity) and comply once and for all with the delinquency laws in the administrations.

In the same vein, the president of the CEOE, Juan Rosell, has repeatedly expressed that he has warned of the “lack of oxygen” of Spanish companies, which is leading to the closure of a good part of them. For their part, both the UGT leader and the CC OO have urged the authorities to carry out a profound reform of the financial system that allows access to credit to families and businesses.

Nationalized entities such as Bankia, after completing their recapitalziations, have announced in recent days campaigns to finance productive activities . Thus, the bank chaired by José Ignacio Goirigolzarri has committed to inject 45,000 million euros in the business sector over the next three years.

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Credit falls in all sectors

The credit in the era FROB has contracted in 136,000 million, and with the administrations increasingly indebted If there is no credit, it will not be for lack of public aid made available to the banks. Despite the almost 600,000 million public euros lent and injected to the entities, credit has only fallen in Spain . The hundreds of billions placed by the Government, Eurogroup and the European Central Bank at the disposal of banks have not reached the economy on foot.

Credit to non-financial companies (excluding construction companies) has fallen by 5.6% in the last year, in addition to the fall recorded in 2011 of 3.7%. If we add the companies of the brick sector the collapse in these two years would be more than 30%.

Families, on the other hand, have also seen their access to new financing cut. Thus, natural persons have seen credit decline by 4.9% in 2012; decrease that adds to another 2.8% drop in 2011, according to the Bank of Spain. There are several factors that explain this reduction : on the one hand, a reduction in the credit quality of families and companies, which in turn tend to demand less funds and less productive investment .

“To this is added the structural need of the Spanish economy for a deleveraging process after a prolonged period of notable increase in indebtedness, ” explain the BdE analysts. That is to say, it is necessary to reduce the general debt levels of the Spanish economy before giving back credit.

And, as this newspaper has already published, the credit has been reduced by a total of more than 136,000 million euros since the financial restructuring process (it was FROB) began in Spain. Only public administrations, which have increased their financial needs by 52% , now have access to bank financing better than ever.

“The concentration has put more limits on financing”

Daniel Cuñado is the owner of Pihasa, a family business with 34 employees that has been designing and manufacturing pipe supports for 30 years. Although it recognizes that it has always opted not to resort to lines of credit for companies, it has noticed, as many entrepreneurs, the tightening of all financing conditions . “The risk departments of the banks are now much more rigorous, before accessing an endorsement line was a procedure and now you have to present annual balances, accounts and answer many questions,” he explains.

In his opinion, at the end of the credit tap another factor has been added that has hurt thousands of small and medium-sized companies: the process of concentration of the financial sector. “Before a company could have more lines of credit open, one, for example, with the CAM, and another with Banco Sabadell, now, being the same entity, they do not allow having two lines open,” he says, while pointing to a large part of the large Spanish companies (customers of the smallest) as part of the problem: “They abuse because they know their position of dominance and pay when they feel like it , which harms the liquidity of solvent SMEs”, denounces.

The CNMV will sanction 9 financial groups for the sale of preferred shares

The National Securities Market Commission (CNMV) will open disciplinary actions to 9 financial groups, including Bankia and NGC, for the sale of preferred shares and subordinated debt, with a nominal value of 6,212 million euros. A total of 22 breaches of current regulations have been registered.

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This was announced by the president of the stock exchange supervisor, Elvira Rodríguez, during the presentation at the Congress of the first report of the Committee to monitor the preference shares, which has a month to live.

The number of clients who hired these products after being warned that the operation was not convenient for them “was very high” As stated , the purpose of these sanctions is to create a discipline that allows it not to repeat itself in the future a problem of these characteristics because, he said, the parliamentary commission that presides has no executive tasks.

The president of the CNMV has ensured that financial institutions did not apply “the strictest rules” on advising clients in the commercialization of preferred shares.

