“Money won’t change me” cries the lotto winner on the receiving end of a new found fortune. It’s a nice thought, but unfortunately, it’s not quite true. Because money does change everything - our habits, our personal outlook, our intentions, the works. And our relationship with money is only getting more complex.

Rising costs and falling living standards are the new norm, and the majority of us now have a daily decision to make between wellbeing and ambition. Not to mention how money matters are heightened for women thanks to the gender pay gap, income-disrupting career breaks, the uneven load of childcare and living longer on lower pensions.

In our new research, The F Word: The new money mindset of millennial and Gen Z women, nearly 40% of young women cited money as their biggest current challenge, making their thoughts and feelings around spending and saving even more vital for brands to understand. So what are the five ways brands can better support women? 

Support her in forming new habits 

Fixed costs are becoming more fluid, from butter to utility bills. No price is fixed in stone, and neither are her spending habits. This uncertainty has pushed nearly a fifth of Gen Z and Millennial women to rethink their entire approach to spending and saving.

Being forced to re-evaluate her spending habits has seen her forge new daily habits and behaviours, from changing her weekly shop supermarket to taking a new route to work. She’s open to change and looking for support in cementing new habits into her day-to-day life. Brands have a fantastic opportunity to grab her attention, prove their value and become needed in her new every day. 

Don’t underestimate the value of joy 

Women are cutting back on the things they do to relieve stress. Whether it’s cooking with inflation-hit ingredients or enrolling in pilates classes, hobbies are taking the brunt of newfound financial pressures.

It comes as no surprise then that socialising is also being hit, with the other half of 25-45-year-old women cutting back on eating out and nearly a third spending less on cultural pursuits such as the theatre or exhibitions.

Joy and cultural connection are on the decline. Brands should reflect on where and how they can bring more of both into the everyday lives of women - in this instance, publicising your knowledge of harsh truths doesn’t help anyone. Don’t highlight economic pressures, be a distraction from them. Lean into pop culture moments, create funny collaborations, and have genuinely upbeat intentions that provide relief from reality. 

She wants to be told not sold 

Our research found that of the 77% of women who claim not to have the financial skills they need, the majority wished they’d be taught more about their personal finances growing up (only 28% were educated by their families on money management).

This has created a knowledge gap among many young women. This is where brands can identify the knowledge they are best placed to share, using their marketing to educate and inform. As a brand, your aim should be to become a true ally to women as opposed to being hyper-focused on product marketing, do the former and you will win her allegiance. 

Help her achieve fun AND funds 

Another covid legacy is that this woman has a strong YOLO attitude while trying to safeguard her future despite a tough financial climate. These conflicting behaviours mean that despite many pressures coming from many avenues, experiential and fun purchasing is prioritised by 35% of this audience.

This ‘fun versus funds’ mentality can bring with it a sense of anxiety or guilt about not prioritising a rainy day fund. Brands that can help her live in the moment whilst still keeping a positive outlook towards the future will be seen as empathetic and understanding. 

Acknowledge her individuality 

All marketers know how helpful audience segments can be, and our Think Stylist research has identified a number of spending styles amongst women – from the 20% ‘budget or blowout’ who ping-pong between austerity and extravagance to the 4% ‘serial returners’ who shop and shop but never keep. But the truth is: every woman’s story, and her intertwined financial journey, is unique. Our research demonstrates just how significant personal experiences are in shaping women’s behaviours and emotional relationships with money.

Understanding this deep connection between lived experience and money psychology is paramount in building trust among women. Use this understanding to create a safe space for women, then you can level up your emotional engagement with her.

Women have great responsibilities when it comes to the household budget, with 59% of women surveyed having sole responsibility for managing their household budget and 31% sharing that responsibility. Brands need to step up and offer a greater understanding of those making the majority of consumer decisions when the only certainty in the world is that no price is fixed.