As of: March 18, 2024, 11:19 a.m
By: Sebastian Hölzle
Comments
Press
Split
Ralf Fleischer is the boss of the Stadtsparkasse Munich.
© Marcus Schlaf
When it comes to saving, almost everyone starts small.
Also the head of the largest Bavarian savings bank.
We spoke to Ralf Fleischer, head of Stadtsparkasse München, where almost every second Munich resident has an account, about how he got his first money, how he feels about it today and what tips he has for small investors.
Do you remember when you got your own money?
Naturally.
I got my first money for good grades.
If I remember correctly, my parents gave me two marks for a B in the class test and five marks for an A.
There was even more for the testimony.
Does that mean you were a good student?
At least a decent one.
And did you spend the money on sweets that same day or did it end up in the piggy bank?
Most of the money actually went into the savings box and went into the savings account on World Savings Day.
And when did you earn your first real money?
That must have been when I was 16 or 17.
I gave tutoring in Latin.
That was my first paying job.
But I have to admit that when I was younger... can you tell?
… I preferred playing football or meeting friends during the holidays.
Today we would call it chilling.
How was that expressed?
My siblings had worked during their holidays when they were 16 or 17 years old.
I never did that.
I suspected what awaited me in my professional life and that this free time would be over.
That's why I approached the whole thing a little more calmly.
My news
A four-year-old has a tumor in his head – parents ask for help reading
Deaf to noise: Three US nerds declare war on Putin with a cheap drone read
“Detailed explanations are due”: Lauterbach Ministry is giving away almost a million euros – by reading the mail
EU obligation to renovate decided: What now applies to German homeowners read
Two million euros fine – Munich Airport plays a crucial role in arrests
No longer available: Aldi is taking the entire product category off its shelves
Did you save for major purchases as a teenager?
I didn't have to.
I never saved up for a moped or anything like that.
If I wanted to buy something, I could take the money from my savings account.
Does that mean you didn’t need any loans?
No.
I was very lucky that I didn't have to buy my own car when I turned 18.
My brother, who is significantly older, bought a new one.
I then got his old Beetle, a 1302.
Unfortunately, it didn't take long until I had my first accident and the car was subsequently totaled.
But here too I was able to use my savings and buy a new car.
I only took out my first loan when I bought a property with my wife in my late 20s.
Did your parents influence you to handle money carefully?
Yes.
I come from the Ruhr area, was born and grew up there.
My father was a vocational school teacher, my mother was a housewife, I have two older siblings and was the latecomer.
My parents always emphasized not spending more money than you have.
I still do that to this day.
Today you earn significantly more as head of the Stadtsparkasse München.
Does your relationship with money change when you no longer have to worry about financial things?
No question, of course I could afford one or two things, which isn't necessarily possible for everyone.
But I still belong to the group of savers and not to those who spend all their money.
Basically, I still live today the way I lived back then and handle my money carefully.
What do you observe in society?
How has the relationship to money changed?
Today status symbols have more meaning than in my childhood and youth.
There were Wrangler jeans back then that people wanted to have, but when I was younger I didn't notice the brand craze like there is today.
Do you view this development critically?
Yes.
Social pressure is often so high that people buy clothing or other items that are too expensive relative to their income.
The money could be better put aside, for example for retirement planning.
Are you also observing a change in saving behavior?
I grew up in the 70s and 80s.
My parents were born in 1930 and 1931 and were influenced by the war.
They knew what it was like when there was nothing left in the fridge.
Accordingly, I believe that my generation has been shaped and knows how important it is to manage money sensibly.
Today's youth are shaped differently.
Financially, most people are doing okay or even well.
The hardship that my parents experienced no longer exists; instead, many households have property and financial assets.
At the same time, there is a growing proportion of young people today for whom the hot lunch at school or daycare is the only warm meal of the day - otherwise the kitchen would remain cold.
According to studies, almost three million children and young people under the age of 18 live in poverty in Germany.
That's correct.
Especially in a city like Munich, prices are high in all areas of life.
It starts with rents, continues with clothing, and even food is more expensive here than in other regions in Germany.
In Munich, for example, a scoop of ice cream is 50 cents more expensive than in my hometown in the Ruhr area.
This is of course an unhealthy development.
Is saving different today than before?
Due to the low and zero interest rate phase of the past few years, the classic savings account hardly plays a role anymore - when it comes to interest rates, it doesn't matter whether I keep the money in the savings account or the checking account.
Even the interest on fixed deposits was minimal.
But since the European Central Bank increased interest rates, things have changed.
How does this manifest itself?
Last year, for example, our sales of savings bonds increased significantly.
It makes sense again not to leave your money in the account.
And yet too many people still do it.
Actually, many more people should invest their money with fixed interest rates.
In addition, everyone younger than 40 should have a stock savings plan.
Why?
We know from the past that stocks with a term of 15 years or more have always outperformed all other forms of investment by far - despite the sometimes violent fluctuations on the stock market.
This is why a stock savings plan is so important for retirement planning.
The good news is that the younger generation is gradually realizing that the issue of retirement planning is not so unimportant after all - at least that's what studies suggest.
Are there still customers who open a savings account at Stadtsparkasse?
Yes, they still exist, but the number is tiny.
Do you still have a piggy bank?
Yes, I still have that.
All the coins from your pocket that are left over from the day go in there.
And at some point, when the piggy bank is full, I'll do something nice with it - let's see what it turns out to be.