In “The Gender of Money,” Dr. Viviana A. Zelizer elaborates on the traditional economic stance toward money as interchangeable, seamlessly fungible and “free” from social or cultural influences.
But that’s all changing. In a series of compelling studies around the world, it is becoming apparent that when it comes to money, the most important question today is not “how much,” but rather “whose?” Gender makes a significant difference in how households spend money, especially considering that women make nearly 80% of household spending decisions.
Gender is an important variable that you must consider when designing a customer experience. Men and women don’t simply see different things; they see the same things differently. Since the best customer experiences are highly interactive and memorable, it is critical to design customer experiences that resonate with women.
Nobel Prize winner Muhammad Yunus first initiated the microfinance movement on grounds that when women control money, families are more likely to benefit from the income. The following studies empirically verify Yunus’ findings and show the importance of building CE from a woman’s point-of-view:
- Philippines When women control a couple’s saving account, funds are most likely to be spent on durable household goods.
- South Africa: Grandmothers dedicated more of their old-age pensions toward their children and grandchildren than grandfathers.
- United States When their parents’ pooled income is controlled by their mother rather than their father in low- to moderate-income two-parent households, children are experience less food insecurity.
- Haiti: Authorities issued food vouchers to women after the recent earthquake because the “food would be more likely to be divided equitably within the household this way than if men got the vouchers.
- Mexico A government anti-poverty program transfers cash to women, who successfully spend it on food, children’s clothes and school supplies.
By ignoring the gender factor with your customer experience, you’re likely to see less acceptance and effectiveness with your program.