There are a few reasons for this. First, data shows that women are often more disadvantaged than men when it comes to finances. A 2018 Pew Research Center study found that women in the U.S. earn, on average, just 85% of what their male counterparts earn. The study also found that women save less, live longer, and have more long-term and overall health care expenses—on top of the same living expenses as men.

Second, working women often lack confidence that they’ll be able to retire comfortably. According to research from the Transamerica Center for Retirement Studies, only 12% of working women are "very confident" in their retirement savings, while 46% are either “not too confident” or “not confident at all.”

So, what should women do?

First, educate yourself. It’s the same advice we would give to men. 

According to a 2018 Federal Reserve survey, women, on average, are less comfortable making retirement investment decisions. With knowledge, comes confidence. Find articles, listen to a podcast, or just do some internet research. You could even join a Facebook group to learn more about financial planning.

Second, save more than you think you’ll need. As we mentioned earlier, women often live longer and deal with more long-term health care expenses. This will also help working women who plan on having children. The time away from the workplace and the cost of having a child can be a major financial hit on your savings. Having more in the bank will allow you to reach your financial goals and enjoy retirement more comfortably.

Finally, find a financial adviser you can trust.

More and more women are doing this, which is a trend in the right direction. According to Advisory Authority, in 2020, 67% of women were working with advisers and financial professionals, compared to just 44% in 2016.

Talking to a certified financial planner professional is a smart move for women at any stage of life. When you’re younger, a financial planner can help with advice about paying your bills, managing debt and saving for your future. When you’re older, a financial planner can help you in prioritizing major financial decisions, like buying a house, changing jobs, and saving for your kids’ education.

Working with a financial planner you can trust can also give you confidence in your decisions. Finding one doesn’t have to be difficult. In some cases, you can go through your work. Friends, relatives, and coworkers are also great sources for suggestions on who to talk to.