Did you know that women account for 85% of all consumer purchases including everything from stocks, computers, and automobiles!
Women today represent a diverse segment of the financial planning marketplace. Today, women hold a variety of roles, including entrepreneur, professional, head of household, and/or primary caregiver – just to name of a few. Today’s women are highly educated and more financially empowered than ever before.
Although these trends seem positive, women still have challenges that need to be addressed.
Earning Power & Retirement Savings
Women earn an average of $0.80 to every $1 earned by men in 2016. Due to this trend, women are saving less for retirement and are more likely to leave the workforce to care for children, parents, or disabled loved ones!
Women statistically live longer than men and therefore have a greater concern about outliving their retirement assets. With a reduced earning power and limited retirement assets, you can see why longevity is a real fear. Did you know that 50% of women over the age of 65 outlive their husbands by 15 years yet often have less coverage than males!
Only 36% of women surveyed said that they trusted their financial advisor, which explains that, while most women said they did not intend to leave their financial advisor if their husband died, within a year of being widowed as many as 70% actually did so!
Learn more about the opportunities within this market and check out the marketing resources!