Table of Contents
Scope and Themes
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- What you need to know
- Data sources
- Consumer data
- Comperemedia
- Abbreviations
- Companies mentioned in this report
Executive Summary
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- The market
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- 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
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- Figure 2: Number of women-owned businesses, 1997-2012
- There is a retirement crisis looming for women
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- 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
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- Figure 4: Attitudes toward retirement, by gender and age, August 2012
- More retirement planning help is crucial
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- 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
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- 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
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- Figure 8: Confidence in knowledge about financial decision making, females by age, any agree, August 2012
- Women and financial advisers
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- Figure 9: Preference for working with male or female financial adviser, women by age, August 2012
- Marketing messages—motherhood is important
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- Figure 10: Percentage who feel motherhood is the most important job for a woman, by gender, August 2012
Issues in the Market
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- 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
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- 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
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- Trend: The Unfairer Sex
- Industry application
- Trend: Survival Skills
- Industry application
- 2015 Trend—Old Gold
- Industry application
Market Size
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- Key points
- Female population is projected to increase and get older
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- 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
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- Key points
- Economic recovery is still slow
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- 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
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- Figure 15: Number of newly married adults*, 2009-10
- More single women homeowners
- More women going to college and beyond
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- 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)
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- 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
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- 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
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- 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
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- Key points
- Pax World
- Charles Schwab & Co.
Brand Qualities
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- Key points
- Women value trust and honesty
- Partnerships are important
Marketing Channels
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- Key points
- Women and smartphones
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- 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
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- Figure 24: Usage of social networks, by gender, January 2012
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- 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
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- 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
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- Key points
- Direct mail
- Email and online advertising
- Television
- Women as moms
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- Figure 28: Wells Fargo television advertisement, 2012
- Figure 29: Chase television advertisement, 2012
- Women as business owners
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- Figure 30: Wells Fargo television advertisement, 2012
- Figure 31: Citibank television advertisement, 2012
- Additional ads
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- Figure 32: Wells Fargo television advertisement, 2012
The Consumer—Type of Accounts Owned
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- Key points
- Women are cross-sell opportunities
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- Figure 33: Accounts owned by household members, by gender, August 2012
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- Figure 34: Accounts owned by household members, by gender and age, August 2012
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- Figure 35: Accounts owned by household members, by gender and race, August 2012
Total Amount in Financial Accounts
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- Key points
- Total amount in accounts
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- Figure 36: Total amount in household's savings, retirement savings, and investment accounts, by gender, August 2012
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- 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
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- Figure 39: Total amount in household's savings, retirement savings, and investment accounts, women by age and employment status, August 2012
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- Figure 40: Total amount in household's savings, retirement savings, and investment accounts, women by age and employment status, August 2012
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- Figure 41: Total amount in household’s savings, retirement savings, and investment accounts, by gender and income, August 2012
Attitudes Toward Work and Motherhood
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- Key points
- Women value both motherhood and work
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- Figure 42: Attitudes toward motherhood, work, and household tasks, by gender, August 2012
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- Figure 43: Attitudes toward motherhood, work, and household tasks, by gender and age, August 2012
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- 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
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- Figure 46: Attitudes toward motherhood, work, and household tasks, by gender and presence of children, August 2012
Attitudes Toward Retirement
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- Key points
- Expectations for life in retirement
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- Figure 47: Attitudes toward retirement, by gender, August 2012
- Figure 48: Attitudes toward retirement, by gender and age, August 2012
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- 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
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- Key points
- Branch location near home most important to women
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- Figure 51: Attitudes about bank location, by gender, August 2012
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- Figure 52: Attitudes about bank location, by gender and age, August 2012
Attitudes about Investments
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- Key points
- Women less conservative than men
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- Figure 53: Attitudes about investments and household finances, by gender, August 2012
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- 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
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- Key points
- Gender doesn’t matter
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- Figure 56: Preference for working with male or female financial adviser, by gender, August 2012
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- 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
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- Key points
- Most women are involved in household financial decisions
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- Figure 59: How financial decisions are made in the household, by gender, August 2012
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- Figure 60: How financial decisions are made in the household, by gender and age, August 2012
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- Figure 61: How financial decisions are made in the household, by gender and marital status, August 2012
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- Figure 62: How financial decisions are made in the household, by gender and income, August 2012
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- Figure 63: How financial decisions are made in the household, by gender and race, August 2012
Attitudes about Financial Advice
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- Key points
- Attitudes about financial advice
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- Figure 64: Attitudes about financial advice, by gender, August 2012
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- Figure 65: Attitudes about financial advice, by gender and age, August 2012
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- Figure 66: Attitudes about financial advice, by gender and race, August 2012
Consumer Financial Goals
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- Key points
- Financial goals are to save more and pay off credit card debt
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- Figure 67: Importance of financial goals for next 12 months, overall, August 2012
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- Figure 68: Importance of financial goals for next 12 months, net important, by gender, August 2012
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- Figure 69: Importance of financial goals for next 12 months, females by income, August 2012
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- Figure 70: Importance of financial goals for next 12 months, net important, by gender and age, August 2012
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- Figure 71: Importance of financial goals for next 12 months, by gender and race, August 2012
Cluster Analysis
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- Married Dependents
- Demographics
- Characteristics
- Opportunity
- Young Planners
- Demographics
- Characteristics
- Opportunity
- Educated Independents
- Demographics
- Characteristics
- Opportunity
- Cluster characteristic tables
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- Figure 72: Marketing to women clusters, August 2012
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- Figure 73: Accounts owned by household members, by target clusters, August 2012
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- 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
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- Figure 76: Attitudes toward retirement, by target clusters, August 2012
- Figure 77: Attitudes about bank location, by target clusters, August 2012
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- 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
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- Figure 80: How financial decisions are made in the household, by target clusters, August 2012
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- Figure 81: Attitudes about financial advice, by target clusters, August 2012
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- Figure 82: Importance of financial goals for next 12 months, net important, by target clusters, August 2012
- Cluster methodology
Appendix—Trade Associations
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