As women’s spending behaviours shift from ‘why not’ to ‘why?”, Head of Think Stylist, Susan Riley reveals the new money mindset of the UK’s most powerful consumer.

Last Saturday I was charged £13.50 for a tub of Mac ‘n’ Cheese at a modest food stand. My weekly supermarket bill was £135 for two and yet my fridge still feels empty. And yesterday I got two emails: one from 02 about charges going up and one from First Direct about interest rates going down. No matter; there’s very little left in that savings account now anyway.
My random shopping snapshot serves as a reminder that all day, every day, our finances are a source of massive friction. Overdrafts are being relied on, saving pots plundered and corners cut as we all struggle with the impact of rising costs and stagnating wages. That’s why we spent the last six months tracking and analysing the behaviours and attitudes of nearly 2,000 millennial and Gen Z women in our latest study - The F Word. Where 40% of them cited money as their current biggest challenge.
Their ensuing list of financial frustrations covered off everything from an inability to save and dream big, to not being supported enough with childcare costs and wages (32% of those with children got into debt while on maternity leave). Over a third simply felt stumped: they earn decent money so where’s the decent quality of life in return?
As with any challenge, if she doesn’t feel like someone’s going to solve it for her (and women certainly don’t feel they have many allies right now), she sets about doing it herself. Cue plenty of behavioural shifts, with a fifth of women rethinking their entire approach to spending and saving and three quarters forging new habits, trying out new retailers and looking for more streamlined solutions. This offers a huge opportunity for brands to enter her world, with new daily rituals being sought and trialled.
Some of these shifts are hugely empowering. Women are consuming more consciously and assertively – asking ‘Why should I?’. They are looking to buy things that reflect who they are and saying no to things they don’t value (both things and experiences). A quarter are buying more second-hand. A fifth are doing more DIY. One woman told me she’s stopped wearing make-up - firstly for expense reasons, but then also because it felt pretty liberating to take a break from something she’s been doing since her teens without questioning why. It feels like the barefaced cheeks of Pamela Anderson have never been more relevant.
To be part of these refreshed rituals, brands need to bring authentic value and show understanding – now is not the time for big, bold claims to get her attention.
Where these behavioural shifts stop being empowering is when they start meddling with her mental health – which is why (to add to the always depressing pension and pay) we’ve identified yet another gap: joy.
‘Me money’ is way down. After bills, 39% of women currently have under £99 a month to spend on fun and enjoyment. A quarter of women have cut back (or out) the pastimes they rely on to reduce stress and stay connected: the baking (ingredients = spenny), the dancing and singing classes, the theatre trips. Even visiting friends and family around the UK has reduced due to train ticket costs. The result? An increased risk of isolation and burnout amongst generations already in the highest ranked for both. Now more than ever, she is looking for brands that spark joy in her life and those who do it well will acquire and retain loyal customers.
This explains why a fifth of women now swing between budget and blowout mentalities: thinking “I shouldn’t” while feeling “I must”. It’s this that makes her so hard to predict right now. But she is looking for answers and guidance from brands. Share knowledge with her she can use and trust, help her form positive new habits, engage her in joy and acknowledge her individuality and what will truly benefit her world. These are the things she’ll invest in.
Download your free copy of our The F Word report here