Many industries largely ignore boomer women. While this is not smart, the fact that the financial industry largely ignores boomer women is shocking.
Boomer women are going to control all the money - seriously.Three trends point to the importance of the boomer women market:
- Boomer women are earning more money than ever. They are highly educated, moving up the corporate ladder and starting their own businesses (quite successfully I might add).
- Boomer women are controlling more money than ever. Not only are they running the household finances, they are participating in long-term financial planning as well.
- Boomer women are inheriting more money than ever. They're getting a double inheritance from their parents and from their husbands who they are outliving.
In my Women and Finance survey with VibrantNation.com, we asked women 50 plus what they were raised to believe:
- You have to take control over your own finances -- 56%
- A man will take care of you financially -- 44%
We followed up and asked what they believe now:
- You have to take control over your own finances -- 97%
- A man will take care of you financially -- 3%
That's right, 97% now believe you have to take control of your own finances.
If you're wondering how you or your company can do a better job of attracting and selling to boomer women, my new book about selling financial services to women will be out this fall.
In the meantime, Stephen Reily at Vibrant Nation has some more insight into booomer women and finance.