Queen Máxima gave a speech to mark Global Money Week’s opening on Monday, recalling her own upbringing as a tool towards financial well-being as an adult.
The Queen, who is the honorary chairman of the Money Wise Platform, gave her speech to schoolchildren across the Netherlands following along in school, with the theme of this year’s Money Week ‘Learning How to Handle Money is Worth its Weight in Gold.’
“I still remember when I was first taught to balance a budget as a child. There was a feeling of empowerment and a weight of responsibility which accompanied this simple act — one that positively impacted and guided my financial behaviour and decision making ever since,” Queen Máxima said, adding that the research demonstrates that “childhood financial experiences heavily influence adult financial well-being.”
She continued: “People with high levels of financial literacy tend to better save and manage credit, diversify investments, and prioritise retirement planning. They can make sound financial decisions. This leads to better economic well-being for themselves, their families, and their communities.”
One of the most important parts of building back after the pandemic, she added, would be teaching young people financial literacy in order to create “an ecosystem that supports the financial resilience and financial health of today’s youth” to promote financial health.
Queen Máxima added: “With increased and easier access to financial services, it is important that the youth understand the cost and benefits of products, their rights and obligations, and in turn make optimal financial choices.
“Policy and regulatory environments should promote a system that informs, protects and addresses concerns promptly and adequately. This will foster the requisite trust in the financial system, and the assurance that products and services consider customer voice and choice.
“There is a role for everyone. Collaboration among the public and private sector is necessary to ensure that financial education does not exist in a vacuum.
“Rather, it should be embedded in how curriculums are crafted, how financial products are designed and delivered, and how policies are formulated.”
Following her opening speech, Queen Máxima was joined by government ministers Minister Hoekstra of Finance and Minister Slob of Primary and Secondary Education and Media to talk about financial tips and how to spend wisely.