What Women Want (From Banks and Credit Unions, at Least)
by Julia Verbrugge
As a member of Gen-Y, I’m keenly aware that women are a growing force in the workplace, and that they’ve become a majority on college campuses in America. This is fairly common knowledge, but what I didn’t know was that ninety-five percent of women are financial decision makers in their household, or that women control $8 trillion in assets in the U.S. and are expected to control $22 trillion by 2020.
After conducting some preliminary research, I quickly realized that the relationship between women and financial institutions is definitely one worth discussing. So banks and credit unions, listen up, because now is the time to be thinking about one of the most important growth markets: women.
While I can’t explain the intricacies of the ever-enigmatic female mind (and don’t we all wish someone could), I can shed some light on how it works in regards to finances. As illustrated by numerous sources, it is clear that women have a different perspective than men when it comes to money and wealth. A BCG white paper, “Leveling the Play Field: Upgrading the Wealth Management Experience for Women”, reports that women don’t necessarily seek to accumulate money; instead, they view it as a way to provide for their families and improve their lives.
Women also want different things when it comes to their relationships with financial institutions. For one, most desire banking relationships rooted in empathy and personalized advice, seeking advice to fulfill their long-term goals. Men, on the other hand, tend toward more business-oriented relationships with financial institutions.continue reading »