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Report: what women want from financial services products so they engage more
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Report: what women want from financial services products so they engage more

Welcome to our #212 weekly newsletter.

“For women taking control of their financial future”

-Jana Hlistova


From The Purse


In this week’s newsletter, we spotlight new research which outlines what women look for in financial services products. And therefore how they can feel more included by the financial services industry which typically targets the male customer.

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And you can review the news in brief so you stay on top of global financial, economic and investing trends.

I hope you enjoy this week’s newsletter.

Until next week,

Jana


Report: what women want from financial services products so they engage more

New research by Solaris highlights what needs to change in the financial services industry so women engage more with financial products.


A new report by Solaris, a card company, highlights women’s needs when it comes to using financial products and how to ensure women feel more included by the financial services industry.

Not surprisingly, women prioritise long term security over short term gains. As we know, women experience more career breaks or interruptions than men, on average are paid less and invest less (although this is changing now).

By implication, women have less wealth compared to men (on average).

When asked what women look for when obtaining financial services, they listed security, openness and inclusion as key.

What financial services products do women use most (and least)?

96% of our survey respondents said they use online banking services. Unsurprisingly, the most used financial services are everyday products including debit cards and mobile banking.

But retail investment continues to be low. In 2022, only around 18% of Germans aged 14 and over owned shares or equities, compared to 33% in the UK and over 50% in the US. The least popular financial services products for women are listed below:

Often the way ETFs, stocks, and other investment products — especially cryptocurrencies and NFTs — are designed, and other barriers to entry, often put women off from buying them.

The barriers holding women back in how they use financial products

According to Alicia Close, senior manager, cards business at Solaris:

There is at least $330billion 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.”

So what are the barriers preventing women from using financial services?

So what do women want from their financial products?

Given the low uptake of ETFs, stocks, and other investment products, long-term financial health is our respondents’ single most important priority.

The low number of respondents who are marginally interested in increasing their social status is especially significant because this continues to be at odds with the marketing in the majority of financial services firms

Increasing financial literacy is key

  • 85% of respondents believe there needs to be a bigger push towards educating women about money

  • 80% believe that the earlier in women's lives this happens, the better.

  • And 68% of the respondents said that women should be more open about money. Normalising these kinds of conversations makes it easier to share knowledge and, in turn, for women to learn the best ways to manage their finances.

Looking ahead

Based on the report:

…personalisation is increasingly becoming a strategic imperative for businesses, including banks, fintechs, and other financial services providers. Unfortunately, the fintech workplace is still very much a man's world, and women's perspectives are all too often overlooked or, at best, dismissed as 'niche'.

But women are the opposite of a niche market.

They're an extremely diverse group of individuals making up over half of the world's population. And that means putting them at the heart of financial services product design isn't just the right thing to do.

It's smart business.

What next? (Re) listen to The Purse Podcast:

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News in Brief


Financial news

Crypto: bitcoin, ethereum, DeFi & NFTs


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We’d love to hear from you. Get in touch with Jana via the The Purse website or tweet @jointhepurse and janicka.

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