Why Queen Máxima is Urging Leaders to Prioritize Financial Health

0:00Queen Máxima of the Netherlands: A t-shirt and jeans. Mac and cheese. Some things in life are an obvious match, like RIAs and Schwab Advisor Services, the number one choice for independent advisors. The difference is so obvious, it's Schwabvius. Learn why at schwabvius.com.

0:16Almar Latour: Welcome to New York. Thank you. Thank you. A bit of a homecoming?

0:19Queen Máxima of the Netherlands: Yeah, a bit. I lived here five years sometimes.

0:21Almar Latour: Okay. How does it feel in the fall? What's your favorite season here in New York?

0:26Queen Máxima of the Netherlands: The fall actually comes quite close to my favorite. Although you're not coming from the Netherlands, you know, the warmth, actually. I do miss that one.

0:34Almar Latour: Okay. Well, welcome to this leadership podcast. We are going to discuss a journey, a journey from financial inclusivity to financial health. And this is a topic that is very, very close to your heart. You have, in addition to your massive role as Your Majesty Queen of the Netherlands, you have taken on a mandate as the UN Secretary General's Special Advocate for Financial Health. This follows that same mandate for financial inclusivity. And with that, you have been active on the global stage every day, day in, day out. First, let's start by bringing the audience into the definition of financial inclusivity and a journey to financial health.

1:28Queen Máxima of the Netherlands: Well, the funny thing is, so when I started in 2009, I actually started the whole issue of people getting access to credit and microcredit to actually make ends meet and make sort of livelihood for themselves. And very fast, I realized that credit alone was not enough. People need to have payments, need to have the possibility to insure themselves. get savings. But then I realized that very little people actually had access to a bank account. So the whole journey started in 2009, and I was appointed by the Secretary General to do financial inclusion. And what is financial inclusion? Having access to a bank account that would actually permit you to have all these financial products.

2:07Queen Máxima of the Netherlands: So this thing started, and I realized, first of all, we had no data. So I said, you know, how many people are excluded in the whole world. And I would have 500 million people. I would have also, you know, 3 billion people. And it was closer to 3 billion than 500, I have to tell you. With some countries having...

2:26Almar Latour: At that time.

2:27Queen Máxima of the Netherlands: At that time. Yes. And with some countries having 20 % of financial inclusion. So 20 % of that population of a given country that actually had a bank account. And the rest of the 80 % had nothing, you know, therefore being completely sidelined to the economic activity of the country. so that journey started and together with a lot of partners from the World Bank IMF Gates Foundation and IFC and local regional banks private sector regulators standard setting bodies and we little by little started sort of you know trying to get access and that meant you know do we have to get ideas to people to get sort of you know the account opening without an ID because You know, your customer, you cannot open an account.

3:11Queen Máxima of the Netherlands: The people like a very low money. You know, it's at a very big risk. So we did the tier account opening. So we did. Digitalization, of course, played a very important role. So where are we at now? We did all the measurement as well. Yes. And the measurement started with, you know, do you have a bank account? And little by little now we measure 140 countries every three years on a host of more than 40 indicators. Yes. Now including financial health. And now we're now into 80 % of the world population that actually has, you know, a transaction in a bank account, which is, you know, an amazing success.

3:42Almar Latour: That's a phenomenal journey on financial inclusivity. How did you first spot that issue? You worked as a banker. You're a trained economist. You're at heart. You're an entrepreneur and a builder. You run five foundations. How did you connect with this issue specifically? Was it something that you spotted early in life? Why was it so important to you?

4:06Queen Máxima of the Netherlands: I was born in Argentina, and by the age of 14, I saw how hyperinflation was eating on people's sort of livelihoods. And I thought, you know, there had to be done something about it, like, you know, a good place to save you money. You know, good insurance. I remember when I was 19, I started working when I was 17. I got, for the first time, offered a pension fund. And I thought, I'd never thought about this. So this issue of actually being able to sort of, you know, look for the future and protect, you know, your possible retirement, even of my 19 years of age. And I thought, you know, this is important for everybody to actually have.

4:39Queen Máxima of the Netherlands: And so I guess that's where it started. And as an economist, I always wanted to have – build up possibilities for people. So I started with the savings. But the funny thing is, like, you know, when I realized that having access to a bank account does in itself assure outcome. Yes. what I did realize is sometimes, you know, people get a lot more access to digital credit.

5:00Almar Latour: Yes.

