Why Financial Companies Should Focus on Boomer Women

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:

1. 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).
2. 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.
3. 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. 

 
Smart financial companies are waking up to the value of boomer women clients. 

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.  

 

Comments

[kalamazoo financial planner]

Women should never be underestimated or ignored. Here is another example of that.

[The confidence guru]

WOW: "A man will take care of you financially -- 44%"!!!
No wonder most of the women will throw you away if they can't get you to buy them something!!!!

[Benjamin Skinner]

That's a pretty amazing shift in opinion and beliefs. Personally everyone should rely on themselves no matter what their gender.

[Accounting Practice for Sale]

The statastics dont lie and boomer women have been known to make up a significant portion of the business in a number of the accounting firms in which we have delt with.

[Avril Copperfield]

I think financial services are pretty difficult to sell. The survey results are very interesting. As for me, I like to take care of my own finances. That's right, I show my money who's boss.