By Christiana Dirks

More than 90% of women expect to be solely responsible for their finances at some point in their life, yet over half say they have no retirement savings. Add to that the fact that women tend to live longer than men, and the financial gap becomes even more pressing.  So, how can women take control of their financial futures? Whether you are married, widowed, single with children, or just starting out in your career, here are some tips to help ensure you stay on track. 

• The first step in any financial plan is understanding how much you spend. Creating a budget not only reveals the balance between saving and spending, but also helps you determine how much income you’ll need to replace in retirement. It can also highlight areas where you might be overspending, giving you the chance to adjust and stabilize your cash flow. 
• If you are employed, make sure you are taking full advantage of your company’s retirement plan and that it’s invested properly.  Most employers allow you to automatically contribute from your paycheck, creating a “set it and forget it” system that steadily builds your savings. Be sure to ask whether your employer offers a contribution match. If they do, contribute at least enough to maximize it. For example, if your employer matches 5% of your salary and you contribute 5%, you’re effectively saving 10%. The earlier you begin, the more time compounding has to work in your favor. 
• Protecting your legacy is just as important. Every woman should have at least the basics of an estate plan, especially if dependents are involved. Even if you’re married, it’s critical to be informed and involved in financial decisions. Women often outlive their spouses, and being unprepared can make an already difficult time overwhelming.  In fact, UBS  predicts that nearly $105 trillion will be transferred from Baby Boomers to their heirs with women expected to control $40 trillion of that by outliving their partners. Even if you don’t anticipate an inheritance, you’ll likely accumulate assets of your own by retirement. Make sure that your beneficiaries are up to date on retirement plans, investment accounts, and other assets. This simple step can prevent your loved ones from going through probate.
• Career progression is another area where women face unique challenges. Many women step away from the workforce or reduce hours to care for children or aging parents, a dynamic the National Library of Medicine calls the “motherhood penalty.” According to their research, 24% of women leave the labor market in their first year of motherhood. Combined with societal shifts such as delayed childbirth and an aging population, women are increasingly juggling roles as both childcare and eldercare providers—the so-called “sandwich generation.”  

So, how can women protect their earning power? First, don’t be afraid to speak up and advocate for yourself! Women have been historically less likely to ask for a pay increase or promotion than men, but doing so is essential for long-term financial security. If you don’t ask, you could be leaving money on the table. Second, if you anticipate stepping away from work in the future, plan ahead. Save more while you can so you’re prepared for periods where your income may be reduced. Thinking through these scenarios early can help prevent unnecessary stress later. 

While financial planning may feel overwhelming, it is one of the most powerful ways women can build security for themselves and their families. From longer lifespans to caregiving responsibilities to wage gaps, women face financial realities that differ from men’s, making proactive planning all the more important. Start small: know your numbers, contribute to retirement, stay engaged in financial decisions, and advocate for your worth in the workplace. Each step you take strengthens your foundation for the future.