5:01Queen Máxima of the Netherlands: And therefore over-inducting themselves. And there's been very little innovation on the savings sphere, on the investment sphere, certainly in the insurance sphere. And this is very important because in the end of the day, what I want, you know, that access is to actually make people's lives better. And that's the whole core of financial health. Financial health is four things. Number one, helping people manage day-to-day finances. They get an income. They have moments in the month where you have, you know, a shortage of liquidity. And, you know, do they have some liquidity to sort of buffer that?

5:33Queen Máxima of the Netherlands: So helping them budget, having sometimes a small-dollar loan, you know, that actually helps them sort of, you know, go through those periods. That's very important. Number two is what happens if you have a shock, climate change shock, illnesses?

5:48Almar Latour: No shortage of shocks these days.

5:50Queen Máxima of the Netherlands: No short of short these days. Certainly, climate change has actually produced a lot of, certainly, in the places where people are less financially healthy, that were more prone to financial climate change shock. So these issues are so important, and their coping mechanisms are not always the healthiest one, not because they decide to do it, because they have no other options.

6:13Almar Latour: You mean societal or as an individual?

6:15Queen Máxima of the Netherlands: As an individual. So, you know, you have to sell your livelihoods to make fun to sort of, you know, flood. Or you have to take your kids out of school because you cannot, you know, pay the school fees anymore. Instead of actually having access to an insurance that would actually help them out. Health insurance, life insurance, accident insurance. So this is a very big part. I want a big part on the resilience side, because this is called resilience, the resilience leg over the financial health issue, is emergency savings. You know, say that, you know, one month you don't have the income. How many months can you go with your savings, you know, in case of external shock?

6:51Queen Máxima of the Netherlands: This is a very important issue. And the third is the long-term goals, you know, retirement, being able to own a home, being able to pay, you know, for tertiary education of your kids, have an even bigger buffer. And that is access to investment opportunities, you know, building assets, or even as a small entrepreneur, you know, being able to have access to productive issues. And that's being well in that front gives you confidence. And confidence is very important for productivity, your mental health, and being able to be part of sort of, you know, the economic community.

7:24Almar Latour: So I know, and I almost hesitate to say this because of your position, but your staff says that you're a data freak. Is that right? I'm afraid so. Yes. And so let's look at the data together. And you've referenced this multiple times already. but first on global financial inclusion, the 80 % that is worldwide. But within that, there's still some gaps hiding, and one is gender balance on that. Is that something that you...

7:57Queen Máxima of the Netherlands: On the financial inclusion side, the reason why I stopped, because now we know how to do it. And I think there's many partners that can do the rest of the 20%, and we have to focus in some countries that are actually lagging from that 80%. percent. But funny enough, the gender gap has been falling sort of 10 years ago was above 9 percent. And that is actually sort of, you know, shrinking tremendously. So that is very important. So I think the work on the axis side, that is developing. And I am pretty sure that, you know, this will continue. I mean, with different sort of, you know, affordability and more competition coming in, I think that's actually going to happen.

8:34Queen Máxima of the Netherlands: What I want to make sure that that axis leads to good outcomes. And what I've actually seen is sometimes some economies is that access has actually a plethora of digital credit that actually left a lot of people over-indebted. And that's not exactly what we want with the increasing access. I want to actually have more innovation and savings. For example, Kenya has more than 80 % of the people being included, but now only 18 % of the Kenyans actually say they're financially healthy. So these are issues here in the US, and this is not only for emerging markets, Even the US, the Netherlands, you know, 40 % of the Dutch people are financially vulnerable.

9:13Almar Latour: Is that right?

9:14Queen Máxima of the Netherlands: Yes.

9:16Almar Latour: It's a lot more than I thought. You would actually imagine, yes.

9:19Queen Máxima of the Netherlands: So there's a great deal of people that actually have no savings. And when they do, there's not enough for a very big shock. So these issues we are looking into in the Netherlands as well. And how do we help them save so they actually have that buffer and help them do the budgeting in a way that they can actually construct everything together?

9:36Almar Latour: You travel around the world like many business leaders and builders. You recently were in Indonesia and in India, a few other places, taking a closer look at the digitization of the money ecosystem, if you will. What were your observations on the tradeoffs that are being made as those systems are vastly popular and still ramping up?

10:02Queen Máxima of the Netherlands: You know, technology holds a great promise. I mean, I can today with transaction data can actually mean that people all of a sudden have access to productive credit they wouldn't actually have before because they have no credit history. So this is a very innovative issue. Then we can actually help people with behavioral science and technology, help them do those little sort of investments of the savings per month. I was in South Africa and there was this fintech called Spoon Money. and they're helping these ladies do even$5 a month of savings. And that would actually create some buffer that would actually sort of even give them access to credit for their own shop and also have the buffer for themselves if something happens.

