What women want

Although women constitute a significant amount of global spending, many feel that they are underserved by businesses, particularly in the investment industry, according to a recently released survey from The Boston Consulting Group Inc. The global survey involved more than 12,000 women in 21 countries and was conducted online from March through September 2008. Participants completed a 120-question survey that asked about their home and work lives, earnings, happiness and sources of stress. Women's income globally increased to $9.8 trillion in 2007, from nearly $6.8 trillion in 2002, the survey found. By 2014, women's income is projected to increase to $15.6 trillion, the BCG said. And women control nearly $12 trillion of the overall estimated $18.4 trillion in consumer spending worldwide, the report said. By 2014, women will control $15 trillion, it said. Women own or co-own 40% of U.S. businesses. One billion women are working worldwide, and that total is expected to grow to 1.2 billion women by 2014, the consulting group said. But 49% of women surveyed said that investment companies needed to do a better job of understanding and meeting their needs. Also, 47% said that they were disappointed with banks, and 45% said they were disappointed in life insurance companies. The respondents did report that companies in industries such as beauty, clothing and food successfully tap into their needs. Money was cited as the major point of stress among respondents, the survey found. A full 48% said that they felt pressure related to household finances, and 81% said that they didn't think they were saving enough for retirement. The survey is part of the research behind a soon-to-be-released book, “Women Want More: How to Capture Your Share of the World's Largest, Fastest-Growing Market” (HarperBusiness, September 2009), written by Michael Silverstein, a senior partner at BCG, and Kate Sayre, a partner at the firm, and .