Rodriguez has declared, as it is shown in the aforementioned report, that the number of clients who hired these products after being warned that the operation was not convenient for them “was very high”.

In addition, the percentage of customers to whom the entities have acknowledged having personally recommended the contracting of the same “is absolutely marginal” , which means that “the most stringent standards corresponding to the advisory service , basically the test of suitability, which is more demanding than the convenience, “he stressed.

Finally, he noted that, in general, “although with important exceptions”, financial institutions were able to prove compliance with information obligations to the information clientele. The report states that, “except in specific cases,” the entities complied with the regulations, but admitted that this assertion is based solely on the documentation provided and that it can not verify whether, as the clients allege, there were verbal recommendations to acquire them. .

According to the data of the report that Rodríguez has reported, until 2011 acquisitions by preferred retailers ranged between 1,626 and 4,526 million annually and purchases of subordinated debt remained between 48 and 1,943 million, while in 2012 they reached a nominal volume of 9,999 and 2,663 million, respectively.

Prices, which were around 100% of nominal, are now around 50-70% in entities that have not needed public assistance and 30-50% in the rest.

He also revealed that in 2012, there was “a sharp increase” in the claims received from investors, since there were 10,900 compared to about 2,000 in each of the previous years.

Ask for more flexibility to hire staff

Image result for Elvira RodríguezOn the other hand, Elvira Rodríguez has also announced her “intention” to present in the coming months to the Government a proposal for regulatory reform that will include, in addition to greater flexibility to hire staff, “a boost to the independence of the agency at all levels “

“I firmly believe that the CNMV has a fundamental role to play in the economic recovery of our country that, in large part, goes through the recovery of confidence,” said Rodriguez, who added that if you can contribute to this goal ” we will be one step closer to solving the employment situation, which is the true common goal. “

The president of the CNMV explained that in addition to the objectives set for this year, the Commission has assumed new powers in the last three years.

“It is necessary to increase the independence of the CNMV”

In addition, it will have to face the specific mandate of the Government in the area of ​​corporate governance and has had to dedicate resources for participation in the Monitoring Committee of preferred shares.

“Although the CNMV has an excellent staff” , Rodríguez stressed, “we must be aware that the complexity of the environment and the difficulties of the markets complicate the task considerably”, and this in a context in which “society demands more than the performance of the institutions. “

Therefore, he assured, “it is necessary” to increase the independence of the CNMV with respect to the Government in the matter of hiring personnel, since currently the job offers of the Commission require an approval of the Executive and must be framed in the joint public offer of annual employment of the public sector.

“What is involved is that the institution has the necessary flexibility to ensure that they have adequate resources to do their job well,” he concluded.

Lack of advice: building societies in the criticism at financial test

Stiftung Warentest has examined 20 building societies in the latest issue of Finanztest (02/2015). The test is catastrophic for four building societies, because they are poor from the perspective of the experts. Advisory errors and bad offers can cost customers several thousand euros, according to Finanztest.

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In the current building savings test 2015 by Stiftung Warentest can convince only a few providers, even if none of the audited companies “very good” . With the LBS Baden-Württemberg, the Wüstenrot and the LBS Ost, only three building societies receive a “good” financial test verdict . Above all, the focus on customer requirements and the cost of financing, but also the overall quality of the offer have convinced the experts. The test results are quite different for the providers LBS West, Aachener, Deutsche Bank Bauspar and LBS Rheinland-Pfalz. They are only “deficient” and therefore fail in the test.

Bausparkassen in the test: Many mistakes in the consultation

According to the financial test, one of the biggest errors in the consulting process is the fact that many test customers were selling too high a Bauspar during the consultation. This would have meant that the Bauspar contract would not have been ripened by the intended date. An excessively high repayment installment for the repayment of the building loan was also criticized by the experts.

