Women’s consumer spending is $3.7 trillion and women business owners spending is $1.5 trillion. The current amount of wealth controlled by women is $14 trillion and it will swell to $22 trillion as Baby Boomers age in the next ten years. Businesswomen are driving consumer purchasing because of increasing levels of discretionary income. Working women and women entrepreneurs are the primary decision makers in households, influencing 95% of purchasing decisions. (Women and Diversity WOW Facts 2005)
Women now head more than 51% of US households of high net worth. Women head some 40% of households with assets of more than $600,000. Salaried wives earn at least 50% of household incomes. These women are active investors. (US Census Bureau)
62% of working aged women are likely to consult a financial professional when making investment decisions. Less than half of men do the same. (Women’s Retirement Confidence Survey)
60% of women who purchased insurance products made the decision to do so “entirely on their own.” (Women Insurance Needs Study)
48% of women (vs. 44% of men) will buy their insurance policies through an agent. (Eastern Research Associates Study)
Despite the millions of dollars now being expended to reach women investors, women still lack the information needed to manage their finances. 50% of those who had not consulted a financial professional said that they did not know how to select one. 46% of women worried about trusting advisors. 39% of women did not know whether their consultant was certified or registered by an accredited organization. 50% were uncertain about steps to take if they were to face a serious problem with a financial advisor., (Ernst & Young’s Financial Planning for Women)
89% of women ranked retirement savings among their top three goals. (Bankers Trust)
Delia Passi is president of MedeliaCommunications and former Group Publisher of Working Woman and Working Mother magazines. She is a nationally recognized speaker, sales trainer and author of the Winning Strategies for Marketing and Selling to Women, audio book series. For more information visit www.deliapassi.com .