Financial inequality between men and women: how to solve this? 

In 2024, half of the women are still financially dependent on their partner or government in the Netherlands. Marianne Bruijn, founder of The Female Fix, wants to change this. ‘More financial independence for women benefits us all.’

Looking back on her own career, Bruijn understands exactly why she is committed to financial equality between men and women. For twenty years she worked in the business world. ‘Almost always I was one of the few women in top positions. With my background – growing up with two older brothers and having a knack for numbers – I had no difficulty in my work. But when I became a mother, the professional challenges suddenly became complex.’

Work-life balance

She now found herself having to strike a difficult balance between her family of four children and work. What about her partner? ‘An entrepreneur who is constantly at work and who had a traditional upbringing. In the end, the care responsibilities almost always ended up with me.’ Her gut instinct tells her that this situation must and can change. In 2022, she founded The Female Fix, an initiative in which she advises companies on gender equality in finance and wants to give women more say in their career and finance.

Women earn less

What is impeding women’s financial independence? And what can employers do about this? Bruijn often hears the claim: There is no wage gap in our company. However, scientific research reveals a different reality. ‘Women earn 13 per cent less per hour than male colleagues in similar positions. This also directly results in lower pension accrual. In addition, you see significantly more male than female representatives in higher levels of management.’

Create transparency

Be aware of possible wage gaps within your own organisation, Bruijn advises. ‘Analyse the job distribution between men and women, study the pay structures. Collect data and create transparency.’ Her advice for salary negotiations is clear: ‘Communicate openly: if your male colleague with identical background and job earns X amount, you should earn the exact same amount.’

Make childcare more affordable

An increasing number of companies are on the right track when it comes to financial gender equality, Bruijn notes. ‘They report on social and environmental efforts in accordance with EU legislation. Even so, corporates could do more.’ The government could also do more, she says. ‘Make childcare more affordable for working parents. Eliminate social contributions that prevent women from returning to the labour market.’ She points to countries like Sweden and Norway. ‘Here, gender equality is a fundamental principle, visible in legislation and corporate culture.’

Four-day working week

‘Pay full salary for a 32-hour working week. Dutch part-time culture reinforces financial inequality.’ More women than men graduate, but young women are more likely to start in part-time jobs, says Bruijn. ‘Possible reasoning behind this: I’ll be a mother in ten years’ time any way. Or the often correct assumption, unfortunately, that their partner will earn more later in life.’ AFAS calls them an ‘excellent example’ of alternative approaches. ‘A four-day working week of 32 hours, but paid for the full 40 hours.’ These extra hours can be spent by employees on personal development, informal care, children or volunteering. ‘I believe this will greatly motivate women to work full-time.’

Pension gap

The fact that women generally earn less and work part-time has a major impact on their pension. Working a day less means a 20 percent reduction in pension accrual. ‘Women have been catching up since 1993,’ says Bruijn. At that time, the Equal Treatment of Men and Women in Pensions Act (WGB) entered into force. Before that, it was possible that women accrued little or no pension. According to Bruijn, women in the Netherlands accrue 40% less pension than men.

Also check out the podcast with BeFrank CEO Kaya de Lange about the pension gap (in Dutch).

Paid parental leave

The pension monitor shows that when women stop working, they have hundreds of euros less to spend per month on average than men. ‘Women don’t always realise that big life events affect their pension. The fact that, for example, taking unpaid parental leave means that they will have less income later on.’ Bruijn believes that employers must better inform employees about this. ‘Or better still: provide paid parental leave.’ The government also has ‘some educating to do’. ‘Let young people draw up a plan during their studies, containing all the life events, and what this means for their career and income. Raise awareness about this topic.’

Short and long term

Bruijn still notices a great deal of ‘low financial literacy’, especially among women. ‘If it’s about the short term – think of the household finances – then women pay attention. But when it comes to the financial future – taxes, investments – you often see that this is the man’s purview.’ This makes sense, says Bruijn. ‘Women have only been legally competent since 1957. Before, they were not allowed to open their own bank account without their partner’s permission, let alone run their own business.’

Minister for Gender Equality

Society is still structured in a masculine and traditional way, she concludes. Bruijn wants to end financial inequality between men and women. ‘In fact, there should be a Minister for Gender Equality to solve this.’ After all, according to her, an equal financial position for women only has benefits. ‘Having more women in middle and senior positions are also good for a company’s reputation. And diversity in the workplace leads to better decisions and greater social commitment. If we invest more in female entrepreneurs, the Netherlands will generate additional income of 139 billion euros. In short, more money in the hands of women is good for business, the economy and society.’

About Marianne Bruijn

Marianne Bruijn is a brand strategist with over twenty years of management experience at major Dutch corporates such as Rabobank, McDonald’s and Pearle Opticiens. As founder of The Female Fix, co-founder of The Impact Fix and managing director of Code-V, she focuses on gender equality and the financial empowerment of women. She advises companies on diversity and is active as an author, speaker and entrepreneur.

This article appeared on MTsprout.nl on 6 December