From Boring Money Bulletin October 2017
A Word Association Game
Last month we went to talk to the Wells Angels - one of the youngest WI groups around and not known for taking any prisoners. We asked them to tell us what they thought of when we said the word “investor”.
More surprising is probably the feedback when we ask them which investment brands they have heard of. The results, whilst amusing really highlights why women in the prime of their earning potential feel so under served and unassisted when it comes to making their money work better for them. More striking was that none of them were able to confidently name a retail investment brand.
We know from our Customer Acquisition report that just 12% of women hold stocks and shares ISAs (compared to 19% of men) and yet they are just as likely as men to hold cash savings. Women are more likely than men to feel that investments are too risky (22% vs 17%) and say that they simply don’t understand how to invest (16% vs 13%).
Women are less likely than men to say that they would pick their own investments, saying that they would prefer to use a financial adviser. In terms of investment services, women are less concerned with brand, website, investment choice or cost than men. They are more likely to prioritise security and customer service, along with the ethics of providers!
This is a key market for groups which is so evidently under-served and, at the same time, a huge opportunity. We love talking to this tribe – contact us to see if we can help?