Despite the shortcomings, the Stiftung Warentest comes to the conclusion that “the building societies today better advise than in previous investigations.” However, this is only a small consolation, if the offer is good. To prevent this, Finanztest recommends preparing thoroughly for the consultation . Because despite the mixed results, a home savings contract for the testers is still a meaningful home loan financing, if interested in the medium to long term to build a house or buy.

“I have planned the financial side of my foundation well”

Miriam Wohlfarth is a mother and a businesswoman. With a well-planned schedule, she brings family and career together under one roof. She encourages women to be helped by au pairs or domestic helpers. It also makes life easier for workers with children by supporting more flexible working time models.

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When did you decide to start your own business?

Miriam Wohlfarth: The final decision to found a payment company was made in 2009, the year it was founded. But the idea has grown over time.

What were your three main reasons for being self-employed?

Miriam Wohlfarth: I had a product idea in the payment area that was never offered by any other company. I wanted to put this idea into action and determine the success of the product myself . At the same time I met partners who dared to take the step into the foundation together with me.

Did lack of opportunities for advancement contribute to the decision in employment?

Miriam Wohlfarth: No, certainly not. I worked for a long time in the employment relationship and always very satisfied. I had good jobs and good bosses. But it burned in me and I wanted to realize my idea.

Did you choose to work independently to better reconcile your family and your job?

Miriam Wohlfarth: That too. I have always got everything well under one roof, although I have worked full time again quickly after the birth of my now 11-year-old daughter . Of course it was not always easy and needs a good organization, but it works.

What obstacles do many women face with children in employment?

Miriam Wohlfarth: The biggest difficulties probably arise from inflexible employers and working time models . Foreign companies often show us how to do it better and offer comfortable solutions for mothers. But in Germany, too, something is slowly moving. As a managing director, I try to offer suitable working time models for colleagues with children.

What are the typical problems of independent mothers mastering the balancing act between family and work?

Miriam Wohlfarth: Many women strive for perfection, on the job, but also as a mother, be it gifts, school feasts or sandwiches. That’s unnecessary: ​​one hundred percent love is enough . To make life easier, there are many help services such as au pairs or domestic help. If it’s financially possible, why not?

Founders: The most important facts about pensions and insurance

Are you planning to start your own business or have you already taken this step? Then read now our tips on the right old-age provision and the appropriate insurance cover for founders. In addition to valuable expert opinions, you will find exciting interviews with successful founders who have already realized their dream.

What were you most worried about when you started your business?

Miriam Wohlfarth: I never had any fear. What helped me was the support of my husband and the fact that I could always go back to my old employer. In addition , I have well planned the financial side of the foundation . It is easier to live with a few reserves and is under pressure to be in the black after its foundation.

What role did the costs and expenses of insurance and precaution play in the decision to found?

Miriam Wohlfarth: Such issues have not affected my decision to start a business.

What insurance do you have and what do you spend on average per month for your insurance cover and your pension plan?

Miriam Wohlfarth: I use the usual package of insurance: health, accident, liability and disability insurance. There are also some additional insurance. When it comes to costs, sometimes I feel like paying more than I get back through benefits .

Do you think that you are adequately prepared for the retirement age and are adequately insured?

Miriam Wohlfarth: Of course I am insured. But if that is enough remains to be seen. I think that there will be a gap with the retirement .

Elke Holst from the German Institute for Economic Research (DIW) speaks of a glass ceiling over which women can not go beyond their independence. What is your experience?

Miriam Wohlfarth: I can not confirm that. I never had the experience of not being able to achieve anything just because I’m a woman. On the contrary. In the male-dominated payment world I sometimes even benefit .

Do you see more freedom in self-employment to realize your job than in a dependent employment relationship?

Miriam Wohlfarth: You could indeed say that. Although I also had a lot of freedom in the employment relationship, but only with RatePAY I can let off steam . It’s great fun to implement your own ideas every day and to be your own boss.

Thank you for the interview.

