Understanding women’s financial journeys: a wider view for advisers

Financial advisers are witnessing a significant shift in how women manage and influence wealth, making it more important than ever to understand their financial journeys in the context of life’s big events. Many factors shape women’s finances. These include career breaks and caring responsibilities, as well as longer life expectancy and changing family dynamics. All of these influence financial planning requirements which can go beyond simple investments or pensions. 

Why focus on women’s financial planning now?

Women increasingly hold significant financial power, whether through building their own wealth, inheriting assets, or managing family finances. But, because of the particular challenges they face, their commitments may impact their financial confidence and planning needs. 

For advisers, this means moving beyond product sales. Successful approaches prioritise holistic, life-stage-aware conversations and take time to understand each client’s wider circumstances and aspirations. All of this will strengthen trust and create more meaningful, long-lasting client relationships. 

Life stages and generational shifts shaping women’s finances

Women’s financial needs evolve throughout life, with key moments triggering substantial changes: 

• Widowhood: Many women inherit wealth unexpectedly after a spouse’s death. Advisers have a big opportunity to offer support by helping them build financial knowledge and confidence, often for the first time. 

• Daughters as financial translators: Adult daughters increasingly step in to help ageing or less confident parents manage finances and navigate decisions, highlighting the importance of involving family networks in planning conversations. 

• Millennial and Gen Z women: Younger generations can be more open about discussing inheritance and money matters within their families and partnerships, driven by a desire for financial compatibility and independence. 

• Motherhood impacts: The ‘motherhood penalty’ affects earnings, pension savings, and long-term wealth. Childcare costs, career breaks, and part-time work all contribute to this gap, magnified by increasing numbers of women delaying parenthood. 

• Childfree women: This growing demographic faces distinct financial challenges, such as elder care responsibilities and fewer traditional inheritance opportunities, often shaping how they plan their legacies. 

Understanding changing family relationships

The traditional model of family wealth has changed. Late marriages, blended families, cohabiting couples, and unequal financial contributions call for advisers to ask clear, practical questions:

• Who contributes?
• Who benefits?
• What happens if relationships change?

Understanding the story behind the numbers is key to delivering advice that helps clients safeguard their security and prepare for the unexpected. 

Life stage and financial resilience 

Health plays a critical role in women’s financial planning. Women tend to live longer than men but often experience a decline in healthy years after 60. Advisers should encourage clients to think beyond assets and pensions, prompting discussions about future care needs, potential illnesses, and how health might affect income and expenditure. 

Motherhood brings additional health and financial pressures, including fertility challenges, miscarriages, and the ongoing cost of childcare. Advisers have a vital role in addressing protection needs at these life stages, ensuring clients have appropriate income protection, life cover and critical illness cover. 

Building trust through relevant conversations

Trust is all-important when choosing an adviser. Guidance, reassurance and personalised service always score over product selling. Advisers who focus on building trust and understanding clients’ full life picture can better support women through major transitions such as becoming a parent, divorce, or caring for elderly relatives. 

Advisers can enhance client outcomes by: 

• Turning every review into a life-stage conversation to reflect changing circumstances. 

• Involving trusted family members or other supporters, with the client’s consent. 

• Reviewing protection regularly as family responsibilities evolve. 

• Helping clients anticipate and plan for potential health changes impacting finances. 

Supporting clients through multiple life pressures 

Many women juggle caring for children while supporting ageing parents and maintaining careers, all while planning for retirement. This ‘sandwich generation’ faces income pressure and time constraints, making it vital for advisers to encourage forward-looking conversations about ‘what if’ scenarios and resilience gaps. 

Creating space for thoughtful decision-making can feel challenging but addressing these issues with empathy and clarity helps clients feel prepared and confident. 

The future of women’s financial planning 

Generational shifts are reshaping the timing and nature of motherhood and career paths, with many women embracing more flexible, portfolio careers that better fit their lives. This flexibility often leads to financial empowerment but also adds complexity to planning. 

Many of us prioritise purpose, health, and meaningful relationships over wealth alone. Advisers who take a holistic approach, featuring health and well-being at its core, are well placed to meet these evolving client values. 

By understanding each client’s circumstances and stage of life, advisers can give more relevant support and help clients approach financial change with greater confidence.