10:48Queen Máxima of the Netherlands: So these type of sort of innovations are extremely important. We've actually seen innovations in the insurance scheme. In Mexico, for example, a company is helping them when they buy the produce in the morning, They actually have a little sort of insurance that if something happens with a project during the day, they don't lose that days and wealth and also, you know, the capital they put in that day. So these small little things that only technology allows us to do in an affordable way were not possible before. So think about advisory in terms of yesterday I was speaking to a bank in Mexico and they were actually a little bit what we did in the 50s in the Netherlands.

11:29Queen Máxima of the Netherlands: that when somebody got their salary and they put in different tins, this goes for the rent, this goes for electricity, this goes for the school fees. And we sort of lost that. And now that's coming back again in your bank account. When your income comes in, it goes automatically. You're destined for all the payments. So you have this disposable income which helps you manage your leftover money in a much better way. and doesn't, oh my God, I have so much money in my account so I can do this purchase. And actually it's not because you have all these other things that you have to pay, right? And that helps a lot more people navigate these financial responsibilities that actually have the income they have and also sort of even do savings.

12:16Queen Máxima of the Netherlands: In the Netherlands, for example, ING, they realize that one-fifth of their clients did not save. So they're starting to try new things And now where the one thing they know that works the most is a portion of their income goes directly into savings as a default. And then people by the end of the month, you know, they say, but I'm not going to touch that. And you see people that never save, they start saving. The same thing we're doing now in the UK, workplace savings, that actually we work with employers. And they put sort of 40 pounds aside every month and has made such a change. And, you know, for employers, it's a very big issue because productivity, when people are actually having financial stress, They're just worrying about how I'm going to pay the next bill that is coming up.

12:58Queen Máxima of the Netherlands: And you're not worried about the everyday job. So in the U.S., we know that financial stress people actually spend, at least they spend seven hours per week, leading to the cost of$183 billion for employers.

13:11Almar Latour: They spend their time on that or their stress?

13:14Queen Máxima of the Netherlands: They're stressed and they're not concentrating on their work. So the productivity thing is such an important part. We now have a foundation in the Netherlands of all employers, and they've actually calculated that their employees that actually have financial stress cost the employer 13 ,000 euros a year. So it makes sense for employers to do something about the financial health of their employees. If you're an RIA or looking to become one, Schwab Advisor Services is the Watson to your homes. Smart. Dependable. Always has your back. It's no mystery why they're the number one choice for RIAs who want to be the ultimate solution for their clients.

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14:09Almar Latour: So we've seen a lot of innovations in the financial sphere, a lot of fintech, and you named some of those creative solutions. And I think this is what you were getting at. How do you rally all the disparate initiatives so that you have a societal embrace of financial health? Is there a partnership between the private sector and government? What is the best path? Absolutely. And how are you driving that? We will not be able – none will do it by itself.

14:40Queen Máxima of the Netherlands: You know, you can try some things in your company, but you will have to – I think my role is to get everybody together. bring the data, see what's in it for each one of them. For private sector, even for financial service providers, it makes sense to have a good client that is not over-indebted. You have less write-offs, more loyalty. You will be able to cross-sell more products in the long term, etc. For employers, I just told you about this. For governments, it means more domestic resource mobilization. It means basically there's more savings, there's more intermediation, there's actually more investment, increased growth and productivity.

15:15Queen Máxima of the Netherlands: for regulators, that means more stability. You know, if all underlying households are actually doing better, then, you know, the whole country is going to be doing better. So everybody sees what's in it for them. The issue is how to get everybody together. And my role is to actually collect all the best practices, what works, what doesn't work, how to help them get the measurement done on a country perspective, on a financial sector perspective. On financial health.

15:39Almar Latour: On financial health. And is it those four metrics that you just mentioned, or is it many more?

15:43Queen Máxima of the Netherlands: We developed a lot of KPIs and metrics, you know, from how much savings do people have, you know, even sort of subjective KPIs we actually do. So there's country metrics. There's also in-house company metrics, you know, and how do you go about that? You know, also in the Netherlands we have privacy laws. So, you know, how do you do that sort of, you know, in a voluntary perspective? So the issue is how do I get everybody together and they learn from the best practices and how to measure what works, what doesn't work. For example, we know that if you help people that are employed, if you help them save, then internally you're going to save.

