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Marketing Financial Services to Women - US - November 2012

“Women’s financial needs are not really any different from men’s. Everyone needs to save money, plan for long-term goals, and make investment choices that fit their own needs and personalities. What many women do need, however, is a greater understanding of the financial opportunities that exist for them. Financial institutions and advisers need to learn how to reach them so they can help women take advantage of their opportunities and create a better future for themselves.”

– Robyn Kaiserman, Financial Services Industry Analyst

Some questions answered in this report include:

  • How financially powerful have women become?
  • How does the difference in the way men and women view money and finances impact the industry?
  • Where do women need the most help from financial professionals?
  • How can the industry get women to listen?

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Table of contents

  1. Scope and Themes

      • What you need to know
        • Data sources
          • Consumer data
            • Comperemedia
              • Abbreviations
                • Companies mentioned in this report
                • Executive Summary

                    • The market
                      • Figure 1: Percentage of U.S. female population, by age group, 2007-17
                    • Women are financially stronger than ever
                      • The number of women business owners is growing
                        • Figure 2: Number of women-owned businesses, 1997-2012
                      • There is a retirement crisis looming for women
                        • Figure 3: Total amount in household's savings, retirement savings, and investment accounts, women by age and marital status, August 2012
                      • More women of retirement age plan to work
                        • Figure 4: Attitudes toward retirement, by gender and age, August 2012
                      • More retirement planning help is crucial
                        • Figure 5: Percentage of women citing saving for retirement as a primary goal for the next 12 months, by age, August 2012
                      • Financial decision-making in the household
                        • Figure 6: How financial decisions are made in the household, by gender and age, August 2012
                        • Figure 7: How financial decisions are made in the household, by gender and race, August 2012
                      • Lack of confidence with financial matters is an issue
                        • Figure 8: Confidence in knowledge about financial decision making, females by age, any agree, August 2012
                      • Women and financial advisers
                        • Figure 9: Preference for working with male or female financial adviser, women by age, August 2012
                      • Marketing messages—motherhood is important
                        • Figure 10: Percentage who feel motherhood is the most important job for a woman, by gender, August 2012
                    • Issues in the Market

                        • How financially powerful have women become?
                          • How does the difference in the way men and women view money and finances impact the industry?
                            • Where do women need the most help from financial professionals?
                              • How can the industry get women to listen?
                              • Insights and Opportunities

                                • Retirement planning is a big need
                                  • The number of female business owners is growing
                                    • PFM tools
                                      • Women need help with financial literacy
                                        • More women college graduates
                                          • Women and financial advisers
                                          • Trend Applications

                                              • Trend: The Unfairer Sex
                                                • Industry application
                                                  • Trend: Survival Skills
                                                    • Industry application
                                                      • 2015 Trend—Old Gold
                                                        • Industry application
                                                        • Market Size

                                                          • Key points
                                                            • Female population is projected to increase and get older
                                                              • Figure 11: Number of women in U.S., 2007-17
                                                              • Figure 12: Percentage of U.S. female population, by age group, 2007-17
                                                            • Women control trillions in assets
                                                            • Market Drivers

                                                              • Key points
                                                                • Economic recovery is still slow
                                                                  • Figure 13: Unemployment by gender, August 2011-August 2012
                                                                  • Figure 14: S&P Case-Shiller National Home Price Index, Q2 2011-Q2 2012
                                                                • Women are marrying later—or possibly not at all
                                                                  • Figure 15: Number of newly married adults*, 2009-10
                                                                • More single women homeowners
                                                                  • More women going to college and beyond
                                                                    • Figure 16: Number of actual and projected undergraduate enrollment in degree-granting post-secondary institutions by gender, selected years 1970-2021
                                                                    • Figure 17: Percentage of actual and projected undergraduate enrollment in degree-granting post-secondary institutions by gender, selected years 1980-2021 (projected)
                                                                    • Figure 18: Percentage of actual and projected post-baccalaureate enrollment in degree-granting post-secondary institutions by gender, selected years 1980-2021 (projected)
                                                                    • Figure 19: Percentage of first-time graduate enrollment that is male and female, by race/ethnicity, Fall 2011
                                                                    • Figure 20: Households with wives earning more than husbands, selected years 1990-2010
                                                                  • Financial success has become more important to women
                                                                    • Figure 21: Percentage of men and women, aged 18-64, who consider being successful in a high-paying career to be “one of the most important things” or “very important” in their lives, 1997, 2012
                                                                • Leading Companies—Women-focused Initiatives

                                                                  • Key points
                                                                    • Citibank
                                                                      • Wells Fargo
                                                                        • Charles Schwab
                                                                          • Verity Credit Union
                                                                            • TD Ameritrade
                                                                              • MetLife
                                                                                • Financial advisers
                                                                                  • Bahr Investment Group
                                                                                    • Fairport Asset Management
                                                                                      • &Wealth Partners
                                                                                      • Innovations and Innovators

