Klara aims to be a role model for women who want to be financially independent
Klara Maria Gerstl is 20 years old and has been working as a customer advisor at Erste Bank since graduating from school. Alongside her job, she is pursuing her bachelor's degree part-time. In her free time, she is passionate about playing rugby and enjoys being active in nature. Financial education for women is a topic close to her heart.
Klara, where are you from?
I grew up in Vienna. I’m a city person. And I come from a large family. I have three siblings, and my mother has 16 siblings – being part of a big family is part of who I am. I’ve learned to look out for each other, to be considerate. To ask: How are the others doing right now?
Why is the topic of financial education so important to you?
I grew up in a loving family with a traditional division of roles at the time. My father earned the money, bought the apartment, took out a loan. Back then, I asked myself: What happens if one of them is no longer there? If something goes wrong? If they go separate ways? You hope it doesn’t happen, but what if it does? That really shaped me.
When did you realize that you want to be financially independent as a woman?
I was 14 years old and there was a crisis between my parents. That’s when I realized: I want to be financially independent as a woman. I don’t want to live the way everyone around me does. The woman stays at home, goes on maternity leave, the man gets promoted, earns significantly more money. That has to change at some point. My financial independence was very important to me.
Women, men and finances: How did you experience that?
I did my training at a business and tourism school, and it was very clear that there was a division: tourism is the world of women and business is the world of men. That was unmistakable.
You’re a woman? Then business topics are secondary for you. You’re a man? Then you belong in business.
Back then, I also did an internship in the tourism industry and saw: all the leadership positions were held by men, and all the work was done by women. That’s when I thought: This has to change!
How did you get into the financial industry?
My cousins encouraged me to apply to a bank. That’s how I ended up at ERSTE Bank and quickly realized: This is what interests me!
What needs to change?
Financial education is not part of the school curriculum. And that should change. It needs to be promoted. Financial literacy should start as early as possible and be part of the curriculum. Questions like: What does it mean if I work part-time? What does it mean if I have a child?
Then the topic of the gender pay gap: In a still prevalent traditional family model, my suggestion is that the father should contribute to the woman’s pension fund if she is working part-time and taking care of the children. That would be a great solution to prevent women from falling into poverty. This option exists, but it’s voluntary and few people even know about it.
It’s also still not standard for every woman in Austria to have her own bank account. It should be possible for every woman to have her own account and be able to manage her own money.
And finally, we also need more female role models in the financial industry. The financial world is still so male-dominated, and female visibility is so important to be able to see yourself in those role models.
That could make a big difference.
Why is the promotion of women necessary?
There is still too little awareness when it comes to the gender pay gap and the gender pension gap. In addition, much of it happens unconsciously, and we all need to confront our biases. That’s why initiatives that address these issues are necessary.
That’s why I think it’s great that ERSTE considers a female quota. And that women are getting into leadership positions. That’s very important to me.
You are an ambassador for the financial education initiative she invests. What is important to you about this role?
I was very happy when I came across she invests. I’ve always been interested in the topic. I’m now an ambassador for she invests for the branches of Erste Bank. I try to raise more awareness and also encourage employees to discuss these topics with their female customers, to invite them to webinars. I want to make a difference.
There are many female customers who come to us needing a loan because they can no longer afford their lives. And I believe it’s our responsibility to educate them so they don’t end up in that situation in the first place.
What is your motto?
It’s never too late. No matter what you want to change, it’s never too late. If you want to go on a great trip, then take the trip. But also in terms of finances: Start saving, make a change. It’s never too late. I’d rather start today than not at all.
Where are you going?
I want to be a role model for women who want to be financially independent. The topic of finance is still seen as something that only concerns men in suits. And I want to show that there’s another way. That it’s not just a men’s issue, but also a women’s issue. I want to make a difference, especially for young women.
Thank you, dear Klara, for the lovely conversation!