Savvy but underserved – why brands need to invest in female investors07 Feb 2018, Posted by Finance in
This week Dame Helena Morrissey, Head of Personal Investing at Legal and General Investment Management, author of ‘A Good Time to be a Girl’ and founder of the 30% club, was interviewed on BBC Radio 4 talking about the woeful lack of women investing their money and we couldn’t agree more.
Women are the most powerful consumers. They drive the world’s economy, controlling $20 trillion in annual consumer spending. And their economic impact is growing each year. For the visually orientated amongst us, women represent a growth market bigger than China and India combined.
There is no getting away from the fact that women are very good money makers and, what’s more, they are good at holding on to it too. Recent research by SuperHuman highlighted that as many as 80% of women, across a cross-section of ages, always look for a deal or bargain when shopping.
Where are all the female investors?
So far so good, yet, when it comes to investment (and this is different from saving which women kick ass at) this asset rich, savvy group feel vulnerable and are most definitely missing out. But why is there a lack of female investors?
Women tend to:
– over-estimate risk and don’t take enough risk,
– lack confidence in decision making,
– hand over control to partners and parents and
– find investment boring and complex.
Furthermore, at a recent focus group with some very switched on women, SuperHuman discovered that, from a communications perspective, traditional financial marketing and editorial doesn’t connect with most women. This is a major barrier to women investing.
“Women find the whole area of finance quite scary and off-putting. There is a lot of jargon. Speaking the right language to women, a language that isn’t all dressed up in jargon that is impossible to understand, will go a long way. But there also has to be an emotional engagement, connected to something they want to do.”
Dame Helena Morrissey speaking about female investors on BBC Radio 4’s Women’s Hour
So, what can brands do to help women invest?
Make it relatable.
Take investment out of the financial and money pages and make it relevant to women’s lives. Focus on the end benefit not the data.
Talk to them where they are comfortable.
Focus on places they already go to talk and address issues and bring it to the table in a way that is relatable and relevant.
Make it human.
The use of jargon and overcomplicated data is often unnecessary and confuses everybody, regardless of their gender.
Community is key.
Women like to seek out others and discuss solutions. Make sure community is at the heart of your communication.
How does your communication strategy stack up?
Get in touch to find out more about how SuperHuman can help you effectively communicate to women.