Ladies Losing Out – No Longer
Boring Money’s ‘Ladies Losing Out’ campaign attracted 65,000 hits, 72% of which were from women, proving that there is a huge market for the one-year-old website, founder Holly McKay tells Fiona Bond
Holly Mackay, founder of consumer website Boringmoney.co.uk, has her sights firmly set on women with her latest campaign “Ladies Losing Out.”
The campaign, which launched in June, has placed the spotlight on female appetite for risk and overcoming the barriers preventing women from making the most out of the stock market.
She says: “We carried out a great deal of research around risk and women, and what we found is that far more men are willing to take risks compared to women. Women are woefully underfunded when it comes to private pensions compared to men and we wanted our latest campaign to address the issue that ladies are losing out.”
Research found that just 10 out of every 100 women have a stocks and shares ISA compared to 17 out of 100 men and that figure rises to just 11 women out of 100 who have private pensions.
But, says Holly, evidence has shown that female investors are more likely to fare better than their male counterparts, largely because they are less inclined to play with their investments and don’t have a desire to turn the process into gambling.
“Millions of British women are missing out on the potential upsides of the stock market because they think it’s not for them,” says Holly. “Our campaign is designed to show that ‘normal’ women can crack this.”
Natural born investors
In a bid to break down the barriers and show women what they’re missing out on, Ladies Losing Out gathered seven “real women” from different walks of life to discuss their fears and concerns.
“I didn’t want high-flying women who worked in the city or had degrees in finance, I wanted this campaign to reflect the ordinary woman and show that all of us have it in us to be natural born investors.
“The women all expressed, in one way or another, a fear of risk and there was a sense that they needed much more money to invest than they actually do. The other big barrier that come out was the lack of awareness of the help and simple options available,” says Holly.
In response, the Ladies Losing Out microsite has created three simple steps to help women improve their financial future, focusing on retirement income, private pensions and stocks and shares ISAs.
Since launching the campaign last month, there have been 65,000 visits to both the Boring Money website and the campaign microsite and across both, traffic has been 72% women. In addition, the two-minute video designed for the campaign has racked up over 300,000 views on Facebook and Youtube.
“What we’ve done with our latest campaign is challenge the marketing status quo,” says Holly. “ The finance industry continues to talk to the same group of affluent 55 plus men and we know there is a different, new and broader audience of people who want help with money.”
Holly says the biggest surprise was the age group, with 36% of the site’s traffic coming from those aged between 35 and 45 years old, while 23% were between 45-55 and 22% visitors fell into the 25-35 age category.
Human interest story
Feedback and online discussions around the campaign have been largely positive, with the majority of women pleased that Boring Money has cut through the financial jargon, and Holly believes its success has partly been down to the fact that they’ve targeted the mainstream press, rather than focus on financial press.
“We’ve made this more of a human interest story rather than a finance story. I think when you address the gender inequality it works better in terms of public awareness and engagement and that’s what we want to achieve,” she explains.
Following on from the success of its latest campaign, it comes as little surprise that Boring Money is gearing up for its third consumer campaign in October.
“We plan to continue with our ‘targeting by tribe’ to get the messages over,” says Holly.
But it doesn’t end there for the website, which celebrated its first birthday this month. In addition to the campaigns, Boring Money is venturing into the conference space, with its first event “It’s The Consumer, Stupid!” taking place in September. The one-day event aims to show attendees how to deliver investment solutions to today’s consumer.
“Conferences are a new direction for us, but one that we will definitely be following. We wanted to shift the balance to talk about the consumer rather than focus on the adviser, like so many other events seem to.
“If you’re going to be successful in today’s technology-driven, fast-paced world then you need to centre your approach on customer experience,” she adds.
Fiona Bond is a freelance journalist and media consultant