The latest guest on the Make A Difference Leader’s podcast is a refreshing listen: she urges listeners that instead of “keeping on pointing fingers at schools or governments” or think that “someone else” should educate people about financial health, companies like hers – ING Nederlands – are well placed to step up.
Japke Kaatra Head of Financial Health at ING said:
“Wouldn’t the world be so much better off if everybody who has a role to play extends the view of their role a little bit and takes on what is in their circle of influence? For instance, companies could make sure that, for example, the 18 year olds that they hire don’t immediately fall into predictable money mistakes.”
You can listen to the episode by clicking the Spotify link below, or find it on all podcast platforms
Later on in the conversation, she also explains further why she believes employers are so well placed to support people, citing their “close relationship”, meaning the employers is often the first to know about big life events which often have significant financial consequences, from landing a promotion to getting a divorce.
She added that employers can also help with the problem of people not knowing where to go to get help by improving their communications and signposting strategy. This, in turn, would help with another significant barrier to employees getting help for their financial problems: stigma.
Stigma and Shame
“I have never met a person in financial difficulty who was not ashamed,” she says. These feelings obviously deter employees from speaking up and seeking help but – as with all other areas of employee health and wellbeing – early intervention can prevent people reaching a much more serious crisis point later down the line.
“Again employers can play a huge role in encouraging them to get help. You can discuss the problems at a moment when a potentially large problem is still small and the stigma is much less,” she says.
Employers can also normalise the message that financial difficulties “can really happen to anyone”. She cites young people as a particular area of concern for her, and talks through the various initiatives, such as the Money Start programme, she has led at ING to tackle this cohort’s financial wellbeing in particular. As a mother, too, she is well familiar with the challenges and distractions facing young people today and has also launched tools which help them combat the temptations of consumerism.
‘I made every mistake’
She’s equally refreshing when it comes to her own personal financial wellbeing story, saying:
“The only reason I’m head of Financial Health at a very large bank is because I made every possible [financial] mistake and learned from them. So I know how invaluable it is that everyone could learn too, so I made it my job.”
To find out more, and hear how she’s put Financial Health at the top of ING’s agenda, listen to episode 29 of the Make A Difference Leaders Podcasts, available where you listen to your podcasts.
Time stamp of conversation:
00:00 Welcome to Leaders
00:44 The Financial Benefits Gap
02:28 Benefits Check Tools
04:51 Why Employers Should Care
06:35 Life Events and Debt Help
08:13 Breaking Money Stigma
10:48 Personal Motivation Stories
13:10 Young People Money Skills
15:26 Pay Yourself First Tools
19:15 Comms That Drive Uptake
21:09 AI and Testing Messages
22:09 Rules of Thumb for Money
23:38 Alien Pitch and Wrap Up
25:06 Final Thanks and Subscribe
