Financial expert reveals: You should definitely keep these documents, otherwise there will be serious consequences!

Financial expert reveals: You should definitely keep these documents, otherwise there will be serious consequences!

According to a report by www.kreiszeitung.de,

From birth certificates to pay slips: not all documents have a lifelong right to exist. A lot of things can go into the shredder.
Numerous documents accumulate over the years. This not only leads to overcrowded filing cabinets, but can also be stressful when trying to keep track of everything. Many people want to free themselves from the flood of paper. But it is unclear to most people which documents actually have a lifelong right to retention and which can be thrown away without hesitation.

The consumer advice center recommends not disposing of documents that provide information about parentage, identity, professional or educational qualifications or personal finances. Many documents are also relevant for relatives, for example to apply for a death certificate. Medical documents should also not be lost, as the retention period in hospitals or practices ends after 10 years. The will is the only exception to the storage of important documents, as it is usually filed with the probate court or district court.

These recommendations not only impact consumers, but also the market for document shredding equipment and services. Since sensitive paper information needs to be securely destroyed, the demand for high-quality shredders will increase. At the same time, the importance of digital backup copies and data protection solutions to protect personal data from misuse will also grow.

Regarding the retention periods for various documents, consumers are also encouraged to organize their tradesman invoices, receipts, sales contracts, warranty documents and payslips according to their validity and retention period. This could lead to consumers increasingly using organizational systems for their documents or looking for digital solutions for document management.

The calculation of pension entitlements and consumers' financial planning could also be influenced by the recommendations of the consumer advice center. Consumers are encouraged to retain their financial and tax documents for at least four years, and sometimes up to 10 years. This may lead to increased demand for financial advisory services to help consumers with long-term planning and document management.

Overall, the consumer advice center's recommendations will lead to increased awareness of the storage and destruction of important documents and potentially increase the need for corresponding products and services. It will be important to educate consumers about the implications of proper document management to ensure the security of their personal information.