Tracy Simpson Financial Consultancy is a UK Financial Advisory Services provider dedicated to women. Although women in developed countries such as the UK hold 51% of household wealth, there is a perceived apathy for Financial Advisory services among women, who are thus at risk of poor financial wellbeing. However, some studies suggest that women have a higher preference for alternative financial services outside of the mainstream, compared to men, and this might suggest that the design of financial services may play a major role in improving uptake among women.
This project aimed at exploring UK women’s attitudes towards financial services and employing these insights to build recommendations for the partner in terms of bespoke product development and marketing strategy.
Mixing primary and secondary research (literature review, survey and ads analytics), the project gathered market intelligence on the knowledge, attitudes and practices of UK women towards financial services. This included testing female customers’ desirability of a women-to-women tailored financial service offered by a financial advisor and understanding what women need from a financial advisor.
The project also devised a marketing strategy for the company on the basis of the data gathered.
- The project reached over 100 women in the North West, whose feedback boosted the validity and reproducibility of the findings. The questionnaire, in combination with a comprehensive literature review and an analysis of the client’s online advertising campaign, offered clear insights into the low uptake of financial services amongst women.
- With these findings, the project developed a comprehensive set of evidence-based recommendations on how levels of engagement might be improved. Tracy Simpson will now be better positioned to serve women in this sector and achieve her primary aim of making financial services more accessible to women.
- Alexandra Ciocanel, PhD Researcher in Social Anthropology (University of Manchester. School of Social Sciences)
- Alina Mclellan, PhD Researcher in Linguistics (University of Manchester, School of Arts, Languages and Cultures)
- Arinze Ekwem, PhD Researcher in Business and Management (University of Manchester, Alliance Business School)
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Collaboration Labs Case Study – University of Manchester, ESRC