Unlocking the $31 Trillion Female Economy
By Nicole Casperson
This summer, an undeniable force is making its presence felt – the female dollar.
Propelled by queens like Beyoncé, Barbie, and Taylor Swift, women worldwide are leaving an indelible mark on the global economy. But I couldn’t help but wonder: How can fintech companies leverage this momentum to shape the future of our economy?
I searched for an answer while writing my latest piece in Forbes, and landed on the solution that’s always been at the heart of Fintech Is Femme: We need more women leading the way.
Women make up a staggering 85% of global consumer spending, translating into over $31 trillion annually. This astronomical figure represents a veritable goldmine for fintech, a sector that, ironically, remains significantly underrepresented by women.
Globally, less than 30% of fintech’s workforce comprises women, and a meager 8% hold leadership positions.
To fully realize the potential of this trillion-dollar market, fintech must recalibrate its approach. Companies should ensure that their leadership teams reflect the unique experiences and needs of the female demographic they aspire to serve. Inclusivity is not just a buzzword; it’s a strategic imperative.
It’s crucial to recognize that women aren’t a homogeneous market. They represent a rich tapestry of experiences and needs.
A great example of a company that has identified its unique market opportunity – that broadly encompasses women – is OnlyFans. Keily Blair, the platform’s newly appointed CEO, is also on a mission to address the gender gap in female leadership within fintech.
In my conversation with Keily, she emphasizes that the gig and creator economies pivot around flexibility, control, and owning one’s time—qualities traditionally associated with women’s concerns. In her vision, fintech should embrace these evolving needs in an inclusive manner.
While OnlyFans does not provide a precise breakdown of its gender demographics, a substantial proportion of creators on the platform are female, including many high-profile ones. A Collabstr report affirms this, indicating that 77% of influencers actively monetizing their content on social media are female.
Plus, the creator economy is booming. Goldman Sachs estimates that the creator economy is already valued at a staggering $250 billion and predicts it could balloon to $480 billion by 2027. This exponential growth presents an enormous opportunity for financial services. Yet, traditional financial institutions have been slow to embrace this sea change, often clinging to outdated criteria for financial eligibility and societal norms.
Keily’s ultimate aspiration is for the creator economy to attain the same respect and recognition as other economic sectors. She envisions financial institutions providing creators with access to banking, financial services, and wealth management, thereby dismantling barriers that hinder wealth accumulation for women in the creator economy.
Achieving this vision requires more women to take the reins in fintech. With their guidance, the sector can fully tap into the vast potential of the female dollar. It’s time to redefine financial services to meet female consumers and creators’ unique needs and experiences.
In doing so, fintech can catalyze financial independence and inclusivity for women while charting a transformative course for our economic landscape. This is more than just a gender equality initiative; it’s a strategic imperative for the future of our economy and industry.
As the summer season continues to unfold, the power of the female dollar remains a potent force. It’s up to us, the fintech industry in particular, to recognize this power, adapt from within, and seize the immense opportunities it presents.
By doing so, we can ensure that the rise of the female economy is not just a seasonal trend but a permanent transformation that shapes the future of our economy for the better.