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Women have on average 24% less pension assets than men. The successful entrepreneur Mie Ejdrup, one of the founders behind the forward-looking digital jewellery platform, Finematter, wants to do her part to close that gap.
Read how and why right here.
Danes are living longer and are living more of their years as pensioners. This should be a happy story about living a longer and contented life. But unfortunately, the picture isn’t so rosy. The fact that the Danes aren’t saving equally, women tend to live longer than men, and they are saving less. For many, life as a pensioner can easily turn sour with a cut in lifestyle, or force some back into work to make things meet.
Women are expected to be hit hard especially hard due to a combination of a longer life expectancy, and because they saved up less funds for their retirement than men; on average 24% less according to ATP. Women live 2,7 years longer averagely than men, they leave the job market 1,6 years earlier than men, and bear the biggest burden when it comes to maternity leave which means more and longer periods without pension payments. These factors combined mean that women face retirement with more economic uncertainty than men.
“From the start it was important for us to lead by example and make pension contributions on behalf of our employees, but also for them to be able to increase the contributions themselves. We believe that is important, both for the individual employee, and also for society as a whole.”
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The pension gap first caught the attention of Mie Ejdrup after reading the bestseller ‘The 100-Year Life’ by Lynda Gratton and Andrew Scott. The book is about living and working in an age where most people can expect to live to 100:
“It was truly shocking for me to read just how big the difference was between the amount men and women put aside for retirement. Women end up being in a significantly worse position when they retire. The book was a turning point in my own pension situation, I started paying more into my pension, I invested in real estate, and in generally became more focused on my economic future.”
Not only did the book make Mie Ejdrup scrutinize her own savings situation. It also motivated her to create greatly improved pension conditions for her employees after she became a successful entrepreneur.
“From the start it was important for us to lead by example and make pension contributions on behalf of our employees, but also for them to be able to increase the contributions themselves. We believe that is important, both for the individual employee, and also for society as a whole. In addition to women saving up less for retirement than men, it is also a well-known problem in society that entrepreneurs and employees in small businesses save little or nothing for retirement, and naturally we would like to help change that.”
“My best advice is not to put all your eggs in one basket when it comes to your savings. It’s your choice whether your savings consists of art, stocks, gold, diamonds, real estate, or a company- and or a private pension. As long as it is made up of several different things, you’ll have a solid economic foundation to retire on.”
Unlike many start-ups, the two founders of Finematter, Mie Ejdrup and her friend Caroline Chalmer chose to prioritize pension for their employees from the very beginning. Despite of the fact that the company launched in the spring of 2020 in the middle of a global pandemic.
“Of course it was nerve wrecking to launch a company in the middle of the Covid crisis. But on the bright side we got an opportunity to really think through what type of company we wanted to be. It was important for us to do things differently. We wanted to create a modern company with way more freedom, where there’s unlimited holidays, no expansion policy, a hybrid work model, and of course where the employees get pensions.”
Besides starting a pension savings plan as early as possible, Mie Ejdrup has one other piece of good advice, that she hopes we’ll all learn from - for our own sake:
”My best advice is not to put all your eggs in one basket when it comes to your savings. It’s your choice whether your savings consists of art, stocks, gold, diamonds, real estate, or a company- and or a private pension. As long as it is made up of several different things, you’ll have a solid economic foundation to retire on.”
Friends Mie Ejdrup and Caroline Chalmer started Finematter in 2020, with a desire to change the jewellery industry to produce exclusive jewellery made by skilled designers from all over the world accessible to everyone.
Finematter is a go to destination for everything jewellery. Today Finematter encompasses 50 designers, guides to styling, vintage jewellery, jewellery gilding, and much more.
Finematter has chosen Grandhoods Mix’n’Match pension plan which gives employees a high degree of choice when it comes to payments and insurances.
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