By Lee Hafner | June 03, 2025 | Employee Benefit News | Read Original Post
Women are increasing their financial firepower, but do they have the tools to maximize their newfound wealth?
McKinsey reports that by 2030, women will hold $34 trillion of the country’s wealth, thanks to factors like inheritances, longer lifespans, and increasing salaries. However, more money does not automatically mean more stability. A New York Life survey found that stress was the emotion women associated most with managing household finances, and separate research shows tremendous concern about having enough money during retirement.
While women should assume responsibility for their financial future, they don’t need to navigate it alone, says Cary Carbonaro, a certified financial planner (CFP) and author of Women and Wealth. Seeking out professional guidance and making the most of employer benefits can help them meet short- and long-term goals with confidence, she says.
“Ninety percent of women are going to be managing their own finances at some point in their lives,” Carbonaro says. “[But] your financial future is not DIY.”
Whether fresh out of school or getting ready to retire, there are valuable resources women can use to get the most out of their income and assets. Benefit managers can lead them in the right direction by sharing information and available offerings.
More money, same problems
Even though women are making progress on the amount of wealth they own, a gender gap still exists. According to Pew Research Center, women earned an average of 85% of what men did in 2024, though that gap narrows to 95% for female workers aged 24–35. Other contributors to the wealth gap include caregiving roles that take time away from work, lack of property ownership, and higher debt levels. Carbonaro notes that women also tend to be more risk-averse, which can impact financial growth through investments.
“Women have the pay-wage gap, the confidence gap, [and] lower Social Security,” Carbonaro says. “We [also] have a longer lifespan and have to spend more money in retirement on healthcare — $250,000 more than men.”
Working with a financial planner can help women navigate these gender-specific challenges. Carbonaro emphasizes that anyone — regardless of income — can work with a CFP.
“[Everyone] should at least meet with [a planner], even if it’s in an hourly capacity, just to get a gut check of where they are,” she says. “I’ll take a client who comes to me in their 20s or 30s and doesn’t have any money. I charge them a flat fee [and] can get them set up for success for the rest of their lives.”
Benefits that give money back
Along with guidance, women can also benefit from financially-related employee programs. According to Fidelity’s 2025 Financial Resolutions Study, women’s top goals for the year are to save more, spend less, and pay down debt. Access to things like emergency savings accounts, HSAs and FSAs, child care and caregiver offerings, education stipends, and student loan assistance can help with immediate needs.
401(k) benefits, 529 accounts, and other investment opportunities can contribute to long-term financial stability. Benefit managers can take the lead on educating employees about what financial wellness offerings are available. Carbonaro emphasizes the importance of helping employees not leave money on the table.
“There is gold in those employee benefit plans,” she says, noting that as a young employee she studied her benefits inside and out, which enabled her to get her MBA for free.
While many financial benefits are universally helpful, communication strategies and information sessions can be more targeted to female staff. Carbonaro works with companies to organize financial education sessions, and says the conversation is very different when it’s just women in the room, versus a mix of genders.
Benefit managers can decide if this setup is something that would benefit their workforce, and consider adding employee resource groups or other forms of financial support designed specifically for women.
“Some women feel more comfortable and find it easier to share their thoughts and experiences in a women-only environment,” Carbonaro says. “Women-only spaces can provide a sense of solidarity and support, fostering feelings of empowerment and encouraging women to take risks and share their accomplishments.”
Don’t wait for a crisis
Women of every age are worried about finances, particularly how they will fare in retirement. In a 2024 study of women 25 and older by the National Council on Aging, half said they feel uncertain or worried about paying for health costs later in life, and fewer were confident in their ability to plan and save for retirement than they were in 2023.
Carbonaro urges a proactive approach to financial security on the part of women and their employers, which can prepare them for a life that goes as planned — and if a crisis (divorce, job loss, death of a spouse) strikes. New York Life’s survey found that 82% of women said they want to know more about at least one financial topic, with main concerns being building wealth and preparing for the future. Forty-one percent said they would be more confident if they had a professional’s input.
“Money problems keep women up at night,” Carbonaro says. “This is a business issue. You’re going to have a better employee if you can help them solve these problems.”
