H.M. Queen Máxima of the Netherlands, the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA), traveled to Paris to participate in Mastercard's European Advisory Board’s roundtable meeting on financial health on 27 October 2023.
The roundtable convened prominent leaders from European financial services providers (FSPs) to discuss the state of consumer financial health in key markets and explore innovative business solutions. The meeting also considered ways for FSPs to assess the financial health of their clients. Additionally, the UNSGSA held separate bilateral meetings to discuss these issues with Asian and Latin American FSP leaders.
For many worldwide, poor financial health is a pervasive problem. In low- and middle-income economies, slightly over half of adults can address unexpected financial needs within 30 days (2021 Global Findex).
The situation is also concerning in high-income nations. In the United States, financial health declined, with only 30% of Americans deemed financially healthy in 2023, down from 34% in 2022, according to the Financial Health Network. Similarly, in Europe, over a third of consumers lack savings products, and more than half express concerns about retirement financial security (The European Insurance and Occupational Pensions Authority (EIOPA) Consumer Trends Report 2022).
This gathering offered a platform for participants to exchange perspectives and insights, identifying opportunities for future action and collaboration.
The roundtable included approximately 20 senior-level representatives, all of whom are members of Mastercard’s European Advisory Board. The meeting was closed doors.