Interesting Guest post by Claire Seekins
Women in transition represent a growing opportunity for financial services providers, as long as they can understand and address their needs and develop products to suit their changing situations.
Move over millennials, there’s a new group of people the banks need to focus on. Clare Seekins from Market Gravity outlines the results of a research project into women aged 40 to 60 and how they are underserved in the financial services marketplace.
The team at Market Gravity carried out a research project looking into women in this age group who were experiencing life transitions, for example divorce or separation, empty nest, caring for relatives, starting a new business, returning to work, or taking senior roles within corporations. They focused on the financial industry and how it addressed the needs and lifestyles of these women. Transitions can be surprising or expected, detrimental or exciting?, and often have a significant influence on their financial standing or financial planning. The team hypothesised that these women might be underserved, and therefore represent an opportunity for innovating current products or services to better address their needs.
In-depth interviews and extensive secondary research revealed that women are not a homogenous group. Their needs, behaviours and attitudes are varied as they are among other age groups. There are savers and spenders; those who are are risk-averse and risk-takers. Often, those who agree with the previous sentences in one breath will continue on to position women as a uniform consumer group in the next.
Edited and prepared by Oscar Michel, Masters in Journalism, DCU