In an era of female empowerment and #MeToo, finance brands are falling behind when it comes to marketing to women, according to a new study from Kantar. It's a grave misstep, considering adult females control 80 percent of consumer spending and 51 percent of personal wealth, the report says. Kantar found that financial institutions are missing nearly $800 billion in investable assets by not engaging appropriately with women.
The study is well-timed to social issues dominating the landscape, says Anita Watkins, global head of qualitative at Kantar, noting that gender issues have dominated the media this year, and many business organizations are focused on promoting women and adding more diversity and inclusion to their ranks. "It made us sit up in our seats and say, 'This is a timely subject,'" she says. "Let's explore whether women are engaged or not in financial services."
This is the first year Kantar has published the report, which interviewed 2,500 men and women, executives at financial firms and conducted focus groups in October and November of this year.