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Other founders in the portrait:

If you are looking for even more tips from successful founders, you will find further experiences in our foundress portraits:

Lea Lange: “Provisioning and insurance? I pay 900 euros a month “

Salome Preiswerk: “founders always make a bet”

Julia Sommerer and Franziska von der Ahé: “Girls, make you independent!”

Tijen Onaran: “Networking is the new pension”

Esther Eisenhardt: “I find the traditional working world inflexible, absurd and outdated”

Aimie-Sarah Carstensen: “The goal is that we can abolish ourselves soon”

Sabine Hockling: “persevere and carry on”

Freya Oehle: “Provided for the pension? Currently not in the least “

Ute Blindert: “Women must help shape change, actively and loudly”

Franziska von Hardenberg: “Pensions? To be honest, there is a bad feeling with “

Dr. Birte Gall: “Fear is a rare guest with me”

Anette Weiß: “Looking through your own finances”

What financial protection do students have when they are disabled?

Students can put a hook behind their financial security in the event of occupational disability at an early age. Because many insurers offer entry-level rates with good benefits that fit the student’s wallet. Which occupational disability insurance can be recommended is shown by a recent comparison.

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Burn-out, Herniated Disc, Depression – These rare and other serious illnesses are rare. If it then hits such a stroke of fate , they are confronted with existential future questions overnight . Because of the manageable support from the state, young people should think about how they will make ends meet when they are studying, because one day they will not be able to earn their own money for health reasons.

Many insurers offer students special occupational disability insurance to provide financial security in the event of disability. The special entry-level rates are adapted to the purse of the young people and cost comparatively little. But how good are the occupational disability insurance for students? This question is the analysis house ascore The scoring currently pursued.

Why should students seek a disability insurance?

If one’s health is so bad that employees can no longer work, they receive a disability pension. However, this is comparatively small, so that financial cuts in the usual standard of living are the result. However, a good disability insurance compensates for the loss of income. The sooner employees take care of it, the better the protection usually is.

This is even more true for students. On the one hand, contributions are often low due to special starter rates. On the other hand, they can put a lid on the topic of occupational disability insurance and do not have to deal with expensive offers later on.

Occupational disability protection: What tariffs are good for students?

For the occupational disability insurance test, the analysis house reviewed 33 rates from 21 insurers. 53 criteria were queried, such as whether

  • Students must inform the insurer after conclusion of the contract whether they are engaged in dangerous sports ,
  • Even then, the full pension in the event of occupational disability , if they become disabled shortly after completion of insurance and whether
  • Students can adjust the amount of the pension up to four times during the insurance period at least four times to special events such as the end of studies, a marriage or a home purchase without renewed health examination (so-called post-insurance guarantee).

Four occupational disability insurances are very good in the eyes of the entry-level testers. You get six out of six possible stars. Another eleven just missed the top rating with 5.5 stars. No fare scores worse than four stars, which is a good rating.

The current test winners for students are:

  • “Disability Insurance (BPS)” by Basler
  • “BU Protect young Prestige” by Die Bayerische
  • “BU Perfect Start” and “BU Perfect Start +” by Volkswohl Bund

Clarifying the financial jungle: what career starters need for their individual provision

The first self-earned money on the account makes you very proud. However, the new financial independence is also associated with challenges. One of them is to spend the earned not immediately for Smartphone & Co., but proactively to cover a part of it.

The first salary – for trainees and young professionals the confirmation that they can financially stand on their own two feet. But if you make your first own money, you also have to learn how to manage it and invest early in individual provision. “Especially for career starters is not foreseeable, which costs and what capital requirements in the future can come to them,” says financial expert Michael Greifenberg. It is therefore helpful to invest in retirement products that can be flexibly adapted to their current life situation.

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Which short-term forms of savings make sense for career starters?

A call money account is an attractive alternative to the low-interest savings account or checking account. “Especially with job starters, the savings account scores with its simplicity: Interesting interest rates for savings, daily available, this often easy and convenient to use online,” said expert Greifenberg.

