Study: Financial Services Marketers ‘Perpetuating’ Gender Myths
Financial services marketers are out of touch with the attitudes and perceptions of their customers and female marketers could be perpetuating gender myths, according to a new study.
Financial services specialist agency Yell surveyed 250 senior marketers (68 per cent of respondents were female) and, in conjunction with Ipsos, asked 1,500 consumers to share their views on a range of issues for its third annual State of Financial Marketing report.
While the vast majority of consumers felt gender had no impact on how they perceived the trustworthiness and capability of financial professionals, the result was significantly different when it came to the perceptions marketers had of their customers.
Asked ‘When thinking about a financial service professional, which gender would you trust the most?’, 78 per cent of consumers said both genders were equally trusted, with just 12 per cent favouring males and 10 per cent females.
When financial services marketers were asked which gender they thought consumers trusted more, almost 50 per cent said consumers would express a preference of sexes, with 25 per cent saying men would be more trusted – ahead of women at 21 per cent.
However, when the responses from just female marketers were separated out to compare to consumers, there was even greater disparity in perceptions.
While just 21 per cent of female consumers had a preference for one gender over the other, 49 per cent of female marketers felt that consumers would have a preference.
29 per cent said that they thought consumers would prefer males and 20 per cent answering females.
The perception divide between consumers and marketers was even more pronounced when it came to the capabilities of financial professionals.
Asked: ‘Thinking about financial services professionals, which gender do you think would be more capable and deliver better outcomes for you?’, 82 per cent of consumers said both sexes were equally competent.
When marketers were asked to predict what consumers would think, just 59 per cent thought consumers would think both equally capable, with 37 per cent believing consumers would pick men and just 3 per cent saying females.
Again when the results from female marketers was isolated there was a much greater gender divide.
48 per cent said customers would have a preference of one gender over the other, with almost half of all respondents (45 per cent) saying consumers would think men would be more capable and drive better outcomes for them.
Yell founder and partner Nigel Roberts said: “Unfortunately it would appear that our industry doesn’t know its customers as well as it thinks and the recent focus on equality with the #metoo movement and diversity issues hitting the headlines hasn’t fundamentally changed its approach to gender-specific issues.”
“Reassuringly, gender is not a factor for consumers when it comes to trustworthiness or competence of financial services professionals.
“The same can’t be said about the perception of marketers.”
“What also seems apparent is that financial services marketing, a discipline with a strong female skew, appears to undervalue the perception of females in the minds of consumers, meaning female marketers could be perpetuating myths surrounding gender stereotypes.
“This may be for valid reasons however, such as working in an industry traditionally dominated by men and amplifying the perceived importance of men in the finance industry.”
Further highlighting the disconnect between financial services organisations and their customers is the response from consumers when asked if marketing from financial services companies represents them, their gender, age, race or sexual orientation.
Only 12 per cent of those asked said they felt adequately represented in marketing, with more than a quarter (28 per cent), of the population believing the industry doesn’t talk to them at all.
Roberts added: “Australia is a hugely diverse country with 25 per cent of the country speaking a language other than English at home.
“But while we now have the means to create targeted, segmented communications, it seems very few businesses are doing it well.”
Latest News
Kantar: AVOD Subscribers Double In 12 Months
Study finds Aussies happy to watch ads on their streaming services. Or, are they just putting the kettle on more often?
Val Morgan Digital Exceeds All Campaign Uplift Benchmarks Via A 12-Month Brand Metrics Study
Val Morgan announces it has exceeded all its campaign benchmarks. Still can't get under an hour for the City To Surf.
Australian Retirement Trust launches monster of a campaign, by M&C Saatchi and Bohemia
Get offered a seat on the bus today? Knees creak like an old pirate's galleon? This retirement ad may be of interest.
Print Audits To Discontinue As Audited Media Association Of Australia Pivots To Support Influencer Marketing
Is it just B&T or are audits in the media industry suddenly becoming murkier than Roxy's husband's tax returns?
News Corp Australia Launches 2024 National Education Advocacy Initiative With Expanded Program
News Corp set to shine a light on the nation's schools in new series, giving illegal bikie gangs a well-earned rest.
Decoding The Consumer Maze: Urban List Report Reveals How Modern Shoppers Spiral From Discovery To Purchase
Latest report unravels a shopper's journey from the joy of discovery through to a nasty letter from a debt collector.
Cosmo Returns To Australia!
Ever get the feeling we've weirdly warped back to 1988 at the moment? Confirm it with the relaunch of Cosmo in print.
People & Culture Consultancy Human Kind Collective Launches To Plug HR Gap For Media Agencies
Does the very mention of HR have you struggling to remember last year's Christmas party? Get the sweats with this news.
‘We Want To Be A Growth Partner, Not Just A Media Buyer Or Someone That Makes Ads’ – Bohemia Boss On Agency’s Ambition
B&T's chatting with Bohemia boss Paul ‘Hutch’ Hutchison. Although we do think 'the dagger' a far superior nickname.
Initiative’s Geoff Clarke: ‘Youth Hits Targets With Enthusiasm, Experience Hits The Targets You Can’t See’
Initiative’s CCO Geoff Clarke on the value of experience in agencies. Not to mention quoting lines from Pulp Fiction.
