Despite global progress, research shows that women still face barriers when it comes to building long-term wealth. These challenges often include career breaks, longer life expectancy, and a lack of financial confidence. Yet, women are also set to own a growing share of global wealth, positioning them as powerful financial decision-makers.
Several financial advisers share their insights on how women can build confidence, take control of their finances, and secure their futures.
Key takeaways
- Knowledge is power: Financial education is the foundation of empowerment.
- Investing and pensions matter: Small, consistent actions today create long-term security.
- Representation matters: Female advisers and mentors help build confidence and trust.
- Practical steps: Negotiating salaries, investing wisely, and planning for retirement are crucial.
Knowledge is power: building financial confidence
Education remains the cornerstone of financial empowerment. Advisers agree that understanding spending habits, savings, investments, and retirement planning is the first step toward independence.
Financial literacy not only equips women to make informed decisions but also helps to break the cycle of hesitation that prevents many from investing and growing their wealth.
Taking control: investing and retirement planning
A common theme is that many women delay investing or contributing to pensions due to lack of confidence - a hesitation that can have long-term consequences.
Advisers encourage women to:
- Start investing early, even with small amounts.
- Prioritise pensions and retirement savings, especially when career breaks are expected.
- Use technology and financial tools to make smart, tax-efficient investment choices.
The message is clear: it’s never too early - or too late - to take control.
Addressing gender-specific challenges
Women often face unique financial challenges, such as:
- Career breaks for caregiving.
- Lower lifetime earnings.
- Longer life expectancies requiring greater retirement savings.
Practical solutions include joint financial planning within families, negotiating workplace benefits, and seeking tailored financial advice that acknowledges these realities.
The power of representation and mentorship
Representation matters. Many women feel more comfortable working with female advisers who understand their priorities and concerns. Beyond professional advice, mentorship and role models play a vital role in boosting confidence.
As one adviser noted, women often view money as a means to create security and opportunities for their families — not just as an end in itself. A trusted adviser or mentor who shares this perspective can make all the difference.
Taking action: steps to financial independence
Practical advice from the advisers includes:
- Negotiate salaries to reflect your value.
- Invest regularly, even in small amounts.
- Build networks of financially savvy women who inspire and support.
- Consider property ownership as a step toward independence.
- Seek professional advice to create a personalised financial plan.
Final thoughts
Financial empowerment is about more than numbers - it’s about freedom, security, and confidence. GWII encourages women to take charge of their financial futures by educating themselves, seeking support, and making proactive decisions that align with their goals.
Together, we can build a future where women don’t just own more wealth - they own their financial confidence, independence, and power.
Sources & References
- Boston Consulting Group (2018). Managing the Next Decade of Women’s Wealth.
- UN Women (2023). Facts and figures: Economic empowerment.
- World Economic Forum (2024). Global Gender Gap Report.
- OECD (2022). Financial Literacy and Women: Why it matters.
- Financial Times (2024). Women and wealth: closing the confidence gap.
- Stats SA (2023). Quarterly Labour Force Survey – gender and income data.