                                                                                        • Key points
                                                                                          • Pax World
                                                                                            • Charles Schwab & Co.
                                                                                            • Brand Qualities

                                                                                              • Key points
                                                                                                • Women value trust and honesty
                                                                                                  • Partnerships are important
                                                                                                  • Marketing Channels

                                                                                                    • Key points
                                                                                                      • Women and smartphones
                                                                                                        • Figure 22: Smartphone and tablet ownership, by gender, August 2012
                                                                                                        • Figure 23: Smartphone and tablet ownership, by gender and age, August 2012
                                                                                                      • Women and social media
                                                                                                        • Figure 24: Usage of social networks, by gender, January 2012
                                                                                                        • Figure 25: Daily usage of social networks, by gender, January 2012
                                                                                                        • Figure 26: Number of products, corporations, or other products/services that are liked or followed on social networks, by gender, January 2012
                                                                                                        • Figure 27: Activities accessed through a cell phone or tablet, by gender, January 2012
                                                                                                      • Women-focused websites
                                                                                                        • Citibank
                                                                                                          • Wells Fargo
                                                                                                            • TD Ameritrade
                                                                                                              • Bank branches are still important
                                                                                                              • Marketing Strategies

                                                                                                                • Key points
                                                                                                                  • Direct mail
                                                                                                                    • Email and online advertising
                                                                                                                      • Television
                                                                                                                        • Women as moms
                                                                                                                          • Figure 28: Wells Fargo television advertisement, 2012
                                                                                                                          • Figure 29: Chase television advertisement, 2012
                                                                                                                        • Women as business owners
                                                                                                                          • Figure 30: Wells Fargo television advertisement, 2012
                                                                                                                          • Figure 31: Citibank television advertisement, 2012
                                                                                                                        • Additional ads
                                                                                                                          • Figure 32: Wells Fargo television advertisement, 2012
                                                                                                                      • The Consumer—Type of Accounts Owned

                                                                                                                        • Key points
                                                                                                                          • Women are cross-sell opportunities
                                                                                                                              • Figure 33: Accounts owned by household members, by gender, August 2012
                                                                                                                              • Figure 34: Accounts owned by household members, by gender and age, August 2012
                                                                                                                              • Figure 35: Accounts owned by household members, by gender and race, August 2012
                                                                                                                          • Total Amount in Financial Accounts

                                                                                                                            • Key points
                                                                                                                              • Total amount in accounts
                                                                                                                                • Figure 36: Total amount in household's savings, retirement savings, and investment accounts, by gender, August 2012
                                                                                                                                • Figure 37: Total amount in household's savings, retirement savings, and investment accounts, men by age, August 2012
                                                                                                                                • Figure 38: Total amount in household's savings, retirement savings, and investment accounts, women by age, August 2012
                                                                                                                                • Figure 39: Total amount in household's savings, retirement savings, and investment accounts, women by age and employment status, August 2012
                                                                                                                                • Figure 40: Total amount in household's savings, retirement savings, and investment accounts, women by age and employment status, August 2012
                                                                                                                                • Figure 41: Total amount in household’s savings, retirement savings, and investment accounts, by gender and income, August 2012
                                                                                                                            • Attitudes Toward Work and Motherhood

                                                                                                                              • Key points
                                                                                                                                • Women value both motherhood and work
                                                                                                                                  • Figure 42: Attitudes toward motherhood, work, and household tasks, by gender, August 2012
                                                                                                                                  • Figure 43: Attitudes toward motherhood, work, and household tasks, by gender and age, August 2012
                                                                                                                                  • Figure 44: Attitudes toward motherhood, work, and household tasks, by gender and income, August 2012
                                                                                                                                  • Figure 45: Attitudes toward motherhood, work, and household tasks, by gender and education, August 2012
                                                                                                                                  • Figure 46: Attitudes toward motherhood, work, and household tasks, by gender and presence of children, August 2012
                                                                                                                              • Attitudes Toward Retirement

                                                                                                                                • Key points
                                                                                                                                  • Expectations for life in retirement
                                                                                                                                    • Figure 47: Attitudes toward retirement, by gender, August 2012
                                                                                                                                    • Figure 48: Attitudes toward retirement, by gender and age, August 2012
                                                                                                                                    • Figure 49: Attitudes toward retirement, by gender and education, August 2012
                                                                                                                                    • Figure 50: Attitudes toward retirement, by gender and presence of children, August 2012
                                                                                                                                • Attitudes Toward Banks and Banking Services

                                                                                                                                  • Key points
                                                                                                                                    • Branch location near home most important to women
                                                                                                                                      • Figure 51: Attitudes about bank location, by gender, August 2012
                                                                                                                                      • Figure 52: Attitudes about bank location, by gender and age, August 2012
                                                                                                                                  • Attitudes about Investments

