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Women today represent a diverse and multifaceted segment of the financial planning marketplace. In fact, women account for 85% of all consumer purchases.1 Furthermore, today’s women are highly educated and more financially empowered than ever before. However, evidence suggests that their financial planning needs are not being met. What does this mean for you? An opportunity!
EARNING POWER – With a gender wage gap of nearly 20%, women today still earn considerably less than men.
SAVING HABITS – Women generally save less and may need to rely on Social Security more than men.
LONGEVITY – Women live longer than men and therefore have a greater concern about outliving their assets.
Despite these challenges, there is a significant opportunity in this market for advisors. Female economic growth represents the biggest emerging market in history yet even with this significant purchasing power, this segment of the market remains largely uninsured or underinsured.
Female buying power, coupled with the influence they have over their family’s financial decisions and their strong desire for financial health and wellness, present a huge opportunity for advisors. For more information on how you can tailor your approach to address the varied needs of women, contact your dedicated Case Design Analyst.