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Steering Committee of DIN Standards Committee Finance

Overview

This document contains amendments to DIN 77230 "Basic financial analysis for private households", which was first published in the year 2019. DIN 77230 defines a procedure for the basic analysis (collection and evaluation) of private households with regard to the areas of protection, insurance and asset planning. It is based on the data of the private household examined and takes into account the risks and needs as well as the financial objectives of the private household. It is based on the data required to conduct the analysis for the specific household under review and takes the risks, requirements, and financial aims of the respective household into consideration. A household within the meaning of this document ("typified household") consists of up to two heads of household who are married, in a registered domestic partnership, or in a domestic partnership, and economically dependent children. This includes all minor biological, adopted, and stepchildren. Furthermore, children are considered financially dependent if they are eligible for child benefit, are unmarried, and do not receive earned income from an apprenticeship or full-time employment. The same applies to grandchildren, provided they are eligible for child benefit. Financially dependent children of legal age (for example, those in higher education) may also form their own private household within the meaning of this document. This makes sense in particular if the children have their own household. This document specifies which data shall be collected as part of a basic financial analysis for private households. Additional data may be required for any subsequent counseling. This document provides guidelines on the order in which the defined financial topics of the household under review should be presented and accompanied by benchmark figures. As a result, the household receives a target/actual comparison with regard to the topics of insurance coverage, retirement planning, and asset planning. The basic financial analysis in accordance with DIN 77230 provides a basis for decision-making for the private household which can be applied, for example, with the scope of subsequent financial counseling. This document does not include a qualitative analysis of the details of products already held by the private household under review, nor does it include advisory services for interpreting the analysis results generated using the basic financial analysis described in this document. The basic financial analysis is limited to a purely quantitative, typified assessment. It does not include any powers of attorney that may be required (such as powers of attorney for guardianship, banking powers of attorney, or custody orders). Likewise, when comparing the benchmark figures with the actual values in this analysis, potential entitlements through basic income support (such as the so-called citizen's benefit) are not taken into account on the actual values side. A more in-depth analysis is essential in order to arrive at a solution that is individually tailored and economically feasible for the respective private household. The partial analysis with regard to "Querying sustainability preferences" from the former Annex B has been transferred from this document to a separate standard, DIN 77236-1. Committee NA 177-00-02 AA "Finanzdienstleistungen für den Privathaushalt" ("Financial services for the private household") at DIN is responsible for this document.

Document: references other documents

Document: referenced in other documents

Responsible national committee

NA 177-00-02 AA - Financial services for the private household