Boomer women are independent, doing things on their own and expect to be talked to in plain language that is not coated in male oriented, financial speak.
Now that we’ve just celebrated Independence Day, I guess my mind has moved on to Boomer women’s independence. Some statistics say that people over 50 own 79% of all financial assets, control 80% of all money in savings accounts, and 66% of all money in the stock market. But here’s the real news: women in this age group are responsible for spending some 80% of the trillions of dollars spent on consumer products and services. And here’s another interesting factoid:
The Women’s Hour Has Come Again
According to Marti Barletta in PrimeTime Women, 85% of empty-nest parents see a boost in discretionary income; about one-third report a rise of $10,000 or more.
Now, of course, some of that money will no doubt go to grandchildren but boomer women are doing some amazing things in their second life. They are starting new businesses, traveling, reaching out and making new friends and relishing in a new found type of independence.
This independence is best seen in a 2010 survey by VibrantNation.com, in partnership with marketing to women expert Holly Buchanan. Here are some of the key learnings:
- While almost half of Boomer Women respondents said they were raised to believe a man would take care of them financially, only 3% believe that now with a stunning 97% saying they have to take control of their own financial future.
- 78% didn’t relate to current images in financial advertising, many of which show women depending on men.
- Key emotions Boomer Women feel about their futures include fear (52%) and uncertainty (39%) with only 10% expressing calm or security about their financial future.
Taking this information to heart will be important for marketers. It’s not enough to show a well coifed 50-something couple in an ad anymore. Boomer women are independent, doing things on their own and expect to be talked to in plain language that is not coated in male oriented, financial speak.