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.

[Bella]

Thanks for your sharing, this article is very good, I !like it very much, as you learn a lot.

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[Snehal]

Hi,I am one of the Baby Boomers you speak of. After just 2 years in my network manertikg company I matched my income from my counseling business and was able to retire after all. I had been very stressed prior to this thinking I would never be able to stop working (as so many Boomers fear today). Network manertikg has changed my life and I have authored or co-authored 2 books about it License to Retire for Baby Boomers, and License to Dream for women of all ages. Today I travel, work with teams of people I choose, and love helping others on the road to financial freedom.

[Tore]

To me, as a person who likes to take a long view of tnhigs, the interesting questions are how church-going came to be normative in the first place, and why it has stayed that way much longer in some places (say, rural and Southern US) than others (like most of Europe).My impression is that many people used to go because it was simply the thing to do and all their neighbors went, rather than because of any deep personal need; and what will remain of church once all of these (forgive me, I call them pew potatoes ) have stopped going may be something healthier and more meaningful than it ever was before

[Davaughn]

Would those of us who are committed inasstutiontliits be able to expect that the something meaningful folks may be looking for might at some point involve SOME work on behalf of the church? Not right away of course! Some of us get a little tired of doing all the work of providing a place for people who seem only want to enjoy themselves. Can these folks (and it's not just young folks) understand that our churches cannot sustain themselves, much less offer relevant programming, without their involvement at some level?