Happy Monday! The mature marketing stories of the past week that drew the greatest amount of interest focused on women and wealth and how when you retire is determined in part by if you have children.
Have something to share? We’d love to hear your thoughts so please note within our comment section.
MOST CLICKED: At Creating Results, we share the importance of knowing your target market with our clients when it comes to ensuring your success. Over the next 10 years women will control 85% of consumer wealth. This, according to a recent MediaPost article. Why is this important? Because knowing who will be making the purchasing decisions (both large and small) is key when shaping messages that will resonate and engage.
Women’s rise in spending power is thanks to Baby Boomer women who blazed new paths and opened doors to more control and power in their lives. These defining generational facts are important to remember when marketing to this demographic.
The article examined this rise and identified several key factors that are leading to the surge in control, including:
- Women earned 36.8% of MBAs in 2010-2011 (in general women are also receiving degrees at a higher rate than their male counterparts)
- 1.3 million women earn salaries that top $100,000
- Women own 40% of private businesses
- 85% of all consumer purchases are made by women
- 50% of products typically marketed to men are actually purchased by women
The moral of this story for marketers? Know your audience, know who is making the decisions and make sure you take them into consideration…it could mean the difference between success and failure.
MOST SHARED: To support or not to support? That is the question. When you retire may depend on how you answer this question. At least according to a Huffington Post article from earlier this year which continues to be of great interest to our followers.
According to the article, only 21% of baby boomers who support their adult children are able to retire, opposed to the 52% of boomers who have retired and also who have adult children that support themselves. The piece examined a study completed by Hearts and Wallets. But the study is quick to point out that it’s not just supporting family members who have grown, but also impacts boomers who have young children still at home.
According to the study:
Parents supporting adult children wonder when — or if — their kids will ever become independent, Brown says. They also worry about saving enough to have freedom to enjoy life as they age.
“Boomers with minor kids are more upbeat about managing money,” Brown says. “This segment is the most receptive to working with financial professionals and the most technologically savvy.”
The study shows that nearly two-thirds of baby boomers have children and nearly one-third support then whether they are adults or minors.
When I was growing up my parents both tried to instill the importance of saving, for rainy days and in general. I am not always the best at it, but both of my boomer parents are retired — so I guess they did something right. The lesson for others? While it may not be pleasant sometimes it is best to cut the cord, especially when it could be the difference between happily retiring or pushing that date further and further out.