Com­ing of Age

What does it mean to become financially independent?

At first, turning 18 might not seem like a big change in your life. Waking up as a 17-year-old or as an 18-year-old feels the same, and your daily tasks remain unchanged. Legally, however, there is a significant difference between these two days, and countless things change when the clock strikes midnight on the last day of your seventeenth year.

When you turn 18, you become an adult and legally independent under the country's laws. Your guardians no longer bear responsibility for you; instead, all responsibility becomes your own. You finally have the right to participate in national elections and enjoy all other rights that adult individuals have. You no longer need permission from your guardians to apply for a passport, electronic ID, or to travel on your own.

Your guardians also no longer have access to your personal data, neither health records nor financial information. This means that when they log into their online banking, they can no longer see an overview of your bank accounts or monitor your finances.

When you become financially independent, you also have the option to apply for credit cards, overdrafts, and other loans without your guardians' involvement. It is therefore very important that you have a good overview of your finances, understand what taking on debt means, and avoid spending beyond your means. If you end up over-indebted and unable to pay off your loans, it is solely your own responsibility.

It's always a good idea to request a meeting with a financial advisor to review this transition and get an overview of your financial situation. See more here.