On November 12, the second edition of our Women’s Leadership Circle for Financial Services brought together an incredible group of leading women, and we had the honor of welcoming H.M. The Queen of the Netherlands in her role as United Nations Secretary-General's Special Advocate for Financial Health (UNSGSA).
In a conversation with SparkOptimus co-founder Alexandra Jankovich, UNSGSA Queen Máxima discussed the importance of developing financial products and services that contribute to the financial health of households and customers. She reflected on her 15 years as the UNSGSA for Inclusive Finance for Development, sharing successes and lessons learned, and discussed her new UN mandate to promote financial health globally, as well as emerging solutions to support financial health in the Netherlands.
Annerie Vreugdenhil (CCO Personal & Business Banking ABN Amro), Ingrid de Swart (COO/CTO a.s.r.), and Medy van der Laan (Chair NVB) shared their insights on advancing financial health in the Netherlands. Other attendees included executive and supervisory board members from ABN Amro, ING, Rabobank, NVB, DNB, BNG, Achmea, a.s.r., NN, Athora, APG, PGGM, PFZW, among others.
Financial health as an urgent issue in the Netherlands
Today, around one-third of the Dutch population struggles to make ends meet. Key elements we discussed to address this include:
• Setting goals and measuring progress: By tapping into transaction data and focus groups, we can manage what we measure.
• Taking action early: On average, it takes five years before people in debt seek help. Employers, health insurers, and banks often see early warning signs. The National Coalition for Financial Health (NCFG) is promoting early intervention strategies to prevent financial issues from escalating. How can we balance privacy rights with the right to be helped?
• Reaching more people: Currently, only 20% of people in debt receive assistance, due to lack of awareness, shame, and financial stress. Awareness and education are most effective during "teachable moments"—major life events, such as turning 18, buying a home, or getting married. Successful solutions address shame and financial stress with a human perspective.
• Focus on women: Almost half of Dutch women are financially dependent on their partner or the state. In the case of divorce, women lose an average of 25% in purchasing power, and upon retirement, they face a pension gap of 40% compared to men. Targeted solutions for awareness and access are needed.
How digital and data can help
Ideally, every consumer would have a single, comprehensive view of their financial situation—including banking, insurance, pensions, housing, and more. The sector could collaborate by sharing data, exchanging insights, and co-developing innovative products and services that help people manage debt, save, and budget effectively.
The sector is at the starting line of actively improving financial health. There is a clear, long-term business case, and important first steps have been taken—such as budgeting tools and rounding up payments. These solutions can be further developed with digital nudges and comparisons of spending and saving behavior versus peers. Digital tools and data analytics will be at the heart of this effort, for which a robust digital and data infrastructure is essential.
Collaboration will be vital to accelerating progress on financial health, with the National Coalition for Financial Health as the starting point. Potential next steps could include establishing a learning community of private sector partners and regulators, focused on measurement and data sharing, early signaling, breaking taboos around debt, and building innovative solutions to support better financial lives for our customers. This path forward will require addressing barriers to change, safeguarding data privacy, and embracing innovation for the benefit of individuals and communities.
