Marketers have a great deal of catching up to do when marketing financial services to women. They need to earn their loyalty now.
While women have done much toward achieving high positions in the workplace and equal pay to men, the financial sector is not turning its attention to this major developing market. This was revealed in new a new study, Women and Insurance - part of the Women and Finance series - carried out jointly by Simmons Market Research Bureau and MarketResearch.com. Women and Finance predicts that, by 2010, women will control 60% of the wealth in the US, and six out of ten college graduates will be women.
The financial services industry should turn its attention to the female market sector, advises Evan Goldfarb, executive VP (marketing & sales) for Simmons Market Research Bureau. "Generation X and Generation Y women represent new breeds of consumers, careerists, and investors. Capturing their loyalty early means creating a lifelong consumer."
And according to Meg Hargreaves, VP of research and publishing at MarketResearch.com, "Women and Banking found that only 56% of women hold savings accounts, while Women and Loans showed that 32.2% of women age 25-34 have a first mortgage, compared with only 29.9% of men in the same age bracket. And now Women and Insurance tells us that women are under-represented in the three main types of insurance coverage: medical, auto and homeowner. Clearly, there is an enormous opportunity for marketers in the financial services industry to tap into the female market sector."