Sorry for interrupting, this website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Learn more
Accept & Close

Marketing Financial Services to Women - US - October 2018

"While women’s financial needs are not very different from men’s, they do think about money somewhat differently. Many don’t feel comfortable with talking about it or learning how to manage it. Institutions and advisors need to find ways to reach out to women and send messages that resonate with them so women can take better advantage of opportunities to take control of their financial lives."
- Jennifer White-Boehm, Associate Director - Financial Services

This report looks at the following areas:

  • Women feel less confident about financial matters
  • Women don’t feel valued by their financial institutions
  • Women are not as likely to seek out information

What you get

What's included

Why buy from us?

Succeed

Our reports will provide you with market data, consumer research and competitive intelligence to succeed in your market.

Instant Access

Buy now and you'll have instant access to the information you need to make the right decisions.

Opportunities

Find out what's next in the markets that matter to you: where opportunities lie and what challenges you will face.

Trusted

A business Superbrand, Mintel is a source you can trust. We have been defining and refining the Market Intelligence mix since 1972.

Table of contents

  1. Overview

    • What you need to know
      • Definition
      • Executive Summary

        • Overview
          • The issues
            • Women feel less confident about financial matters
              • Figure 1: Attitudes toward finances, by gender, August 2018
            • Women don’t feel valued by their financial institutions
              • Figure 2: Financial activities, by gender and age, August 2018
            • Women are not as likely to seek out information
              • Figure 3: Source of information, by gender, August 2018
            • The opportunities
              • Help women save for retirement
                • Figure 4: Confidence in savings, by marital status, September 2017
              • Young women are not investing
                • Figure 5: Financial activities, by gender and age, August 2018
              • Affluent women may be willing to switch
                • Figure 6: Financial activities, by household net worth, August 2018
              • What it means
              • The Market – What You Need to Know

                • The female population is expected to increase and get older
                  • Income is rising faster among women
                    • More women are getting degrees
                      • Number of unmarried women is skyrocketing
                        • Female unemployment continues to drop
                          • More women are coming into the labor force
                          • Market Size

                            • The female population is expected to increase and get older
                              • Figure 7: Projected number of women in the US, selected years 2020-60
                              • Figure 8: Projected median age of women, 2020-60
                              • Figure 9: Percentage of total female population, by age, selected years, 2020-60
                          • Market Breakdown

                            • Income is rising faster among women
                              • Figure 10: Median earnings for full-time, year-round workers, by gender, 1996-2016
                            • More women are getting degrees
                              • Figure 11: Number of degrees earned by women, 2007-17
                            • Number of unmarried women is skyrocketing
                              • Figure 12: US Women’s marital status, 2000-17
                            • Unemployment continues to drop
                              • Figure 13: Unemployment rates by gender, 2012-17
                            • More women are coming into the labor force
                              • Figure 14: Number of adults aged 16+ in labor force, by gender, 2016 and 2024 (projected)
                          • Key Players – What You Need to Know

                            • Content targeted to women
                              • Women are still behind in retirement saving
                                • More female advisors may help
                                • What’s Working?

                                  • Content targeted to women
                                    • Banks are partnering with organizations to support and educate women
                                      • First Citizens Bank
                                        • Bank of America
                                        • What’s Struggling?

                                          • Women are still behind in retirement saving
                                            • Figure 15: Steps taken toward retirement planning, by marital status and gender, September 2017
                                        • What’s Next?

                                          • More female advisors may help
                                            • Mercer
                                              • Wells Fargo
                                                • Edward Jones
                                                  • Raymond James
                                                    • Figure 16: Fidelity recruitment mobile ad, September 2018
                                                • The Consumer – What You Need to Know

                                                  • Women are less likely to be involved in household financial decisions
                                                    • Women are not as likely to seek out information
                                                      • Planning for immediate needs is first priority
                                                        • Women don’t feel valued by their financial institutions
                                                          • Travel is first preference for discretionary money
                                                            • Women view money differently than men
                                                              • Single women are most vulnerable
                                                              • Responsibility for Financial Decisions

                                                                • Women are less likely to be involved in household financial decisions
                                                                  • Figure 17: Decision-making responsibility, by gender and marital status, August 2018
                                                                • Women with higher household incomes make more joint decisions
                                                                  • Figure 18: Decision-making responsibility, by household income, August 2018
                                                                • Single women more likely to make all decisions
                                                                  • Figure 19: Decision-making responsibility, by marital status, August 2018
                                                              • Learning About Financial Services

                                                                • Women are not as likely to seek out information
                                                                  • Figure 20: Method of learning about managing personal finances, by gender, August 2018
                                                                • Older women rely more on professionals
                                                                  • Figure 21: Method of learning about managing personal finances, by age, August 2018
                                                              • Financial Priorities

                                                                • Planning for immediate needs is first priority
                                                                  • Figure 22: Top financial priorities, by ranking, August 2018
                                                                • Hispanic women less likely to focus on retirement savings
                                                                  • Figure 23: Top financial priorities, by Hispanic origin, August 2018
                                                                • Student loans are on the minds of young women
                                                                  • Figure 24: Top financial priorities, student loans, by generation, August 2018
                                                                • Affluent women are focused on retirement
                                                                  • Figure 25: Top three financial priorities, by rank, August 2018
                                                              • Financial Activities

                                                                • Women don’t feel valued by their financial institutions
                                                                  • Figure 26: Financial activities, by gender and age, August 2018
                                                                • Affluent women may be at risk for switching
                                                                  • Figure 27: Financial activities of affluent women, August 2018
                                                                • Hispanic women are more likely to use one brand
                                                                  • Figure 28: Financial activities, by Hispanic origin, August 2018
                                                                • Young women are not investing
                                                                  • Figure 29: Financial activities – Stock market investing, by gender and age, August 2018
                                                                  • Figure 30: Vanguard online ad, May 2018
                                                              • Spending Preferences

                                                                • Travel is first preference
                                                                  • Figure 31: Spending preferences, August 2018
                                                                • Millennials are focused on debt
                                                                  • Figure 32: Spending preference for debt repayment, by generation, August 2018
                                                                • Household income affects preferences
                                                                  • Figure 33: Spending preferences, by household income, August 2018
                                                              • Attitudes toward Financial Management

                                                                • Women view money differently than men
                                                                  • Figure 34: View of money, by gender and age, August 2018
                                                                  • Figure 35: Gerber Insurance direct mail, September 2018
                                                                • Women need help, but don’t want any
                                                                  • Figure 36: View of money, by generation, August 2018
                                                                • Single women are most vulnerable
                                                                  • Figure 37: Comfort with money management, by marital status, view of money, by gender, August 2018
                                                                • Urban women are more interested in women-specific efforts
                                                                  • Figure 38: Interest in women-specific efforts, by geographic location, August 2018
                                                                • Those most confident learned by doing
                                                                  • Figure 39: Confidence in financial services knowledge, by source of information, August 2018
                                                              • Appendix – Data Sources and Abbreviations

                                                                • Consumer survey data
                                                                  • Direct marketing creative

                                                                  Marketing Financial Services to Women - US - October 2018

                                                                  £3,435.47 (Excl.Tax)