16:19Queen Máxima of the Netherlands: But if you do an opt-in, people are not going to sign for it. But if you do an opt-out, people are going to go for it because it's the default thing. So by learning from each other and then creating this communion of learning has been very, very, very successful. And Inspire. You know, when Bank of America all of a sudden turned their overdrafts into the small dollar loan, there was actually, you know, the OCC actually permit this to actually happen. And then when you see the turnaround and their clients, you know, that inspired other banks to follow suit. Or when Chime here in the U.S. comes in with new products that, you know, moves the whole system to actually, oh, maybe we could actually, when we pay things, we have to pay them immediately, even though the check is going to sort of come in in three days, you know.

17:07Queen Máxima of the Netherlands: Because those TJs are very important for clients. Nubank in Brazil has also shaken a lot of sort of practices in Brazil and played a lot. If you were actually overdrafting one bank and you have a lot of money in the other bank because of open finance, you can actually bring the money from one bank to the other so that you cannot incur fees and interest rates on this other bank. So I think there are just so many innovations going on. And then I think my role is to get everybody to be inspired, one from each other, and share best practices and know what works and doesn't work.

17:43Almar Latour: You have a collection of financial leaders and other leaders in this room and audience listening to the Leadership Podcast. What is the role of a leader of an organization when it comes to financial health and financial inclusivity? What is the – if someone wants to make an effort on this front, first, of course, realizing that it is a cause worth fighting for, certainly for Dow Jones and the Wall Street Journal, this is one of our big priorities. But what does a business leader do?

18:16Queen Máxima of the Netherlands: I think number one is to measure. Yeah. Measure what is – if it's your employees or it's your clients, measure the financial health. How many, because when I'm going back to ING, when I started talking to them about it, they said, you know, but Your Majesty, you know, the Dutch, you know, we're world champion savers. And we have so much in our bank accounts. I said, yes, but you're looking at the averages.

18:37Almar Latour: Yes.

18:37Queen Máxima of the Netherlands: You're not looking at the different sort of groups. And when they started doing the survey or started looking at it, they were shocked to realize the one-fifth was not saving. And that actually…

18:47Almar Latour: You had a hunch that this was the case, that the data was going to reveal something else?

18:50Queen Máxima of the Netherlands: Well, I knew because we had other data. So we had data from Nibut that we knew that actually probably one-fifth to one-sixth of the people sort of actually didn't save.

19:01Almar Latour: Not nationwide.

19:02Queen Máxima of the Netherlands: They're the biggest bank. They hold the biggest amount of accounts. So I'm sure that actually is also – that's there. And so you need all those data to actually tell this, no, but you have to go a little bit further. And then they were shocked. And that actually triggered a huge movement within the bank. And so now they have an officer of financial health within the bank. And JP Morgan has also realized that, and they also have a financial health.

19:26Almar Latour: You recently met with Jamie Dyer.

19:29Queen Máxima of the Netherlands: Yes, yes. So they're also very committed to this. And it's about taking a long-term view. If you realize that some of your clients are going to become every time more equity negative and equity negative, there's something to be done, or you lose those clients, or you start sort of realizing how can I sell these clients better. And it's not about selling a product and coming up in New York with a set of products and that's it and people have to buy them. It's quite the contrary. It's like looking at the clients how can actually make their lives better and how can actually help them go through times of not having sort of income and the costs are actually always sort of constant.

20:03Queen Máxima of the Netherlands: How do I get them to juggle all that time? And then once you get them to juggle sort of day to day, how do I help them to go to the next level? Like a value chain across a lifetime of a client.

20:13Almar Latour: Almost like a marketing funnel to financial health.

20:15Queen Máxima of the Netherlands: Yes, exactly. And the responses of clients, yesterday we were having a conversation with JP Morgan, Wells Fargo and Bank of America, and particularly on Hispanic clients. And they were actually saying that by doing that and then focusing on what their needs are, the satisfaction has increased, the engagement of those clients with the bank has actually increased, and the ability to materialize more products with these clients have increased. So I think it's taking a long-term view on your underlying clients.

20:49Almar Latour: And if you're not in the financial world, if you're not a fintech, let's say you just run a company in a different sector or you're an executive somewhere, what can you do there? You don't have access to the tools that you just mentioned necessarily.

