Financial planning is important for everyone, and especially critical for women. Women face unique financial challenges, making it crucial to start planning early and intentionally. 

There are a few reasons for this. First, data shows that women are often more disadvantaged than men when it comes to finances. A Pew Research Center study found that in 2024, women in the U.S. earned, on average, just 85% of what their male counterparts earn, but that for full-time year-round workers, the figure is actually closer to 81 cents to the dollar. They found in this study that for the first time in over 60 years, the gender pay gap actually widened for a second consecutive year. 

This wage gap is even more pronounced for women belonging to other minority groups. According to the Economic Policy Institute, Black women make about 69.6 cents and Hispanic women about 65.3 cents to each dollar earned by white men.

The Pew Research Center study also found that women save less, live longer, and have more long-term and overall health care expenses, on top of the same living expenses as men. 

Working women also often lack confidence that they’ll be able to retire comfortably. According to 2025 research from the Transamerica Center for Retirement Studies, less than 1 in 5 working women are "very confident" in their retirement savings, while nearly half are either “not too confident” or “not confident at all.” More than three in four women are worried that Social Security won’t be available when they need it. Additionally, women only have a median of $3,000 saved for household emergencies, as compared to men’s $10,000. 

So, What Should Women Do?

  1. Educate Yourself

It’s the same advice we would give to anyone, and matters especially here. Knowledge leads to confidence. Start with articles or podcasts, or find community groups either online or in-person that are focused on financial literacy. There are extensive online resources to learn more about anything from personal finance to retirement investment options, which a 2018 Federal Reserve survey shows that women are, on average, less comfortable making decisions regarding. 

  1. Save More Than You Think You’ll Need

 As we mentioned earlier, women statistically live longer and deal with more long-term health care expenses than men, which makes a clear financial case for the need for aggressive saving. This point is especially relevant for women who plan to take time off for parenting, which is a major financial hit of its own. Having more in the bank will allow you to reach your financial goals and enjoy retirement more comfortably.

  1. Find a Financial Advisor You Can Trust

Transamerica found that only 29% of women currently use a professional financial adviser, but there is good news: this statistic is trending in the right direction, with more and more women seeking professional financial guidance.

Talking to a certified financial planner is a smart move for anyone at any stage of life. When you’re younger, a financial planner can help with advice about paying your bills, managing debt, and saving for your future. This advice only becomes more valuable as you age and reach more financial milestones, such as buying a home and starting a family. 

Working with a financial planner you can trust can also give you confidence in your decisions. Finding one doesn’t have to be difficult. In some cases, you can go through your work. Friends, relatives, and coworkers are also great sources for suggestions on who to talk to.

Combining financial education, disciplined saving, and professional guidance can make a huge difference over the course of a woman’s life and help to give them power against many strong financial roadblocks. No matter where you are financially, now is a great time to start exploring your options and begin your financial planning.