When it comes to spending power—women's wallets are open and ready. In the U.S. alone, women control roughly $10 trillion in annual consumer spending, and that number is expected to rise to $30 trillion. But, despite the difference, their dollars make past content strategy trends show that women still aren't always getting the financial content they want (or need) to grow wealth. Financial brands are missing the mark when it comes to serving women. In fact, our Retirement Trend Report found that thirty-five percent of women said that the financial industry "is not made for people like me."
So, what do women want when it comes to financial content? They want the knowledge that helps them be confident about their finances and content that is easy for them to digest. Here are three companies out there who are nailing it when it comes to content strategy and financial empowerment for women. Let's discuss what each of these companies is doing and how they're helping women become financially strong.
1. Ellevest
"In a Capitalist society, money is not just money. Money is Power. [...] Women don't just have less money than men, they have a lot less money." –Sallie Krawcheck, Ellevest founder and CEO
It's hard to ignore the uphill battle that faces women in terms of money and power. Women are paid less than men (on average, making 79 cents for every dollar a man earns), lose out on career advantages due to family caretaking (often called the motherhood penalty), and live longer (meaning they need more retirement savings). We know, it’s depressing. The statistics go on.
When Sallie Krawcheck—a Wall Street veteran and one of the most powerful women in finance—saw these challenges, she decided to do something about them. Enter: Ellevest.
A Robo-Advisor Designed for Women
Launched in 2016, Ellevest is a digital investment platform and robo-advisor created by women for women. As the first financial company built by women to achieve a level of success that reports $1.44B total AUM, it's on a mission to close the gender investing gap. One way it's doing that is by offering goal-based planning and investing that caters to women and their financial needs and goals.
From conception to now, the Ellevest team spends hundreds of hours talking to women about what they need, want, and how they think about money and investing. They understand their clients' root problems and seek to address them with services tailored to them and their unique financial journey.
Women-Centered Investment Tools
It's well-known that women and men aren't paid equally for the same work. And this compounding effect of the gender pay gap can negatively affect women's lifetime earnings. This, in turn, impacts how much women can save for retirement and invest in other opportunities.
Ellevest's goal-based planning tool considers real data on how women earn, save, and invest. Their investment algorithm is designed to help women plan for the future they want, factoring in the ways that women's money grows and is impacted by life events (such as motherhood or career changes). Yes, finally, something designed for real life.
Content Strategy Trends: Content to Educate
To be financially empowered, you must possess the knowledge to make confident decisions. And that's where Ellevest's content comes in. More than an investment platform, Ellevest is also a hub for content and education around money. It offers articles, coaching, and workshops to help women learn everything from personal finance basics to investing.
Ellevest doesn't limit itself to providing an investment platform for women but has embraced financial content strategy trends by becoming a go-to resource for content and education around money.
2. SmartPurse
Digital banking tools are becoming the norm as consumers move away from traditional banking products and services. 54% of consumers agree that they now use digital banking tools more than before the pandemic. And when it comes to financial services, women want convenience. Rather than spend their time going to the bank to ask a question or Google searching for answers (only to come up with more questions), they want easy access to content that will help them make smarter decisions, quickly.
SmartPurse is the app that's making it simpler for women worldwide to get the financial content and education they need to make confident financial decisions.
The App Helping Women Build Financial Independence
"We have created a model which makes accessing financial education as simple and as affordable as possible, understanding that all women have different goals, experiences, and expectations." – Olga Miller, co-founder of SmartPurse
For most women, discussing money isn't a comfortable subject whether it's with friends, family, or partners. Studies show that nearly eighty percent of women avoid talking about money altogether. This can make it difficult for women to get the best financial advice and education necessary to control their financial future.
SmartPurse is a digital banking and financial wellness app designed for women worldwide. Led by a women's rights campaigner and prominent female former financial executives from UBS and Goldman Sachs, Smart Purse was intended to create a safe and welcoming space for women to discuss money questions that impact their lives and get practical help. The app provides women access to financial services, content, and resources to help them build financial independence. SmartPurse membership includes education modules and the option to connect with credible financial advisors. Content strategy trends embraced by SmartPurse include free and paid content, with paid content delivered through a monthly subscription.
Studies show that financial planning (and conversations) can be intimidating for women. SmartPurse aims to alleviate that fear with access to financial content that is relevant and tailored to the needs of women worldwide, all at the touch of a button.
3. Factora Wealth
Burnt out from a corporate job and feeling trapped living life paycheck-to-paycheck, Allegra Moet Brantly founded Factora Wealth, an online community and wealth-building course for women. While researching her own financial options, she quickly realized that financial content strategy trends were failing women. There was limited content available that was truly tailored to meet the unique needs of women, especially when it came to information about investment and money. Factora Wealth was founded to fill that void and help women understand their finances, save money, and build wealth.
She who understands compound interest earns it; she who doesn't understand compound interest pays it.
The mission of Factora Wealth is to help one million women grow their net worth to $1 million and create a path towards financial freedom. Factora Wealth does this through its signature service, the Factora Wealth Circle. The Factora Wealth Circle is a 12-week online wealth management course—and community—for women.
What's covered in its wealth management course? The Factora Wealth course covers various topics, from emergency savings and credit scores to investing and retirement planning. Each week, women in the course have access to content, worksheets, and live virtual sessions to help them build financial confidence through simple and repeatable steps.
During the course, members start by learning their "money story,"—where their relationship with money first began, the struggles and success they’ve had with money, and how this has affected their feelings towards money. Members also dive into what holds them back from wealth and receive actionable advice to shift from a scarcity mindset to an abundance mindset. The financial content strategy trends included in this course are focused on content that is personal, relatable, and, most importantly, actionable for women at all stages of their financial journey. Financial content should not be one size fits all, and Factora Wealth has made it its mission to empower women everywhere with content that works for them.
Content That Builds Wealth and a Community
The community aspect of the Factora Wealth program is key to normalizing conversations about money and helping more women take control of their finances. One-third of women feel uncomfortable talking about money, which is why the success of Factora Wealth is that the course is tied to its community. Membership comes with a "cohort" of other women going through the program, so members are never alone on their financial journey. Unlike other workshops and training where attendees learn on their own, the live training and the community of the Factora Wealth program provide accountability and support from other women who understand what it's like to try and build wealth.
Dive Into New Financial Content Strategy Trends
Women play a central role in the global economy—they represent half of the world's population and account for forty percent of global wealth. Now, we're seeing signs that women are becoming more involved in personal finances and money management. Fidelity reported a 9% increase in female clients in 2020, and Robinhood announced that the number of women on the investing app quadrupled from February 2020 to February 2021, now making up 30% of the app's customers.
And yet, content strategy trends have not always been inclusive of women's needs related to financial content. But that's changing. These three companies deliver content that empowers, educates, and builds confidence for women regarding their finances.
What's the takeaway? Well, if you're looking for content that does the same, consider incorporating these content strategy trends into your content marketing mix:
Use content to empower women with the knowledge they need to make better financial decisions.
Create content that's easy to understand and actionable for women at all stages of their lives and financial journeys.
Design content that creates a community for women to support and learn from each other.
Seeking out relevant content for your brand? We go there. It might get uncomfortable. Growth often is. But using strategy and consumer research, we'll find truths in places you wouldn't expect. We're up for it if you are. Let's chat.