The Iconic Teams Up With 5 Aussie Athletes For Latest Campaign
Fashion label brings in the athletes for new campaign, many of whom appear to have prepped with re-runs of Zoolander.
Seven West Media Secures New Director Of News & Current Affairs
After a tumultuous few weeks, Seven unveils director of news & current affairs. And B&T never uses tumultuous lightly.
Seven Network Expands NSW Sales Team With Two New Group Business Directors
Seven ramps up its NSW sales team. Both of whom are well versed in pronouncing Manu Feildel's croque-monsieur.
New PR Subscription Changing The Game For Aussie Start Ups
Need better PR? You can now buy it via a monthly subscription. Price does not include a fascinator or Moet piccolos.
Paul Kent At Centre Of Fresh Scandal After Alleged Street Brawl
Do you long for the fights, gouges & testicle grabs of footy's glory years? So too, it appears, does Paul Kent.
DiDi Taps Disney’s Tim Farmer For Head Of Brand Marketing Role
Disney's Tim Farmer shifts over to rideshare company DiDi. Taking with him his Donald Duck coffee mug & mouse ears.
As Sure As Night Becomes Day, The End Of Third-Party Cookies Has Been Delayed
The question remains: what will we see first? The end of cookies, alien invasion or Jesus's second coming?
Fast 10: Scoundrel’s Tim Bullock Explains What Shane Warne & Salt-N-Pepa Have In Common
It's a Fast 10 with Scoundrel's Tim Bullock. Make it sound even faster by sucking on helium while reading it.
Outbrain Snatches Chris Oxley From Foxtel Media
Foxtel's Chris Oxley shifts over to Outbrain, but not before having his press photo taken in the wilds of the Daintree.
oOh!media & POLY Partner With Greening Australia For OOH Awareness Campaign
Like to quell the road rage with super cute pics of fluffy marsupials? This outdoor's just the ticket.
Are Media Cares For The Carers In Its Latest Social Change Campaign
Are Media calls on the government to add super payments to carers' payments. Remains silent on AUKUS, however.
In A Fragmented World, Engagement Is King
Today, B&T TV's talking fragmentation & engagement. But not in a down-on-one-knee sense of the word.
Kyle Sandilands On Advertising: “We Want Return Business. It’s No Good Just Taking Someone’s Money”
Kyle & Jackie O finally arrive on Melbourne radio. As yet, no sign of the monotonous and bitter AFL-NRL debate.
Sydney Comedy Festival: Taking The City & Social Media By Storm
Sydney Comedy Festival 2024 is live and ready to rumble, showing the best of international and homegrown talent at a host of venues around town. As usual, it’s hot on the heels of its big sister, the giant that is the Melbourne International Comedy Festival, picking up some acts as they continue on their own […]
Global Marketers Descend For AANA’s RESET For Growth
The Australian Association of National Advertisers (AANA) has announced the final epic lineup of local and global marketing powerhouses for RESET for Growth 2024. Lead image: Josh Faulks, chief executive officer, AANA Back in 2000, a woman with no business experience opened her first juice bar in Adelaide. The idea was brilliantly simple: make healthy […]
Is Meta’s New AI Chatbot Too Left-Wing?
Meta's chatbot accused of being left-wing after being caught wearing a Che Guevara T-shirt & listening to Billy Bragg.
TV Ratings (23/04/2024): Why Did No One Tell Angela That Farmer Wants A Wife Is Set On A Farm?
As wonderful as this headline is, let's face it, we all know an 'Angela', don't we?
PubMatic Unveils New AI Partnership To Turn Social Posts Into Ads For Any Digital Channel
Here's some nifty tech for turning social posts into ads. Assuming said posts aren't one-star character assassinations.
Intuit Mailchimp Makes A Splash With Its First Australian Brand Campaign
Ever laugh along at a gag you didn't get so as not to appear dumb? Get ready for more feigning with this new work.
GumGum’s Rob Hall: Advertisers Can No Longer “Rely On Binary Descriptions” Of Consumers
If anyone's got their finger on adtech's pulse, it's Rob Hall. He also avoids using the good paper in the office printer
Mastercard Nabs Florencia Aimo From Marriott International
Marriott International's Florencia Aimo jumps from the hotel business to the exploitative credit card one.
Bastion Agency Appoints Cheuk Chiang As New ANZ CEO
Cheuk Chiang takes the reins over at Bastion Agency. But not the rains down in Africa.
Spotlight On Sponsors: Major Sponsorship Wins After A Disappointing Week In Sport
B&T continuing our deep dive into local sport sponsorships & that's despite not a single offer of a free ticket as yet.
Macca’s Marketing Director, Samantha McLeod On Big Mac Chant: “What Was Once Old Is Now Cool Again”
Macca's using the power of nostalgia in latest Big Mac campaign. Well, only for those who've ever eaten one sober.
World Premiere Of Midnight Oil: The Hardest Line To Open Sydney Film Festival 2024
Oil's biopic to open Sydney Film Festival. Here's hoping Molly Meldrum will take his pants down at the premiere.
Entries Are Now Open For The 2024 Brandies, IntelligenceBank’s Annual Brand Marketing Awards
The Brandies are, of course, a prestigious marketing gong and not the mystery tipple favoured by nannas everywhere.