Small steps can make a big difference. Learn how planning, investing in yourself, and seeking help can help women build wealth and strengthen financial security.

Women have an opportunity to take charge of their financial future.

Small steps can lead to big gains in the long run.

By planning and prioritizing, investing in themselves, and seeking help when needed, women can build wealth and enhance their financial security.

Today’s women enjoy opportunities that our grandmothers’ generation could only dream of, but we continue to face greater financial headwinds than men. The persistence of the gender pay gap, time out of the workforce for parenting and caregiving, and lesser access to employer benefits make it more difficult to balance our short-term needs with our long-term preparations for retirement. 

1. Set Financial Priorities

The first strategy, setting financial priorities, enables us to focus on what’s most important and inform our daily decisions.

Transamerica Center for Retirement Studies’ survey report, 25 Facts About Women’s Retirement Outlook, found that 36% of women workers cite “just getting by to cover basic living expenses” as a current financial priority, compared with 28% of men.¹ Putting this into context with other financial priorities, the survey found:

• 53% of women cited saving for retirement as a priority
• 45% cited building emergency savings
• 39% cited paying off credit card debt

These findings highlight the need to prioritize. If you’re paying off credit card debt – especially if it’s high-interest rate credit card debt – it should be a top priority. With the compounding of interest, it can easily grow out of control.

The survey also finds that many women are not setting aside enough in terms of emergency savings. When our survey asked how much women have saved for unexpected major financial setbacks, the median amount was just $3,000, which does not go far these days.¹

The survey also found that almost four in five women are saving for retirement.¹ However, more than one-third have tapped into their savings by taking a loan and/or early withdrawal from their retirement accounts.¹ Early withdrawals could result in an income tax bill and a potential 10% penalty, which is counterproductive. 

Consider building up emergency savings while, at the same time, saving for retirement. After all, you’ll likely want to continue saving in your 401(k) to take advantage of your employer’s matching contribution. 

Many employers offer an HSA – health savings account – as part of their health care insurance offerings. HSAs are an extremely tax-efficient way to save for current and future health care expenses. When setting financial priorities, be sure to look into these, too.

2. Invest in Yourself

Investing in yourself means growing your skills and expertise to increase your value to an employer and, in turn, your paycheck. In today’s rapidly transforming world of work, it’s also critical to stay relevant with employers’ needs. 

According to our survey findings, fewer than half of women workers are focused on keeping their job skills up to date – which is the same percentage as men.¹ 

When considering job choice and career planning, a study by the Pew Research Center found that in 2021 only 35% of workers in the highest-paying occupations were women.² While this percentage is low, it has increased significantly since 1980, when it was only 13%. 

Negotiating pay and employee benefits is also critical. Knowing your value and doing your research about pay ranges is important. Evaluating job offers should include considering employee benefits as part of the overall compensation. 

Over the course of their careers, many women may face a decision whether to work part-time or step out of the workforce altogether for parenting and/or caregiving for an aging parent or loved one. In addition to being a family decision, this is a major financial decision because of the loss of income and benefits. When facing these life decisions, invest in yourself by envisioning solutions to help mitigate the financial and employment impacts. For example, develop skills and solutions so you can continue working part-time or set up shop as a freelancer. 

By doing so, you can manage your work-life balance so that you can continue bringing in income, building savings, and growing your skills and expertise. What’s more, when you’re ready to work full-time again, it will be easier to jump back in. 

3. Seek professional guidance when needed.

Women don’t need to navigate financial decisions alone. Our survey found fewer than one in three women use a professional financial advisor.¹ 

Seeking professional guidance can be helpful. In looking for an advisor, a great starting point is learning about your employer’s benefit offerings. Your employer’s retirement plan provider may have resources available, or your employer may offer a financial wellness program. 

Also, check with your bank, credit union, or other financial services organization to learn about the services they offer. And there are a growing number of app-based services designed for women. 

Final Thought

Whichever route you choose, be sure to do your due diligence to ensure that you’re working with a reputable organization. Regarding individual financial advisors, verify their credentials. For Certified Financial Planners, you can verify them at www.cfp.net. You can also check online at FINRA’s Broker Check and SEC’s Investment Adviser Public Disclosure.

1. Transamerica Center for Retirement Studies. 25 Facts About Women’s Retirement Outlook. November 2025. pp. 25, 26, 31, 34, 43. https://www.transamericainstitute.org/research/publications/details/25-facts-about-womens-retirement-outlook-2025
2. Schaeffer, Katherine. “For Women’s History Month, a look at gender gains – and gaps – in the U.S.” Pew Research Center, Feb. 27, 2024. https://www.pewresearch.org/short-reads/2024/02/27/for-womens-history-month-a-look-at-gender-gains-and-gaps-in-the-us/