Women are underrepresented when it comes to the three main types of insurance coverage: medical, auto and homeowner, according to a study jointly conducted by Simmons Market Research Bureau and MarketResearch.com.
The study concluded that this translates into an “enormous opportunity” for marketers to advertise financial services to women.
“Even though women continue to become increasingly powerful as consumers and investors, a huge gender gap still exists within the financial services industry,” said Meg Hargreaves, vice president of research and publishing at MarketResearch.com. “Clearly, there is an enormous opportunity for marketers in the financial services industry to tap into the female market sector.”
Previous joint studies by the two companies found that 56 percent of women have savings accounts and that more than 32 percent of women age 25 to 34 have a first mortgage, compared to 29.9 percent of men.
“Now is the time for the financial services industry to turn their attention to the female market sector,” said Evan Goldfarb, executive vice president of marketing and sales for Simmons. “Generation X and Generation Y women represent new breeds of consumers, careerists and investors. Capturing their loyalty early means creating a lifelong consumer.”
