Her Wealth, Her Way: Empowering Women to Take Control of Their Financial Futures

By Baylee Bryant, Wealth Manager, CFP®, CDFA®, Partner

Nearly four in five women (79%) made at least one financial change in the past year cutting spending, saving more, or adjusting how they manage their money in response to economic uncertainty.

That closely aligns with what I see in my work with clients at Merit. Many of the women I sit across from every day are already doing far more than they give themselves credit for managing day-to-day finances, keeping households running, supporting family members, building careers, and carrying much of the responsibility that keeps everything on track.

And yet, when the conversation turns to investing, I frequently hear some version of: “I’m not really an investor.”  That statement rarely comes from someone who’s disengaged or careless. More often, it comes from someone who is organized, thoughtful, and already making smart financial decisions.

The issue isn’t ability, it’s that many women are trying to plan inside a financial system that doesn’t always reflect how their lives actually unfold: lower pay over time, career pauses, caregiving responsibilities, and longer lifespans.

Those realities mean that their financial plan should be created earlier and with more intention. The first step is being honest about those constraints rather than assuming everything will smooth itself out later.

Why Retirement Planning Can Feel Harder for Women

There are a few themes that come up consistently in my work: one is longevity.

According to the Social Security Administration, a woman who is 65 today is expected to live to about 87 on average. That’s a long retirement to fund, especially if you retire earlier, earn less over the course of your career, or step away from work to care for children or parents.

When I sit down with clients, we usually start with the timeline, not the investment portion. Even a vague idea of just how long a plan may have to sustain itself can take the conversation from “Am I doing enough?” to “What does my future really require?”

Women’s lower wages are reflected in other places, such as smaller 401(k) employer matches, lower retirement contributions, and even reduced Social Security earnings. When that’s reality, the goal is continuity. Continuing to save or invest, even if contributions fluctuate, is usually far more effective than stopping altogether and hoping to catch up later.

Another theme I often see is that women believe they should invest conservatively since they will likely outlive their spouse. That instinct is understandable, but it can be misleading. A longer lifespan often means your money needs more opportunity to grow during your working years, not less. That doesn’t mean taking unnecessary risks. It means making sure caution doesn’t quietly undermine the plan’s ability to do what it’s meant to do.

This is where the coaching side of planning comes in. Sometimes the most important work isn’t choosing investments, it’s helping someone start, then helping them stay consistent as life gets busy. In my experience, once women are engaged in their plan, they tend to invest steadily, ask thoughtful questions, and stay disciplined through market cycles. And over time, that consistency is often what makes the biggest difference.

What I See at Different Life Stages

I don’t believe there’s a single “right” financial plan. What works in one decade may not work in another, and what works for one client will not be the right thing for another. The plan should adjust as life changes.

In your 20s, time is your biggest advantage. The biggest hurdle is often getting started. Women tend to research carefully before taking action. In many scenarios, this can be a strength, but not with the markets. At this stage, the most helpful step is to open the account, set up automatic contributions, and let compounding do its work.

In your 30s and 40s, things tend to stack up quickly: career demands, childcare, aging parents, and the mental load of managing it all. Women still take on a disproportionate amount of unpaid labor, both at home and often at work: women who work full-time do 1.8 times as much as men who work full-time; they spend 9.7 hours per week on it compared to 5.4 hours for men. Burnouts are common. During this phase, progress can be a bit quieter. Keep contributing and making changes, even as life changes. Not getting sucked into the temptation of giving up on long-term goals when the short-term picture feels overwhelming. The benefits of staying the course will show up in your portfolio later.

In your 50s and 60s, the focus shifts. Long-term care planning, insurance needs, and retirement income become more concrete. This is also when tax planning matters more, because how money comes out later can affect Medicare premiums, taxes, and flexibility. This is a good time to review beneficiaries, update estate documents, and model different income scenarios.

In retirement, the focus is less on returns and more on sustainability. How do you generate income without creating unnecessary tax issues? How do you stay flexible if something changes? If you’re married, it’s also important to understand how the plan holds up if one spouse dies, since taxes can shift quickly for the survivor.

Common Blind Spots

 The most common blind spot I see isn’t a lack of knowledge — it’s confidence.

They may be excellent savers and manage the household budget, but investing can feel like something reserved for people who are more confident or “financial.” In reality, confidence usually follows action, not the other way around.

Another blind spot is Social Security. Career pauses, divorce, remarriage, and survivor benefits all make an impact. One detail I see overlooked more often than you’d expect: name changes that never get updated with Social Security, which can affect how earnings are recorded and, ultimately, benefits. It’s a small administrative step, but it can have long-term consequences.

Another blind spot I see is women stepping back from earning power to take on unpaid caregiving roles without legal or financial protections in place. These choices are often made out of love, but love isn’t a legal plan.  If income is being sacrificed, there should be something in writing to support that decision; often through a prenuptial or postnuptial agreement, along with updated estate planning, so expectations and protections are clear for everyone involved.

What I Wish More Women Did Earlier

If there’s one habit I wish more women adopted sooner, it’s this: invest in yourself early and consistently.

Start before you feel fully ready. Keep going even when things feel chaotic. Don’t forget your plan during the hardest years of your life. And when you’re making decisions that affect your earning power, whether that’s caregiving, entrepreneurship, or a major life transition, make sure there’s a financial structure supporting that choice.

I often remind clients that challenges aren’t necessarily bad things. They’re questions. Financial planning doesn’t remove uncertainty, but it does give you options, and options are what create real security.

If you’d like help building a plan that reflects your actual life, your responsibilities, your timeline, your priorities, Merit is here to help.