Marketing Financial Services to Women
A recent release of a joint project between Simmons Market Research Bureau and MarketResearch.com, reports that the study, found that women have made major strides toward achieving parity of financial compensation, putting them in a position to soon surpass men in their need for financial services.
Evan Goldfarb, Executive Vice President Marketing and Sales for Simmons Market Research Bureau, says "Generation X and Generation Y women represent new breeds of consumers, careerists, and investors. Capturing their loyalty early means creating a lifelong consumer." The "Women and Finance Project" predicts that women will comprise 59% of total college graduates and control 60% of the wealth in the United States by the year 2010.
Meg Hargreaves, Vice President of Research and Publishing at MarketResearch.com, says "Clearly, there is an enormous opportunity for marketers in the financial services industry to tap into the female market sector." She supports this position with data from "Women and Banking," "Women and Loans," and "Women and Insurance" that shows that
- 56% of women hold savings accounts.
- 32.2% of women age 25-34 have a first mortgage, compared with only 29.9% of men in the same age bracket.
- Women are under-represented in the three main types of insurance coverage: medical, auto and homeowner.
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