There’s no denying women are the next financial superpower. As demonstrated in the findings of the Intuit 2020 Report: The Future of Financial Services, women will be in the spotlight over the next decade as key financial decision makers. With Gen Y women projected to dominate higher education graduation rates and professional workforce entry, women are poised to take control of financial responsibility both as household CEOs, consumers and business decision makers fueling the She-conomy.
The Intuit 2020 Report also projects that by the year 2020, 60 percent of baby boomers will be women, the majority of whom will work beyond the traditional retirement age by starting small businesses and re-entering the workforce. Credit Union Magazine recently highlighted similar findings from the CUNA Marketing and Business Development Council which states that baby boomer women will control two thirds of consumer wealth over the next decade. Mary Brown and Carol Orsborn’ s book, Boom: Marketing to the Ultimate Power Consumer—the Baby Boomer Woman, supports this claim and outlines six important insights financial institutions might not know about their female boomer customers. We’ve included a few below.
- Many boomer women are at the peak of their earning potential. Eight of 10 say they don’t plan to retire.
- Many boomer women will manage inheritances from parents and husbands, as most will outlive their husbands by six to nine years.
- Women ages 35 to 54 years old made up the highest proportion of web surfers. Direct catalog marketers estimate that women constitute 70% of online purchasers, the majority of whom are boomers.
- Boomer women aren’t set in their ways. According to the Center for Women’s Business Research, 68% of women over age 35 old say that the older they get, the more they enjoy trying new things.
You can read the full list here.
How are you helping your female boomer customers? Do you have any advice on how to market your services to this female population?
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