Timeless wisdom for handling finances transcends age and personal preferences.

In a world where financial planning often takes a backseat in family conversations, a recent initiative is aiming to change that narrative. The "Financial Education for Two Generations" workshop, inspired by high school graduate Naina's honest admission of her lack of knowledge about taxes, rent, and insurance at the age of 18, is designed to educate both parents and children about economic principles.

Naina's tweet, expressing her confusion about financial matters, resonated with many. It highlighted the need for a more accessible and engaging approach to financial education. The workshop, modelled after the intelligent multi-account system used by many clients in a more advanced, digital form, seeks to make financial concepts appealing to young people.

The workshop, led by empathetic financial advisor Paul Lassak, emphasises the importance of discussing life goals and designing individual solutions. Lassak's empathetic approach is consistent across all generations and genders, reflecting the need for a more understanding and approachable financial advisor in today's society.

Interestingly, four out of seven children in one family studied economics, while two siblings opted for a banking apprenticeship. This suggests that while some families may be more financially literate, the situation in families with today's young generation has hardly changed.

One participant shared her daughter's innovative method of managing monthly expenses. She labelled envelopes with their respective purposes, such as groceries, cosmetics, parties, and friends, and allocated fixed amounts for each. This simple yet effective system underscores the potential for creative solutions to financial management.

Despite the importance of open discussions about money, many families still struggle with this. The internet offers supposed advice, but translating life planning into strategic financial planning is not as simple as a mouse click. My parents, who met while studying in Freiburg, echo this sentiment. They enabled all of their children to study or train, yet financial planning was not a priority within their family.

In conclusion, the "Financial Education for Two Generations" workshop is a step in the right direction towards bridging the financial literacy gap. By fostering open discussions and providing practical, engaging solutions, it aims to equip both parents and children with the tools they need to navigate the complex world of finance.