Angela Meyer is a gender equity consultant at Mercer and co-director of Project Gender.

OPINION: In the words of Cindy Gallop: “There is serious money to be made in taking women seriously.”

This is no truer than at present where some of the highest-profile and commercially lucrative ventures in the world – the Barbie movie, the FIFA Women’s World Cup, the Taylor Swift Eras tour – are female-driven.

I have consistently found it intriguing how people remain surprised when businesses that prioritise women’s aspirations not only succeed but also surpass expectations.

At the heart of this surprise is the lack of recognition by many people that women represent a significant and influential consumer segment. After all, 80% of all purchasing decisions are made by women.

My day-to-day sits at a curious intersection between looking at the serious dollar to be made in taking women seriously, and helping women to see money differently.

In effect, the female economy and female financial wellbeing are two sides of the same coin.

Understanding what women want and why they want it holds the key to unlocking untapped opportunities for your business. By genuinely listening to women’s needs and aspirations and proactively considering how your business can support them, you open the door to a real change.

Their preferences and purchasing power have a profound impact on all industries. Taking the time to delve into what resonates with women and discerning the underlying motivations driving their choices can help businesses create products and services that truly connect with their target audience.

And it’s not just in big-budget entertainment either. A recent McKinsey report forecasts that by 2030, two-thirds of wealth will be in the hands of women. This serves as a wake-up call to businesses.

Over the past decade, there has been a significant surge in female-led start-ups, with a 40% increase in women venturing into entrepreneurship. This diversification in wealth distribution is not only reshaping the economic landscape but also challenging conventional gender roles and perceptions of women’s financial capabilities.

At the same time, however, in New Zealand we can’t understate the realities of our gendered financial crisis. One key statistic that astounds many people is that there is still a 20% gap between men and women when it comes to retirement savings.

We know that financial literacy is on the decline, with 44% of survey respondents reporting being financially literate, a decline of 6% according to the Financial Services Council, Financial Resilience Trends in New Zealand January 2022 Report. This is worrying as it feels like financial security is beyond reach and becoming even more complex for some – as an industry we have a lot more work to do to help normalise conversations about money and ensuring that we are not intimidating.

At our nationwide Power Money Security female financial literacy events, most recently in Auckland and Wellington with Christchurch on August 9, we surveyed nearly 200 women in the room and came away with insights into just how broad and deep the desire is for Kiwi women to better engage with financial wellness. We found:

• We had women as young as 19 through to those in their 60s. It’s reflective of a growing culture of desire amongst women of all ages to be more financially literate, but certainly at a much younger age than many of us were. This isn’t a surprise as intergenerationally women have been on the back foot when it comes to accessing education for financial wellbeing.
• For Wellington women, it was a priority medium-term financial goal to build up a rainy day fund, while in Auckland one of their main medium-term financial goals was to increase salary. Both answers reflect a desire to build in financial security and resilience through cashflow or savings.
• Over 70% of women in both cities hadn’t spoken to or considered speaking to a financial advisor. There is a perception that you need to have a lot of money before you do – but actually they are there to support your financial goals. It can be a game-changer for many.

What does this all add up to? Women are taking money seriously, and for Kiwi women – we are just at the very beginning.