                                                                                                                                    • Key points
                                                                                                                                      • Women less conservative than men
                                                                                                                                        • Figure 53: Attitudes about investments and household finances, by gender, August 2012
                                                                                                                                        • Figure 54: Attitudes about investments and household finances, by gender and age, August 2012
                                                                                                                                        • Figure 55: Attitudes about investments and household finances, by gender and age, August 2012
                                                                                                                                    • Preference for Male or Female Adviser

                                                                                                                                      • Key points
                                                                                                                                        • Gender doesn’t matter
                                                                                                                                          • Figure 56: Preference for working with male or female financial adviser, by gender, August 2012
                                                                                                                                          • Figure 57: Preference for working with male or female financial adviser, women by age, August 2012
                                                                                                                                          • Figure 58: Preference for working with male or female financial adviser, women by marital status, August 2012
                                                                                                                                      • How Financial Decisions are Made in the Household

                                                                                                                                        • Key points
                                                                                                                                          • Most women are involved in household financial decisions
                                                                                                                                            • Figure 59: How financial decisions are made in the household, by gender, August 2012
                                                                                                                                            • Figure 60: How financial decisions are made in the household, by gender and age, August 2012
                                                                                                                                            • Figure 61: How financial decisions are made in the household, by gender and marital status, August 2012
                                                                                                                                            • Figure 62: How financial decisions are made in the household, by gender and income, August 2012
                                                                                                                                            • Figure 63: How financial decisions are made in the household, by gender and race, August 2012
                                                                                                                                        • Attitudes about Financial Advice

                                                                                                                                          • Key points
                                                                                                                                            • Attitudes about financial advice
                                                                                                                                              • Figure 64: Attitudes about financial advice, by gender, August 2012
                                                                                                                                              • Figure 65: Attitudes about financial advice, by gender and age, August 2012
                                                                                                                                              • Figure 66: Attitudes about financial advice, by gender and race, August 2012
                                                                                                                                          • Consumer Financial Goals

                                                                                                                                            • Key points
                                                                                                                                              • Financial goals are to save more and pay off credit card debt
                                                                                                                                                • Figure 67: Importance of financial goals for next 12 months, overall, August 2012
                                                                                                                                                • Figure 68: Importance of financial goals for next 12 months, net important, by gender, August 2012
                                                                                                                                                • Figure 69: Importance of financial goals for next 12 months, females by income, August 2012
                                                                                                                                                • Figure 70: Importance of financial goals for next 12 months, net important, by gender and age, August 2012
                                                                                                                                                • Figure 71: Importance of financial goals for next 12 months, by gender and race, August 2012
                                                                                                                                            • Cluster Analysis

                                                                                                                                                • Married Dependents
                                                                                                                                                  • Demographics
                                                                                                                                                    • Characteristics
                                                                                                                                                      • Opportunity
                                                                                                                                                        • Young Planners
                                                                                                                                                          • Demographics
                                                                                                                                                            • Characteristics
                                                                                                                                                              • Opportunity
                                                                                                                                                                • Educated Independents
                                                                                                                                                                  • Demographics
                                                                                                                                                                    • Characteristics
                                                                                                                                                                      • Opportunity
                                                                                                                                                                        • Cluster characteristic tables
                                                                                                                                                                          • Figure 72: Marketing to women clusters, August 2012
                                                                                                                                                                          • Figure 73: Accounts owned by household members, by target clusters, August 2012
                                                                                                                                                                          • Figure 74: Total amount in household's savings, retirement savings, and investment accounts, by target clusters, August 2012
                                                                                                                                                                          • Figure 75: Attitudes toward employment, by target clusters, August 2012
                                                                                                                                                                          • Figure 76: Attitudes toward retirement, by target clusters, August 2012
                                                                                                                                                                          • Figure 77: Attitudes about bank location, by target clusters, August 2012
                                                                                                                                                                          • Figure 78: Attitudes about investments and household finances, by target clusters, August 2012
                                                                                                                                                                          • Figure 79: Preference for working with financial adviser, by gender, August 2012
                                                                                                                                                                          • Figure 80: How financial decisions are made in the household, by target clusters, August 2012
                                                                                                                                                                          • Figure 81: Attitudes about financial advice, by target clusters, August 2012
                                                                                                                                                                          • Figure 82: Importance of financial goals for next 12 months, net important, by target clusters, August 2012
                                                                                                                                                                        • Cluster methodology
                                                                                                                                                                        • Appendix—Trade Associations

                                                                                                                                                                          Companies Covered

                                                                                                                                                                          • American Association of Retired Persons (AARP)
                                                                                                                                                                          • Charles Schwab Corporation
                                                                                                                                                                          • Citibank
                                                                                                                                                                          • LinkedIn
                                                                                                                                                                          • MetLife, Inc.
                                                                                                                                                                          • TD Ameritrade Holding Corporation
                                                                                                                                                                          • Wells Fargo & Company

                                                                                                                                                                          Marketing Financial Services to Women - US - November 2012

                                                                                                                                                                          £3,277.28 (Excl.Tax)