Table of Contents
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
Back to top