For decades, women were ignored in the financial industry, be it conscious or not. For so long, men made all the financial decisions and were the bread winners. But we’ve long since shifted into an era where women have become the CEO and CFO’s of everything from their own household to Fortune 500 companies. But women feel differently than men about money and financial services and it affects the way they use and manage their money. Smart financial brands have leaned into this and embraced that women make up a completely different audience with unique financial habits that require unique marketing and messages. Here’s three main ways women use financial services differently that banks and financial brands should consider:
- Women are seeking security not wealth – while men view money goals more with a view to wealth accumulation, women think more of it as a way to take care of their family, improve quality of life and provide security. Leaning into this thought process with messaging is key for financial brands that want to connect with women.
- Women are financial collaborators – women collaborate and consult more when it comes to finances whereas men tend to be a bit more self-directed. So smarts brands have developed product sets that offer tools for planning, consulting, collaboration.
- Women have different cashflow practices – there’s still a gender pay gap so they simply make less money, which leads to less confidence in their savings balance and investments and even basic habits. For example, they may pay off their credit card less often. Products and services that focus on making their lives easier with these cashflow practices in mind will ring true to women.
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