Financial myths debunked: what you really need to know about money
Financial myths debunked: what you really need to know about money. Many investors want to act sustainably—but myths, half-truths, and mistrust hold them back. We clarify what is really true. So you are not at risk and can enjoy TonyBet.
Whether it’s saving, investing, or simply switching banks, few topics are as fraught with misunderstandings and misjudgments as money and finance. Not everything is completely wrong, but it’s worth taking a very close look and questioning the myths.
What to know
Financial myth #1: “Sustainable investments don’t generate returns.”
Those who focus on sustainability supposedly forego returns. But that is a financial myth. The literature shows that, in the past, sustainable investments have generally not had a worse risk-return ratio than conventional investments. However, statements about the future performance (return and risk) of sustainable investments cannot be derived from this.
Financial myth #2: “Sustainable banks are financially unreliable.”
Small, idealistic, risky – these are often the preconceptions about sustainable banks and green money. Definitely a financial myth. Sustainable banks in Germany are – like all credit institutions – bound by legal requirements and general banking supervision. Many green banks have been around for several decades. They offer statutory deposit protection, banking apps, bank switching services, checking accounts, and a wide variety of financial products. In other words, everything a bank should offer. With one important difference: they invest specifically in projects with social added value and consistently refrain from fossil fuels, food speculation, and armaments. This is no less reputable—on the contrary, it is more sustainable.
Financial myth #3: “Sustainable finance is only for idealists.”
“That’s for believers, not realists.” This, too, is definitely a financial myth. After all, it has been the EU’s official plan for years that money should flow into green finance. That’s why simple sustainability criteria have long been standard in institutional investment. Even insurance companies invest sustainably. Because sustainability is not idealism, but scientific and economic common sense.
Financial myth #4: “The EU considers nuclear power to be sustainable – that’s not credible.”
The EU classifies gas and nuclear power as “sustainable” in some cases. This is not a myth – but it is worth taking a closer look. The classification is based on the so-called “EU taxonomy.” However, this is not a seal of approval for sustainability – it is a political compromise: it had to take into account all 27 EU member states with their differently developed energy structures. Gas and nuclear power are explicitly defined as transitional technologies. And everyone is free to invest according to stricter criteria: for example, UmweltBank attaches great importance to not investing in gas or nuclear power projects.
Financial myth #5: “Sustainable finance is greenwashing.”
Many suspect that green offerings are empty promises. Unfortunately, this is not always a financial myth. There are still banks that shamelessly greenwash individual products. A spectacular case in 2025 involved a well-known fund that claimed to invest “zero” in fossil fuels, but did so anyway. However, greenwashing in the financial sector is increasingly being exposed. And there are good ways to recognize products that are not greenwashed. For example, by the FNG seal, or by the fact that they are not green products from normal banks, but explicitly come from sustainable banks. For example, from UmweltBank.
Financial myth #6: “Changing banks is complicated and risky”
Many people shy away from the effort involved in changing their main bank. But serious problems with switching banks are nothing more than a myth. The Payment Accounts Act ensures that banks help you with the switch—and inform your payment partners of your new bank details if you wish. Changing banks often takes just a few steps and can be done using the account switching service. There are no bureaucratic hurdles, complicated forms, or other obstacles.
Financial myth #7: “Everyday accounts can’t be green.”
Everyday accounts such as instant access savings accounts have nothing to do with sustainability! Another financial myth. The truth is that even your call money provides your bank with deposits that it can use to finance projects. This means you have a choice: do you support fossil fuel climate destroyers, arms projects, and food speculation, or renewable energies and projects that benefit society? That depends on your bank. So where your call money is held does make a difference after all!
Financial myth #8: “Green investments don’t change anything.”
Many people simply don’t believe in the impact of sustainable investments. This is also a financial myth, in many ways. First, with sustainable investments, the money is guaranteed to flow into sustainable projects at experienced eco-banks, which is why eco-banks document their projects transparently, as seen with UmweltBank. Secondly, even if it is difficult in principle to prove the impact of green money in concrete terms, this capital is no longer available for unsustainable investments – and thus brings about change.
