In today’s rapidly evolving financial landscape, women are increasingly taking charge of their financial futures. As financial pressures like inflation, market volatility, and wealth transitions shape the economy, it is clear that women—regardless of marital or partner status—need to assert control over their finances. By 2030, women are expected to hold the majority of wealth in the U.S., signaling a dramatic shift in financial planning dynamics. A 2020 McKinsey report projects that the wealth transitioning to women in the next decade will exceed the U.S. GDP, putting women at the forefront of wealth management.
Here are 5 key tips for women to take control of their financial well-being:
1) Embrace Collaborative Responsibility
Financial planning is no longer solely the responsibility of one partner. According to recent studies, 60% of women share financial planning responsibilities with their partners, and 99% of women in households with over $1 million in investable assets report being actively involved in the planning process. Open, honest conversations about money can reduce financial infidelity and help create a stronger, unified approach to financial decision-making. As Bonnie Treichel, CEO of Endeavor Retirement, emphasizes, it’s vital to talk about finances—an essential shift from past generations where money talk was often seen as taboo for women.
2) Actively Engage in Retirement Planning
While younger women are more likely to share in the responsibility of retirement planning, studies show that 20% of women are sole decision-makers in this area. The key to retirement security is proactive planning. Start by clarifying what your ideal retirement looks like, aligning it with your core values, and reviewing how much you’ve saved so far. If there’s a gap between your goals and your savings, explore strategies like working longer, saving more, or adjusting your investment approach. The goal is to create a strategy that aligns with your financial reality and future desires.
3) Cultivate Financial Confidence
Financial confidence grows as women take full ownership of their financial planning. Studies show that 62% of women feel neutral to confident about retirement planning when they are engaged in their finances. To build that confidence, it’s crucial to continuously educate yourself—whether by reading books, listening to podcasts, or working with financial experts. The more informed you are about the markets, investment strategies, and financial trends, the better prepared you will be to make decisions aligned with your long-term goals.
4) Find Balance Between Financial Planning and Life Goals
Financial success isn’t just about accumulating wealth; it’s about creating a life that is meaningful and aligned with your passions. Studies indicate that 87% of women who feel financially prepared for retirement also report greater confidence in other areas of life. Tip number four encourages women to integrate emotional readiness into their financial plans. This helps ensure that you’re not just planning for financial security, but also for a retirement that supports your personal interests, hobbies, and passions. A well-prepared financial plan allows you to focus on enjoying life rather than worrying about money.
5) Seek Expert Guidance
When it comes to managing money, 57% of women prefer consulting financial professionals. A trusted advisor can provide valuable insights into market dynamics, financial planning, and investment strategies. It’s important to seek guidance from someone who understands your unique goals, financial situation, and communication style. Look for advisors who are fiduciaries (meaning they are legally required to act in your best interest) and who align with your values. The right financial advisor can empower you to make informed decisions and feel confident in your financial future.
The New Face of Wealth
The shift in wealth ownership is reshaping financial planning, with women now playing a pivotal role in managing, growing, and distributing wealth. As Jackie Reeves, Director of Retirement Plan Services at Bryn Mawr Capital Management, notes, this shift reflects broader societal moves toward gender equality in economic matters. Women have the opportunity—and responsibility—to shape their financial destinies with confidence, strategic insight, and a proactive approach.
By embracing collaborative responsibility, actively engaging in retirement planning, cultivating financial confidence, finding balance between wealth and life, and seeking expert guidance, women can confidently navigate the complexities of financial planning. The goal isn’t just to secure financial independence, but to design a life that reflects your values and passions—one full of purpose, joy, and financial peace of mind.
