Top 5 Financial Planning Challenges for Women

By Anastasia Taber, CFP®

Do you want to feel more confident about your financial future but don’t know where to begin? You’re not alone. Financial planning for women often comes with unique challenges that involve balancing competing financial priorities, managing debt, saving for retirement, and planning for long-term stability. With so many responsibilities and decisions happening at once, it’s easy to feel overwhelmed or unsure of the next step.

The good news is that meaningful progress doesn’t require having everything figured out at once. With the right strategies and a clear plan, it’s possible to move toward greater financial confidence over time. In this article, I explore five common financial challenges women face and share practical ideas to help you take control of your finances and build a stronger foundation for the future. 

1. Putting Their Finances Last

Women have so much on their plate, it’s no wonder that for many of them, managing the family’s budget and finances is the last thing they want to do after a busy day. Between taking care of the home, working, and raising kids, the list never ends. 

But I always suggest that my female clients move “taking care of business” up on the list. There are many benefits to this, but the main one is that when your financial house is in order, the rest of your house will be in order (literally). Spending time focusing on your finances keeps everything organized so you can spend more time doing the things you enjoy. 

2. Not Investing Early Enough in Life

Too many men and women put off investing or taking their financial planning seriously. This is especially important for women, who statistically make less, may have to take a break in their career to raise families, and have a higher likelihood of becoming a widow. 

Due to these factors (and many more), I encourage my female clients to start investing early and take the steps they can now to prepare themselves for the future. We don’t have a crystal ball and will never know where life will take us, so it’s better to be prepared. 

3. Not Having a Will/Estate Plan

Many of my female clients are diligent savers with sizable retirement assets, but they tend to think that saving and earning are all they need to do to meet their goals. Unfortunately, this mindset couldn’t be further from the truth.

There’s so much more to being financially stable than just how much money is in the bank. Estate planning is a crucial aspect of a comprehensive wealth management strategy, especially if you want to pass assets to the next generation and safeguard yourself and your family as you age. 

Through the proper use of trusts and other estate documents like a power of attorney and up-to-date will, you can properly pass on what you’ve built over your lifetime while minimizing taxes and probate expenses.

4. Skimping on Insurance

If you don’t already have a life insurance policy, now is the time to get one. If you do have a policy, make sure your policy includes the cost of raising a child, college, and maybe even coverage for a stay-at-home parent. Life insurance helps you feel confident that your children and spouse are taken care of should anything happen to you. 

You should also review your disability insurance. While often providing for children, paying off a mortgage, and budgeting for childcare or staying at home to raise kids, a woman’s income needs to be constant. Make sure you cover the risk of not being able to work due to an injury, accident, or unforeseen complication. Plus, insurance is about much more than just replacing your income. It can help give your family financial freedom to grieve if something were to happen to you, and it can help replace all you do as a mother that goes unpaid.

5. Lack of Confidence

Unfortunately, many times men handle the bulk of a household’s finances, and thus women lack the confidence later in life to take control of their finances. This lack of confidence can manifest itself in being too conservative in your investments or even not investing at all. According to a recent Bank of America report, the average 401(k) balance for men was 50% higher than for women.

Fun fact: Men are often the opposite, and their overconfidence means they take more risks with their investments. Despite research showing they earn consistently better returns, according to Fidelity, women are nearly two times more likely than men to categorize their level of investing knowledge as “nonexistent.”

Personalized Financial Planning for Women at Every Stage

Navigating your finances can feel overwhelming at times, especially when career demands, family responsibilities, and long-term goals all compete for attention. Women are often faced with balancing multiple priorities at once, which can make it difficult to know where to begin.

Remember that small, intentional steps can create meaningful progress. At TABER Asset Management, we can help you build a clear budget, reduce debt, create an emergency fund, invest consistently, and plan for retirement to build lasting financial stability and independence. Addressing these areas proactively can help replace uncertainty with clarity and confidence.

If you’re ready to take the next step, we’d be happy to help you create a personalized financial plan designed around your needs. Let’s work together to strengthen your financial foundation and move toward long-term independence. Get started today by scheduling a 15-minute intro phone call online or reaching out to us at 703-380-0968 or invest@taberasset.com. 

About Anastasia

Anastasia Taber is an Associate Advisor and leads the financial planning services division at TABER Asset Management, an independent, fiduciary wealth management firm, in Alexandria, Virginia, and Des Moines, Iowa that strives to do one thing well: manage their clients’ money by creating wealth, building wealth, growing income, and preserving capital so they can experience financial freedom. Anastasia is a CERTIFIED FINANCIAL PLANNER® and has a Bachelor of Arts in English from Georgetown University. She has years of experience working for one of the largest REITS in the U.S., as well as in property management and accounting at a global law firm in Washington, D.C. Anastasia is passionate about exceeding her clients’ expectations and building caring, long-term relationships based on trust. She is known for being detail-oriented and committed to excellence in her work. Anastasia is a co-host on the Creating Wealth podcast. To learn more about Anastasia, connect with her on LinkedIn.