Lenders target women with adverts

Lenders are starting to target the female market through advertising, say industry figureheads.

With 23% of all mortgage applications being made by women, lenders are starting to home in on what is seen as a largely untapped market.

Judith White, sales manager at First National, says 20 years ago it was not seen as a woman’s role to seek advice on financial matters and a wife’s income was virtually ignored.

But nowadays many women outshine men in terms of salary and are starting to take charge of their finances. This has not gone unnoticed by lenders, who are starting to target women through their advertising.

She says: “Lenders have advertised in predominately male publications such as the Financial Times and other broadsheet newspapers in the past but are now grabbing opportunities to advertise in magazines such as Heat and OK that are targeted at women.”

She adds that women are more likely to think laterally than literally and are also more likely to shop around and be tempted by different propositions – they’re usually better shoppers than men.

Rachel Blackmore, external affairs manager at the Building Societies Association, warns lenders could be missing out on female custom if their advertising is not female friendly.

She says: “There is a lot more advertising out there now that is female friendly and that makes women feel comfortable accepting advice.

“But women are still being used to promote products, which doesn’t make a woman feel comfortable when going to get advice about a financial product.”