In honor of National Financial Literacy month and amidst the backdrop of soaring women’s workforce participation hitting an all-time high of 77.8% in 2023, the conversation around financial independence and retirement planning takes on new significance. Young women are highly invested in saving and planning for life’s major milestones such as buying a home, new automobile, and planning for retirement. And although they may be savings savvy, researchers at Yale found that single women see significantly lower returns from buying and selling real estate than single men — paying 2% more and selling for 2% less, on average! Plus, when it comes to retirement, Goldman Sachs found that women are historically impacted by the wage gap, taking time off to raise children, plus having to retire early for health reasons.
It's clear there’s an immediate need for financial literacy education for women. In fact, researchers found that eight-in-ten Gen Z women and 76% of Millennial women say their financial plan needs improvement and could benefit from professional advice. Financial institutions and insurance brands benefit from building long-term, trusting relationships with these consumers. Why?
Women tend to be more loyal to brands than men, they are also the primary household decision makers – so, even if they do choose to marry, it’s likely they will continue to expand their relationship with financial and insurance partners as their family grows. Finally, women want to be understood. Connecting with them on their terms and emphasizing messaging and services to resonate more with women, demonstrates that you “get” them and understand their unique needs.
When it comes to financial services, women are underserved. According to the Financial Alliance for Women, 73% of women are dissatisfied with their financial service providers. Plus, 71% are dissatisfied with additional services they receive from investment, insurance and credit card providers.
Experiential marketing activations that create safe spaces for women to connect with financial services brands, address their needs, and make time to truly listen will be welcomed by these communities. Smaller, more intimate activations that invite women in are an opportunity for financial brands to hear what’s important to women, and then utilize that information to create better, more relevant product or services.
Although women over index for attending community-based events, they are also connected to larger communities through festivals, music, arts, and food events. Out-of-the-box thinking around how to connect with larger communities of women through their passions is another opportunity for financial and insurance brands. Although sponsoring an artist like Pink or activating at Art Basel may not seem likely on the surface, women are often unified in support of artists and performers, and your support can go a long way in showing that you understand why women are often so passionate about these performers and their message.
Storytelling is one of the most powerful ways to generate empathy, understanding, and connection. Leverage the power of women’s stories to show your support. For example, after conducting a survey that found their female employees felt uncomfortable expressing professional ambition, American Express wanted to change the perception around ambition, turning it from something were uncomfortable expressing to something to they should feel proud of.
To do this, they tapped Inspira to create a global experiential event that included programming, guest speakers and panel discussions, concluding the experience with a happy hour that featured a dozen women-owned small businesses sampling their products. The activation was supported with social media posts featuring employees and the women entrepreneurs talking about how ambition drove them to be where they are today, eliminating any stigma around women’s ambition.
There isn’t only one way to uplift women and support their financial goals, but experiential activations can significantly help brands authentically connect with their target audience and amplify a brand’s commitment to that community. Reach out today to discover how Inspira can help your brand achieve its goals in innovative and exciting ways.
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