An Analysis of Gender Differences in Consumer Preference for Financial Services : Marketing to the Female Market Segment

Abstract

Women have always been an important market segment for firms selling goods and services. Females make the majority of household financial decisions, often accounting for the additional buying power of their family members. Women are also earning a larger share of the nation's wealth, with this trend only expected to continue on into the future. For these reasons, female consumers are gaining even more importance in the eyes of retailers. Despite overwhelming evidence that women are the primary buyers of goods and services, some firms have had difficulty marketing to this segment. The financial services industry in particular has had notable difficulty connecting with female clientele. As women gain an increasing share of the nation's wealth, appealing to this market segment is more important than ever before. This study assesses ways in which women differ from men in their investing behavior and preferences. Findings are applied to a strategic marketing plan for Fidelity's retail financial services that targets female clients. Through a series of seminars that address the unique needs of female investors, Fidelity can reposition its financial services with this market segment and cultivate profitable relationships that will generate long-term growth of its business.