Tip: When concluding the contract, make sure that the interest period is guaranteed and in which period you are credited. The more frequent the interest credit, the stronger the compound interest effect.

When are medium and long-term investments worthwhile?

Especially for job starters are attractive investment forms that offer high flexibility and still the option for retirement. “With the flexible retirement products, the investor himself decides when, how much and how long is paid,” says financial expert Michael Greifenberg. The investment can therefore be increased, reduced or stopped as needed. Payouts are also possible at any time without any disadvantages. These pension products guarantee the best possible flexibility and attractive interest rates.

Tip: For specialists who want to take advantage of the opportunities of the financial markets, a fund savings plan is also attractive because it offers better long-term return prospects. “Who concludes a fund savings plan or another provision product, should also check whether a current overview of the balance and on the transactions is possible,” advises financial expert Michael Greifenberg.

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Can career starters also benefit from state funding?

Anyone who is new to their job can claim support from the state for retirement provision: with a Riester pension, trainees and career entrants receive a government subsidy of up to € 154 per year. Already with a commitment of five euros per month, government funding is possible. And for a bonus, you’re never too young: A one-time payment of 200 € receives who has not yet completed his 25th year of contract at the beginning of the contract.

Saved in the right place: Financial tips for career starters

For trainees and graduates not only the income increases with the first job, but also the expenses increase. It is important to keep track of the costs and to decide on the right investment strategy.

After completing the training financially on your own two feet: With the entry into professional life, this desire finally comes true. But having your own first income entails new challenges for career starters. Often, for example, your own home and insurance must be paid for the first time. In addition, student discounts and other perks fall away. If you are smart and follow simple tips, you can easily master this new situation.

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Tip 1: Plan Expenses

So that at the proverbial end of the money not too much month is left, also professional entrants should know their fixed costs exactly. Only who knows what the monthly fixed costs are, can determine what amount is still at leisure. A fixed cost plan helps to keep track.

Tip 2: Disassemble contaminated sites

Anyone who has received financial support during their apprenticeship – for example in the form of BAföG – must begin repayment five years after the end of the standard period of study. And the timely planning saves money here: Because a part of the sum is waived if you settle the amount with a one-time payment. Therefore, it is advisable to put something back on a monthly basis – this way the loan can be replaced at the best possible conditions on the key date.

Tip 3: Create nest egg

If money is left to save at the end of the month, it is important to find the right investment form. Who parks his savings only on the current account, waives higher interest rates. Therefore, the following applies to the checking account only the essentials. For additional amounts, a flexible call money account is more appropriate. And what should ideally be covered? Even if it’s hard: A rule of thumb recommends parking about three net monthly salaries on the call money account. These can always be accessed and also benefit from attractive interest rates.

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Tip 4: Use promotion

The state also helps to save: The new Riester pension also benefits jobseekers. “Depending on the living situation and income, full funding is possible even with small monthly amounts,” says Silke Barth, precautionary expert. And the sooner the person is “stoned”, the better: anyone who has not completed his 25th birthday at the time of concluding the contract will receive an additional, one-time subsidy of 200 euros for the first year of contributions.

Tip 5: Provide for the long term

The job until the retirement is long gone. Today’s career starters have to be flexible in their job. Relocations or job changes are now part of the normal professional life. So that even newcomers can fulfill their big and small wishes or even the dream of a retirement home, they need forms of investment that can be adapted to their respective life situation. If money is needed quickly – for example, for a new car – can be easily withdrawn credits. Beginning with a monthly savings of 25 euros, career entrants can make flexible provision. The guaranteed interest rate increases gradually in the first three years from 1.75 over 2.25 to 3.80 percent. In addition, the option exists for a retirement pension. There are no costs, ie every paid-in Euro will immediately pay interest in full. If you would like to actively exploit the opportunities offered by the capital market yourself, Flexible Vorsorge Invest on a fund basis is the right choice for you.