We’ve made huge progress with gender equality in the past few decades, and women arguably have more social influence than ever before.
For example, HR Review reports that there was an 83% increase in female CEOs and women serving on the board of companies between 2018 and 2023. Similarly, in 2024, women act as heads of state in 26 different countries around the world. This is a remarkable leap forward considering we couldn’t even open a bank account without a man’s signature in the UK until 1975.
Alongside these huge strides in gender equality, attitudes towards women’s roles in the world of finances and work have changed significantly too. According to Statista, the female employment rate was 72.1% at the end of 2023 and it’s predicted that there will be a “great wealth transfer” in the next few years as 60% of British wealth will be in the hands of women by 2025.
However, it’s important to remember that gender inequalities still exist, and we’ve only recently gained more independence over our finances.
So, despite the progress we’ve made, you might still be disadvantaged compared to men and face some unique financial planning challenges as a woman. For example, we:
- Statistically have lower financial confidence than our male counterparts and are less likely to take risks when investing, possibly because we’ve had fewer opportunities to engage with investments in the past
- Are often financially reliant on our partners as we may be paid less or take on a greater share of caring responsibilities, which affects our earning potential– Have less in our retirement savings on average than men of the same age because our earnings may be lower and we’re more likely to take a career break for childcare
- May be less likely to have adequate financial protection
- Are often at a financial disadvantage during a divorce
This guide will explore these challenges. As financial planners our job is to help you both prepare for them and help you overcome them, so you can build wealth and achieve your goals now and in the future.