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From the age of 7 to 18, a contract is generally considered ineffective if the parents have not agreed to it.
School entry account
Almost all financial institutions offer account management products for children and young people. Sparkassen, for example, the Sparkassen-Kids account, which will be converted into a Sparkassen-Privatkonto Young at the age of fourteen. The first current account will be kept free of charge until the end of the training.
The youngsters do not have a legal claim to pocket money. Parents receive recommendations from the youth welfare offices or at www.familien-wegweiser.de. "Under-18s do not get an overdraft facility themselves with the consent of their parents, " said Pamela Bantle, Consumer Center Baden-Württemberg. "It is only granted in special cases after a family court decision." Nevertheless, many young people today have financial problems. Those who practice handling money as a child are spared this. Information at www.geldundhaushalt.de.
How young people rate the pension system
Photo: Metallrente, TNS Infratest
In this post you read:
- Finances under control
- Legal security
- Learn how to use money in a playful way