Tag Archives: Personal finance

A generation ago millionaires were relatively rare. These days it is fairly easy to rub shoulders with one. According to a report by the Boston Consulting Group (BCG) there were 22 million US$ millionaires worldwide in 2018. One driver of the rising number of millionaires is inflation. A million dollars isn’t worth what it once was. Another is rising average age.  An average 65 year old is worth far more than an average 20 year old. As life goes by assets accumulate before they’re...

In 2019, Switzerland came top overall in a ranking of destinations for expatriates to live and work, moving up from eighth last year. Geneva – © Hai Huy Ton That | Dreamstime.comSingapore, which had held the top spot for four years in the HSBC’s list of the best countries for expatriates, dropped to second place. Switzerland scored highly on salaries (1st), stability (1st), education (2nd) and quality of life. 82% of expats say they experienced an improvement in quality of life after...

As the 30 June 2019 expiry date for Swiss-EU stock market equivalence approaches, the National Council, Switzerland’s parliament, has given a clear mandate to extend negotiations over the nation’s relationship with the EU. © Denis Linine | Dreamstime.com The negotiations, which began in 2014, are centred on the Framework Agreement, an arrangement designed to replace the patchwork of deals Switzerland has with the EU, deals that include free movement of people, mutual recognition of industrial...

The gap between Switzerland’s official retirement age – 65 for men and 64 for women – and average life expectancy is long. Life expectancy at 65 is 20 years for men (85) and 23 for women (88). © Andor Bujdoso | Dreamstime.com More and more people are questioning the viability of living for two decades or more without working, particularly when the population is aging and the pension system is crumbling. However, rather than raising the official retirement age, some favour financial incentives...

© Andrii Yalanskyi | Dreamstime.com One idea for containing rising healthcare costs was to remove the possibility of changing health insurance deductibles every year, making it possible only every three years. If people are able to switch from high to low deductibles annually then they can save money by opting for a high deductible one year, while postponing visits to the doctor until the following year when they opt...

One idea for containing rising healthcare costs was to remove the possibility of changing health insurance deductibles every year, making it possible only every three years. © Andrii Yalanskyi | Dreamstime.com If people are able to switch from high to low deductibles annually then they can save money by opting for a high deductible one year, while postponing visits to the doctor until the following year when they opt for a low one. Locking deductibles for three years would reduce this...

The National Council, Switzerland’s parliament, supported a motion that would end the transfer of debt from unpaid health insurance premiums to young adults, according to 20 Minutes. © Fizkes | Dreamstime.com Under the current system, when young adults reach the age of 18 they must pay any health insurance premiums that were not paid on their behalf by their parents when they were children. Recently, 174 members of parliament voted to stop this practice. Only 2 voted not to. Some young Swiss...

The National Council, Switzerland’s parliament, rejected a motion to force Swiss mobile phone operators to remove EU roaming charges. 99 voted against, 78 for and 14 abstained, according to the newspaper 20 Minutes. © Georgejmclittle | Dreamstime.com In 2017, the European Union (EU) forced EU operators to stop charging their customers extra for calls made outside their home country but within the EU. This left Swiss mobile phone users among the few still paying extra for calls in neighbouring...

Many new to Switzerland are shocked by the prices of things. High Swiss prices have not gone unnoticed by locals either, many of whom shop in neighbouring countries to avoid them. © Tero Vesalainen | Dreamstime.com However, cross-border shopping hurts the environment – more time is spent in cars – and hurts local Swiss retailers. There are many reasons for Switzerland’s high prices. Among them is the relatively high wholesale prices some Swiss retailers are charged by importers, international...

Switzerland’s third largest health insurer had a good year in 2018, according to recently published financial statements. Instead of holding onto all of the CHF 61.9 million profit it made last year, the not-for-profit company plans to return some of the money to policyholders between now and the end of the year. Around half of all policyholders will receive something. Policyholders in ten cantons will receive them. In Vaud each adult will get CHF 50. In Geneva they’ll get CHF 100 and in...