Interview with Lieke Danenberg, co-founder and owner of Elfin

"Did you know that men mainly play to win, and women play not to lose? Women have a completely different approach to dealing with money," says Lieke Danenberg, owner of Elfin, one of the largest financial platforms for women in the Benelux. "Financial providers don't do much with that. They mainly focus on men."

The financial platform for women Elfin has a social mission: to help 1 million women become financially independent. This is because co-founder Lieke Danenberg believes that the world will be a nicer place if women have more money, and therefore more options, opportunities and choices. 

How did your own journey to financial independence begin?
"When my accountant pointed out to me the importance of pension accrual. I had absolutely no appetite for that. I had just started doing business and needed to think about retirement. When I searched online for information, I mostly found examples tailored for men and little content that appealed to me as a young woman. At the same time, I also saw that there are so many different ways to grow your wealth and build retirement, which opened an entirely new world for me. That gave me an idea. Together with a co-founder, we decided to create a safe place where women could talk openly about financial matters. We saw how great the need was and set our goal: to help 1 million women become financially independent."

And? How's that mission coming along?
"We offer a lot of free content on investing, retirement and financial planning. We also work with certified experts and financial institutions. We receive no commission on products purchased by our members that we refer to, in order to maintain our independence. With 150,000 monthly visitors, 1,500 subscribers and a fast-growing community of some 15,000 women, we already have a huge impact." 

What hurdles do women face financially?
"For a start, they have low financial self-confidence. Many women think financial matters are not for them. CBS research shows that 80% of Dutch people think women should not work more than 28 hours. And 58% think women's finances are under the control of the male partner. This is deeply rooted in our culture (It was only in 1957 (!) that women in the Netherlands were given legal protection to keep their salary or take out their own insurance or mortgage Red.). In addition, women have little time. They have many roles to fulfil like being a mother, employee and a partner. Managing finances is often not high on their list, until they are forced to do so by divorce or loss of a partner. Finally, financial institutions mainly focus on men. That too does not help women become financially literate. A global survey shows that 86% of financial institutions mainly target men. Women often miss out because of this."

So how do you get women to deal with finance?
"We don't talk about 'becoming a millionaire', but about 'realising your dream life'. Women are often more motivated when they can link money to a personal goal: early retirement, travelling with their children or investing sustainably. Women also especially want to protect: their family, their parents' health, you name it. We recently conducted a survey with market research firm Motivaction on why men and women want to be financially fit. For women it was because it allows them to make their own choices; for men there was not a key driver.”

What key advice would you give to women aiming to become financially stronger?
"Make sure you have a clear goal. What do you want to achieve? Retire earlier? Buying a house? Make it visual so you stay motivated. In addition, don't just think about saving money, but also think about how to earn more. Many women focus on how to save money, while extra income has much more impact. So, negotiate your salary and find additional sources of income. But also: invest smartly. It's not about getting rich quick, but long-term planning. We teach women to understand risk and return so they can make conscious choices. To conclude: start small, learn step by step and make money an issue you can control. It's not only about later, but also about now."