Women and Wealth: It’s All About Empowerment

PUBLISHED MARCH 2025

Supporting women in their financial journeys is both a responsibility and an opportunity for financial professionals. Women face distinct hurdles—from pay gaps to longer life expectancies—that demand tailored financial strategies. 

By addressing these obstacles and empowering female investors, financial advisers can create meaningful impacts on their clients’ lives and financial well-being. What should women relying on that guidance look for in an adviser? 

Generally, someone who can:

Understand the unique challenges. Women’s financial realities often differ due to societal and economic factors. Recognizing these disparities is the first step to offering better advice and solutions.

• The gender pay gap. Women working full-time earn an average estimate of 84 cents for every $1 earned by men. This reduces their ability to save, invest and build wealth.

• Longer lifespans. Women tend to outlive men by several years, meaning they’ll need to stretch their retirement savings further while facing higher health care costs.

• Single later in life. More than half of women age 65 and older are single, compared to 32 percent of men. This means women have less access to pooled resources and financial economies of scale.

• Time-starved roles. Women shoulder nearly 80 percent of unpaid domestic work, from caregiving to household management. This dual burden can leave little room for financial planning.

• Student loan debt. Women hold 64 percent of student loan debt, which delays saving, investing and pursuing financial independence.

These challenges make proactive and personalized planning a necessity—not a luxury.

Take action with tailored strategies. Empowering women starts with giving them the tools, knowledge and confidence to take control of their finances. Clients should demand that their advisers provide these actionable approaches to encourage financial independence:

• Keep money in their name. Every woman should have financial accounts and credit lines in her name. This helps ensure autonomy and builds individual credit history.

• Balance joint and personal finances. Even in partnerships, encourage clients to hold separate funds alongside shared accounts. This improves financial flexibility and confidence.

Promote Intentional Planning. Do this by:

• Creating written financial plans. A clear road map helps clients define long-term goals and stay on track through market changes or life events.

• Prioritizing retirement savings. Encourage women to “pay themselves first” by regularly maxing out contributions to IRAs or 401(k) accounts. This not only builds wealth but can also offer tax advantages.

Build confidence through education. That starts with:

• Demystifying investments. Help clients understand their assets, fees and performance benchmarks. Clear explanations can replace fear with engagement.

• Offering learning opportunities. Share workshops, book recommendations or resources. An informed client is more empowered to make smart decisions.

These strategies go beyond money management—they create confidence and control.

• Being a partner, not just an adviser. To truly empower female clients, financial professionals need to take a supportive, relationship-first approach.

Foster open conversations. 

That starts with the right questions:

• “What are your long-term goals?” or “What keeps you up at night financially?” These questions uncover not just objectives but also fears and priorities.

• Recognize that financial strategies within relationships can face conflict. Couples may need help to work through these and align on shared goals.

• Build trust; clients should feel confident and comfortable with advisers.

• Plan for curveballs, whether it’s divorce, illness or widowhood. Having a flexible backup plan helps ensure clients stay on course toward their goals.

• Support legacy and wealth transfer planning. It’s vital for clients to have advisers who will help them preserve future wealth for their loved ones while maintaining their own financial stability.

• Encourage discussions. Women should be encouraged to take ownership of family estate planning to help ensure clarity and alignment.

Empowering female investors is more than a professional responsibility—it’s an opportunity to address financial inequities and foster confidence in underserved clients. By understanding their unique challenges, offering actionable strategies and being a partner, advisers can make a tangible difference not only in their clients’ lives but in the financial world at large.

Financial independence isn’t just the goal; it’s the foundation for women to write their next chapter. An adviser should help them take those steps confidently and securely.