Women Want More (in Financial Services)

The Boston Consulting Group (BCG) conducted a large and comprehensive survey – The Boston Consulting Group Inquiry into Women and Consumerism – to which a total of more than 12,000 women from 21 countries and diverse socioeconomic classes responded. The survey consisted of 120 questions, asking women for their candid opinions about many aspects of their lives, including their education, income and finances, homes and possessions, jobs and careers, shopping behaviors, and spending patterns.

Key findings in the survey suggested that:

• Women around the world are more dissatisfied with the financial services industry than any other that affects their daily lives;
• Many women believe that their gender is a key factor in the disrespect and consideration they have often experienced and the poor advice they have received in the industry;
• The lifestyles of working and affluent women, both married and single, increasingly call for a specialized approach to serve them financially – on that relatively few providers have recognized;
• Financial institutions that do not take action to seize this opportunity risk missing the quiet revolution that is developing in the female economy – and the vast benefits that can be captured.