Queen Máxima appointed UN Secretary-General’s Special Advocate for Financial Health
Today, Wednesday 25 September, Her Majesty Queen Máxima was appointed as the UN Secretary-General’s Special Advocate for Financial Health by UN Secretary-General António Guterres. This marks the end of her 15 years as Special Advocate for Inclusive Finance for Development. The work of promoting financial inclusion will be continued by various international development organisations, including the World Bank Group and Alliance for Financial Inclusion (AFI).Today, Wednesday 25 September, Her Majesty Queen Máxima was appointed as the UN Secretary-General’s Special Advocate for Financial Health by UN Secretary-General António Guterres. This marks the end of her 15 years as Special Advocate for Inclusive Finance for Development. The work of promoting financial inclusion will be continued by various international development organisations, including the World Bank Group and Alliance for Financial Inclusion (AFI).
‘In a world of economic uncertainty, conflicts and climate upheaval, financial services are critical to help people control their lives and futures. As Special Advocate for Financial Health, Her Majesty Queen Máxima will build upon her vital work to ensure that financial systems can support the dreams, hopes and aspirations of people around the world.’ – UN Secretary-General António Guterres
The Queen’s new UN mandate is an extension of her financial inclusion work. Nearly 80% of adults worldwide now, at a minimum, have access to a payment account or other financial services, such as loans, savings products and insurance (Global Findex 2021). (link naar persbericht aankondiging HMK AVVN en resultaten 15 jaar UNSGSA week 16/9). Good access to official financial services, however, does not automatically mean better outcomes for people or improved financial health. Queen Máxima explains: ‘With 80% access to financial services, we have laid a solid foundation. We now want to ensure that people can use financial products and services that help them get a grip on their day-to-day income and expenses, that they can invest in a business or save for long-term goals, that they can protect themselves from financial setbacks such as job loss or the effects of climate change, and that they have confidence in their financial future. These four elements together make up financial health.’
In her work for the UN and in the Netherlands, Queen Máxima calls for the development of financial services, products and policy that prioritise financial health. Financial service providers and policymakers must focus on people’s needs. Queen Máxima and her UN partners will be working to achieve that.
Financial health is vital for developing and developed countries alike, for individuals and society as a whole. The indicators that determine financial health vary by country and culture, requiring a global approach that allows for tailored solutions. One example of products that contribute to financial health is the combination of affordable loans and insurance coverage for small-scale farmers in Kenya. Farmers can use the loans to buy seeds that are better suited to withstand the impact of climate change. And insurance offers them protection in the event that things do go wrong. With the right savings products, people can build financial resilience and a better future for themselves.
Queen Máxima also promotes financial health in the Netherlands on behalf of Stichting SchuldenlabNL, the National Financial Health Coalition and the Money Wise Platform. Her work focuses, among other things, on preventing financial problems through financial education, developing accessible savings options to establish a financial buffer, encouraging openness about financial problems, and identifying problem debt early on and using sustainable solutions to address it. Collaboration between financial service providers, policymakers and businesses is essential in this regard.
Government Information Service, no. 263