Domenica Lurvey
The fundamentals of good wealth management are the same for everyone. However, data shows that typically, women have higher retirement costs, more obstacles to earning, and more hesitation around investing compared to men. Luckily, there are plenty of strategies that wealth managers can use to help women take control of growing their wealth at any age. Here are some of the common challenges regarding women’s wealth management—and some of the solutions that wealth managers might use to mitigate those challenges.
The Challenge: Unpaid caretaking duties can interfere with women’s lifetime earning potential.
From raising children to caring for aging parents, many traditional family caretaking work tends to fall to women. Making time to do that labor often requires taking time away from work, affecting the caretaker’s income and potentially her overall career trajectory. Per a 2023 Department of Labor report: “Unpaid family caregiving reduces a mother’s lifetime earnings by 15 percent, which also creates a reduction in retirement income.”
Wealth management strategies that can help: Comprehensive financial planning and insurance planning to maximize your resources.
Women currently caring for kids, aging parents, a disabled partner, and/or other loved ones will not stop showing up for them, even if it does pull them away from earning income. Financial planning is just that much more important for caretakers, because there are so many priorities to balance. Actions like creating a careful household budget, building an emergency fund, thoughtful investing, and strategic tax planning help you protect and grow your wealth.
Assess your insurance plans and those of your dependents. For women who do a lot of unpaid caretaking, life insurance could be a vital part of your “worst case scenario” plan. If necessary, a life insurance payout could help pay for professional care for your loved ones in your absence.
The Challenge: Women live longer, which means higher costs in retirement.
An average healthy 65-year-old man can expect to live another 17.5 years, while a healthy 65-year-old woman has a life expectancy of 20.2 more years. (That’s per the most recent findings from the CDC, which are based on 2022 data.) While it’s great to have a long life expectancy, this puts women at a higher risk of outliving their money. The 2024 Milliman Retiree Health Cost Index projected that a healthy 65-year-old woman needs to have an additional $10,000 to 20,000 in savings, compared to a man, for healthcare expenses alone.
Wealth management strategies that can help: Maximizing retirement savings and healthcare savings.
Saving as much money as possible for future expenses is the goal. Your wealth management advisors can help you find the most tax-advantaged strategies to grow your retirement savings.
The Challenge: Women are generally less likely to invest than men.
There’s lots of data confirming that the gender investment gap is real. (See here and here.) Women are less likely to invest in the stock market than men, and women invest less money on average compared to male investors. The gap can be attributed to multiple factors but ultimately it means that many women are missing out on all the benefits of long-term investments.
Wealth management strategies that can help: Individualized investment planning.
You might be interested in the stock market or other investment strategies, but not know where to begin. Or you may want to grow an existing portfolio but aren’t sure you can afford to invest more cash. The truth is that there’s no one right way to invest, no matter your gender. Identifying the barriers (both financial and emotional) that have kept you from meeting your investment goals is a good place to start strategizing about the right investment plan for you moving forward.
The Challenge: Many women lack confidence managing financial matters.
Everyone’s different; some women are confident in managing their money. But, research confirms that it’s common for women to feel uncomfortable with wealth management and investing. In a 2022 survey commissioned by Bank of America, just 28 percent of women said they felt empowered to take action on their finances. Survey respondents reported feeling overall confident about day-to-day financial matters like paying bills and managing a budget. However, about half of women said they’re not confident making investment decisions. Women are also more likely to experience financial stress than men, according to a 2025 survey from Credit One Bank.
Wealth management strategies that can help: Working with advisors you trust.
Women shouldn’t have to be experts in wealth management to be confident in making informed decisions about their money. Choosing a wealth manager you trust and who feels like the right fit is crucial. When you feel totally at ease with your advisors, you know you’re safe to ask money and investing questions (even questions that might feel stupid!) without judgment. That kind of support can be transformative for women who have historically struggled to feel empowered around money management.
Get Help With Women's Wealth Management
Sachetta’s wealth management advisors meet every client exactly where they are. We take a warm and holistic approach to providing data-driven financial guidance to clients of all ages and backgrounds, so clients feel comfortable talking through anything they’re not sure about. Have questions? Contact us today.
Domenica Lurvey, CFP® MSM joined Sachetta in 2023 and works mainly with Wealth Management Clients. Domenica has a Bachelor's Degree in economics and political science, as well as a Master of Science in Management (MSM) Degree from Merrimack College. In her spare time, Domenica enjoys spending time with her friends and family, traveling, gardening, and trying new recipes.