VibrantNation.com recently surveyed “successful women aged 50 and over” and concluded that while this market has more faith in their own abilities to handle difficult situations in all facets of their lives (80% believe they have become more resilient with age), they are also less interested in turning to traditional sources of help such as religious and financial institutions.
In fact, 67% of respondents said they do not trust their financial advisors (33% saying they trust them less than before the recession and another 33% saying they never trusted them). That’s right. almost 7 out of 10 “successful” women aged 50 and over do not trust their financial advisors. Wow.
What might be at the root of this is that 62% of respondents said they were “increasingly worried” about their futures when questioned about Social Security and Medicare benefits. They do not believe they will be receiving nearly what their parents received. Could it be that a shaky foundation with government programs is leading people to question the stability of their financial foundations in general? Do women over 50 see government programs as the foundation to their financial security?
If so, maybe financial institutions should focus their marketing messages on total solutions that include the role of government programs in their plans? Ah, but do banks want to work that hard? My feeling is they must, simply because financial advisors have too much too lose by not addressing these concerns.
Then there’s this market’s spiritual needs and their perceived lack of support from traditional religious institutions.
According to the study, only 23% of this market feels their current religious community can meet their spiritual needs, and only 8% of those who are happy are finding spiritual solace in the religious communities in which they were raised. Instead, 44% are turning to books, coaches, speakers and workshops independent of traditional religion, while 50% are turning to personal prayer and meditation.
But this market is not jumping on the “be positive” approach to live espoused by “The Secret” and other books and programs. Indeed, only 26% believe that positive thinking creates their reality. Instead, more often this market prefers to accept that they have far less power to influence what happens to them since much of life is outside their control.
So what’s a marketer to do?
Tap a chord in this market’s nerve center by associating your drive and resiliency with theirs and build on the foundation that they themselves are getting stronger and wiser with age.
Avoid messages that say you can get what you want if you just believe.
Acknowledge that your firm likely cannot provide all the answers, but that you will always be there for support — whatever that may be.
Let them know that you believe they know what’s best for themselves, and that your role is to help them find it and secure it.