- Study examined the key drivers for over 200 women when it comes to considering financial services in their daily lives
- Majority of financial services marketing efforts miss the mark, with only 8% of women being motivated by increasing social status
- Lack of knowledge and fear of making wrong decisions the biggest barriers for the majority of women
Security, openness and inclusion are the most crucial factors that women look for when obtaining financial services in their daily lives, a report produced by Futura, Solaris’s network for women in fintech has discovered.
The study, titled ‘Finance for Everyone’ aimed to discover the key influencers that women look for when taking out financial services. The research collected responses of 221 women through a mixture of qualitative and quantitative methods. The average respondent age was 33 and typically had an above average level of knowledge and comfort with financial services products due to working in the fintech sector.
When it came to evaluating what women typically want from financial services, building financial security was the main factor noted by 77% of respondents ahead of wanting to grow their money in the long term. Saving for retirement was third most popular at 68% with protecting themselves from inflation and other crises being acknowledged by 47%.
By contrast, just 8% of respondents said they’re motivated by increasing social status (8%). The low number of respondents who are interested in increasing their social status is especially significant because it demonstrates how, despite assurances that their products are gender neutral, financial services businesses often miss the mark completely, even when it comes to marketing.
Alicia Close, Senior Manager, Cards Business at Solaris said: “There is at least $330 billion annual global revenue waiting to be unlocked by giving women better access to finance. It's time to ask the question, 'Where are the products that serve them?' This research reveals refreshingly simple yet powerful solutions that providers can start turning to in order to remove the barriers for women within current financial services products.”
When Futura analysed the factors that appeal most for women to use financial products, simplicity was the most important factor – noted by a huge 88% of respondents, ahead of accessibility (77%), flexibility (63%) and security (58%).
When it comes to the barriers that women feel are holding them back from using financial products, lack of knowledge was the overwhelming primary factor for 71% - a figure that would likely be hire among respondents that had lesser familiarity with financial services sector. Fear of making wrong decisions was noted by 55% and too much complexity by 40%.
The study also discovered that a lack of knowledge and a fear of discrimination are key factors in hindering trans women and non-binary individuals’ financial wellbeing. Only 60% of trans respondents told Futura they use a bank account or a debit card, while even fewer used credit cards. Fear of discrimination proves to be a continual barrier, with the trans* women we interviewed reporting they feel uncomfortable seeking financial advice because they worry they won’t be taken seriously, be misgendered, or be called by their dead name.
Please read the full report here: https://www.solarisgroup.com/en/publications/futura-whitepaper/