21:04Queen Máxima of the Netherlands: Well, but you have a lot of tools. We were speaking with Walmart and, you know, they're one of the biggest employers here in the U.S. And they do realize that also their employees are also having financial difficulties. So trying to sort of, you know, encourage the right, you know, how do you pay them? You know, how do you sort of, you know, that maybe a health insurance is actually sort of, you know, even defaulted in your system. How do you, they actually were doing sort of stock payments for them, but it's actually sort of a long-term investment for their employees. We're talking about PepsiCo, and in that sense for PepsiCo, what is very important is their value chain.

21:41Queen Máxima of the Netherlands: They sell millions of their products to small merchants in India, Pakistan. How do you actually help these merchants to be sort of festivals, have a bank account so that, you know, they don't have to do everything in cash and everything's done digitally? But after that, how do you help them, you know, get the inventory in a way that is much more so that they know what their margins are going to be needing when the truck comes in in terms of, you know, how many Cokes or, you know, Pepsi's because you need.

22:10Almar Latour: Which is it Coke or Pepsi? Pepsi. Sorry.

22:12Queen Máxima of the Netherlands: Sorry. And then so the issue is, you know, how to help your the whole value chain to actually have more savings and maybe to have insurance for the inventory. Because it's also good for Pepsi, right, to actually have merchants that actually are financially healthy, because that will assure that these merchants are going to be there over time and you can start investing in them. And it's going to increase the sales. So I think, you know, depending on where you are and where your touch points are, there's a lot to be done and they have so much data. So these companies know what their responsibilities could be.

22:49Queen Máxima of the Netherlands: And also that's money to be made there.

22:51Almar Latour: Yeah. You referenced earlier the challenges perhaps with overspending when all these accounts are available to you and scams and such that are happening at the digitization of money. I think all of us in the audience and beyond, you have almost a different relationship with money these days because you don't see it. And so what are the dangers of that? And how do you, I guess, educate people on the temptations that exist there?

23:24Queen Máxima of the Netherlands: I'll come back on the education a little bit later because it's actually a tool, but it would not assure outcome. Right now, when we were growing up, we were dealing with one bank. And nowadays, I think people in America are dealing average with seven different financial products. And getting that oversight is extremely complicated. It has complicated, you know, the financial lives of people. So I think the role and the potential of innovation to get everything, all the information in one place, that's a huge sort of, you know, something that is a dream of mine. But in general, yes, over-debtness, buy now, pay later, has actually put a lot of people in a lot of debt and certainly a lot of youth in a lot of debt.

24:05Queen Máxima of the Netherlands: In my country, the Netherlands. I've been advocating for, you know, be careful with these issues. And there's been so much innovation, like I said before, in credit and too little innovation, the saving side. So try to also get the other side, it will be very important. One very big issue, because the digitization is a fraud and scams. And that's something wherever I go, Indonesia, last time, they're desperate, you know, because in the end of the day you are helping people to you know save money and then that money can actually go out in one day because you were scammed and you know and in different ways you know i think that you know i don't need to mention the ways that they actually pretend to be your son or your daughter or whatever or the um by social media not social media but this is an issue that needs to really have

24:54Almar Latour: urgent attention what what does one do what so well you know because i get all the information

24:59Queen Máxima of the Netherlands: from all the countries. So I'm working with the IMF and the World Bank on this field. And in the Bangkok meetings, they're going to come up with the principle of scams and prevention of scams and fraud. And we hope to form a group where all these best practices are actually being shared so that we know. We've actually made it so frictionless to make a payment.

25:23Almar Latour: Yes.

25:24Queen Máxima of the Netherlands: So the moment you push a button, then the money is gone to some other country. And how do we make it to actually add like little dams so that money doesn't disappear? People actually have, you know, ways to get that money back, even that, you know, it was actually a scam. Funny enough, yesterday I was speaking to Singaporeans and they were saying to me they had this issue that was called money lock. So you can actually make that payment that is frictionless up to a certain amount would actually be the equivalent to, you know, your average payment for electricity utilities. If you want to get more, you have to go to the branch and engage yourself and go physically.

26:04Queen Máxima of the Netherlands: And that has prevented tremendously scams. And actually, they go down tremendously. In the Netherlands, we also have a very successful way, which is it's like, you know, in the airline business that all sort of, you know, public sector and private sector get together. and every time that a bank sees a scam, instead of actually being, oh my God, I don't want to be, you know, get a permission by the regulator, but actually the issues have enough trust in the system to actually talk about it. So all the banks know this is a new type of scam and there's a new type of IP address that is actually sort of generating that.

