From Boring Money Bulletin August 2017
Money Tribes: Wary Women
Over the next couple of months, we will be exploring our Wary Women tribe – women in their 40s and 50s – to explore what they think about their finances, how they save and invest today and what the barriers are for them when it comes to investments. If we had to sum it up in one word? Confidence. (Or a lack thereof).
- There are 8.8 million women aged 40-59 in the UK
- Only 10% have a Stocks and Shares ISA
- 16% of women across the board have savings and investment products compared to 24% of men
- They are less confident around investing compared to males of the same age
- The average confidence rating was 3.1 out of 5 compared to an average of 3.5 from the chaps
- Only 16% of Wary Women believe they would be able to “explain how financial products work to other people”
As for decision making men are more likely to see financial decisions as a personal and individual responsibility. They are more comfortable in ‘going it alone’ and doing their own research. Women take a more balanced approach. They are more likely to see investing as a joint decision to be shared within the household and place a higher value on the opinion of others, whether a recommendation of friends or family, a financial advisor or a comparison site.
As for brands which resonate, as a group, women prefer non-financial retail brands whilst men tend to prefer specific investment brands.
To find out more about the research we will be undertaking with Wary Women this September, or the research we have done with our other tribes – Dependable Dads, Rebellious Renters and Giving Grandparents, please contact Carmel for further information. We can also map our data and insights to your consumer segmentation if you prefer.