Equal Pay Day: taking action against the gender pay gap

In the lead-up to Equal Pay Day, we’re calling on Peaks customers to invite their friends, sisters, aunts, cousins, teammates, and female colleagues to join Peaks with a €13 starting bonus. This amount symbolises the 13% gender pay gap.

With this campaign, we hope to increase the number of women who have taken steps to ensure a healthy financial future. Financial freedom for everyone means financial equality between men and women. 

What is Equal Pay Day?

On the 15th of November, Europe observes Equal Pay Day, a day that highlights the gender pay gap between men and women. Why the 15th of November? Because from this day onwards, if women in Europe received the same hourly wage as men, they would effectively work the rest of the year for free.

What is the gender pay gap?

The gender pay gap refers to the difference in earnings between men and women. It’s expressed as the percentage by which men, on average, earn more than women. This gap can be measured in various ways.

Unadjusted gender pay gap

A common approach is the unadjusted (or "raw") gender pay gap, which compares the average gross hourly wage of all men to that of all women, without considering differences in education, work experience, hours worked, or job role.

According to the latest Eurostat figures from 2022, the gender pay gap is 13% in the Netherlands and nearly 13% (12.7%) across the EU. This means that, on average, European men earn about 13% more per hour than European women.

The Netherlands is middling

Within Europe, the Netherlands is neither the best nor the worst performer. We’re far from the lowest (Estonia has a pay gap of 21.3%) but also not among the best (in Luxembourg, the gender pay gap is -0.7%, where women actually earn slightly more than men on average).

According to recent Dutch research, the gender pay gap has even slightly increased over the past two years, showing that we’re moving in completely the wrong direction.

Various causes of the gender pay gap in Europe

There are multiple reasons behind the gender pay gap. For example, the principle of ‘equal pay for equal work’ has still not been achieved, and caregiving responsibilities are still disproportionately taken on by women. As a result, many women work part-time. You can read more about the root causes of the gender pay gap and financial inequality in this article about the investment gender gap.

€13 to combat a 13% pay gap

At Peaks, we believe everyone deserves financial freedom—and financial equality should be part of that. Equal pay for equal work and equal opportunities for everyone.

That’s why we’re launching a week-long campaign. We’re calling on all Peaks customers to invite the women around them to join Peaks, offering a €13 starting bonus. With this, we aim to significantly increase the number of women building wealth for the future.

The campaign starts on 8 November 2024 and runs until Equal Pay Day on 15 November 2024.

You can find all terms and conditions for the campaign here.