26:39Queen Máxima of the Netherlands: And that actually helped to prevent scams in the Netherlands tremendously. But that doesn't go insane. That is actually increasing all around the world. And this is something we need a concerted global action to do, make fun of this.

26:51Almar Latour: In our remaining minutes, I know you care about financial literacy and financial education. What is there to be done on that front?

26:59Queen Máxima of the Netherlands: You know, so I got into financial education when at the very, very beginning somebody working with me, a very intelligent person, was actually about to get, wanted to buy a house and she wanted to buy a mortgage, was an investment mortgage. I know you remember that, but it ended up being a little bit of a scam. And I said, well, you're crazy. You You cannot get, you have to have a fixed income sort of, you know, the most sort of. And it just, she didn't know what she was getting herself into. And I said, oh, my God, we need to do more financial education. So we started this whole financial education in the Netherlands and the OECD, IMFE, with the G20.

27:33Queen Máxima of the Netherlands: And I do realize it is important. It's a very important tool. Of course, it is important. But that by itself will not assure that people are going to be financially healthy. Why? Why? Because if you're financially educated and still the products are bad, the outcome is still going to be bad. Also, we are not – something I've learned is like, you know, when I study economics, that we're all rational human beings and we're all more economicists. And we just are social people. And if everybody's doing something, then we tend to do it what my friend is doing. If everybody's doing it, you're going to do it too.

28:07Queen Máxima of the Netherlands: It's just going to take a very strong personality to say, no, I'm going to do it because I'm conservative. So it's incredible. And the other thing is why I'm a little bit sort of worried sometimes about the whole financial education is because it's transferring the responsibility from the provider to the consumer.

28:26Almar Latour: You just have to learn this. Oh, yes.

28:28Queen Máxima of the Netherlands: I gave you a very bad product, but you should be financially educated. it. So, and I think it's also in the quality of the product and really trying to improve the life of that person and just like, you know, improving your business, which actually is going to be a short-term business improvement because in the long term, you know, people are not going to become better at it. And I think that the financial sector is realizing that. And I think that's actually very positive. But this issue of the rationality of it, you know, I've actually seen it over and over again. In the Netherlands, actually, thanks to all the efforts we did, We have one of the best results in the PISA for financial literacy.

29:02Queen Máxima of the Netherlands: And still, I see the youth doing impulsive…

29:06Almar Latour: Overspending.

29:07Queen Máxima of the Netherlands: Overspending with buy now, pay later. And I said, but you learned this at school. I was there. I said, well, because, you know, my friend has this mascara. So I was… So to say that, you know, we are social animals. We want to not miss it out in many movements. And, you know, that's part of it. Also, the other big issue is that one of the reasons where people get into trouble are not financially by nature. You have sickness, you have divorce, you have death, and then it actually has several sort of consequences. So preparing for that, I think we need to be giving information to people in the right life moment choices.

29:46Queen Máxima of the Netherlands: When you get married, get the right, and the default has to be the right thing, and that's what I try to advocate for.

29:51Almar Latour: Last question. And do you have actionable advice for our listeners and for people in the audience if they want to get involved in financial health?

30:01Queen Máxima of the Netherlands: Listen, if you're a head of a company, I would say measure the financial health of your merchants, that you are actually in the value chain, of your employees, of your clients. When you realize your data sort of – and we have all those sort of ways of actually measuring. So, you know, we're going to make that available. But after that, you know, start realizing, OK, I have to listen much more to my clients or much to my employees. How can I do that? And we're trying to get the best practice out there. And, you know, there's a financial health network here in America. We have the foundation of financial health in the Netherlands.

30:36Queen Máxima of the Netherlands: And we're creating that the same thing in Indonesia. We're creating the same thing in India. We're creating the same thing in Brazil. So in many countries to actually sort of all these leaders can actually sort of get involved. And again, it will take a lot of partnership to actually make this.

30:52Almar Latour: Queen Maxima, thank you for this inspiring conversation. And we're going to keep track of the progress that financial health is making in the world. Thank you so much.

31:03Almar Latour: Today's episode was produced by Lulu Chang and Mike Claudio. It was edited by Mike Claudio. My executive producer is Lulu Chang.

31:15Almar Latour: This episode is brought to you by Charles Schwab. Decisions made in Washington can affect your portfolio every day. But what policy changes should investors be watching? Washington Wise is an original podcast from Charles Schwab that unpacks the stories making news in Washington right now and how they may affect your finances and portfolio. Listen at schwab.com slash Washington Wise.