A study shows that we are genetically predisposed to spend or to save. We inherit ‘money’ genes that determine our spending/saving habits. Only 25% of us are born with a gene that tells us to stop buying things we don’t need.*Gulf news
Society unfortunately, strengthens this spending habit by having discount shopping vouchers, reduced sales and telling us what we need to buy to feel good about ourselves or to fit in.
Luckily, although we can’t get rid of this inherited behaviour, we can be trained by good parenting, that will teach us to form savings habits from a young age. Children follow by example, so if you as a parent are very free with your purse strings, then your children will adopt the same habit. This is not a legacy that we want to leave our children.
To encourage them to develop a “save first and then spend” attitude, is a way to ensure that they see the importance of saving, not only for those special buys, but also for long term goals such as retirement and deposits for home loans.
Tips to cultivate good saving habits with your children.
Chat to your deVere adviser about setting up a savings plan for your children so they can have a boost in life, whether it is for education or to buy a house or start a small business. [email protected]
Try the new Catalyst app It offers exposure to world class funds at a fraction of the cost and no monthly commitment. You can contribute whenever you have some spare cash.
Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere adviser for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.
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deVere Switzerland’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines. Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Switzerland’s Head of Public Relations on [email protected] or call +44 2071220925
With registered Branch offices in Zurich, Geneva and Basel, deVere & Partners Switzerland SA is a financial Service provider according to the Swiss Financial Services Act. In compliance with its legal duties, deVere & Partners Switzerland SA is a member of “Finanzombudsstelle Schweiz FINOS” ombudsman’s office (“FINOS”). FINOS is an ombudsman’s office according to the Swiss Financial Services Act and has been licensed by the Swiss Federal Department of Finance. FINOS is domiciled at Talstrasse 20, 8001 Zurich, Switzerland. FINOS can be contacted at their domicile, by phone no +41 44 552 08 00 or by e-mail to [email protected].