Over the past several decades, women have made remarkable progress in education, careers and leadership. However, when it comes to personal finances, many still tend to take on a more passive role.
The reality is this: financial confidence doesn’t come from knowing everything. It comes from being engaged, asking the right questions and having a clear understanding of where you stand.
Whether you are single, married, divorced or widowed, your financial life deserves your attention.
Clarity creates confidence
One of the most important steps in financial planning is understanding your current picture.
That means knowing:
- Where your accounts are held
- How your assets are invested
- What you own versus what you owe
- How your income supports your lifestyle
In many households, one partner naturally takes the lead on finances. While that can be efficient, it can also create a gap in understanding. We often see that during major life transitions, such as a divorce or the loss of a spouse, this lack of visibility can quickly become overwhelming. Clarity today creates confidence for tomorrow.
Women and the ‘Great Wealth Transfer’
What makes this moment particularly important is that we are in the midst of one of the largest financial shifts in history.
Over the coming decades, an estimated $120+ trillion will transfer between generations, often referred to as “The Great Wealth Transfer.” A significant portion of that wealth will land in the hands of women.
Roughly $54 trillion is expected to pass to surviving spouses — and over 95% of those recipients are women An additional $40–$50 trillion is expected to pass to daughters and younger generations of women By 2030, women in the U.S. are projected to control $30–34 trillion in assets This is a fundamental change in who controls wealth, makes financial decisions and shapes the future of investing.
Importantly, much of this shift is linked to longevity. Women generally outlive men, often leading them to become the primary financial decision-maker later in life.
Three practical steps to take now
No matter your stage of life, there are a few foundational steps that can have a meaningful impact:
- Know what you own. Take an inventory of your accounts: bank accounts, retirement plans, investment portfolios, real estate and insurance policies. Equally important is understanding the purpose of each. Understand your protection plan. Ensure you have the right safeguards in place: life insurance, where appropriate core estate documents
- Have all passwords for key loyalty programs and financial accounts.
- Be part of the conversation. Attend meetings and ask questions. A strong financial plan should feel clear and intentional — not distant or unclear.
Planning for a longer horizon
Women often experience more financial transitions than their male counterparts, career pauses, caregiving responsibilities and longer life expectancies. While that is something to celebrate, it also means financial plans often need to support a longer retirement, extended healthcare needs and a more durable income strategy.
When you layer this longevity with the scale of wealth being transferred, the importance of proactive planning becomes even clearer.
Today, we are witnessing a profound financial shift, one where women are increasingly at the center of wealth, decision-making and long-term planning. Taking ownership of your finances is not just about preparation, it’s about participation in that future.
Emily Promise, CEO and financial advisor at ShorePoint Advisory Group (formerly Blakely Financial), is a Marblehead native and the financial columnist for the Current.
