A survey by Charles Schwab found that 90% of female investors, the primary or joint financial decision-makers of households, feel that they are on track to achieve their financial goals.
A survey of over 1,200 women found that nearly everyone reported that managing investments gives them a sense of empowerment.
These results show strong involvement among female investors, but also highlight clear opportunities for improvement. Nine out of 10 respondents (85%) in the survey hope to start investing sooner.
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Many cited uncertainty about where to start, or believed they lacked the money or knowledge to start it.
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Women often face headwinds when it comes to wealth building. The study highlights challenges such as low wages, career disruptions to family care, and reduced employment opportunities.
Reflecting both the findings and conversations with female investors, here are six steps women can take today to achieve greater control over their financial futures.
1. Build financial knowledge
The path to proficiency starts with learning, but almost a quarter of the women surveyed say that a lack of financial education is hindering women. Good news? No access to useful information has ever been made.
Start by identifying the topic you want to learn, then find content that suits your learning style, such as podcasts, articles, videos, and conversations with people you trust.
Choose where you want to obtain your financial information. Not all Tiktok trends and social media “Finfluencer” can be trusted. Always check the credentials of the person providing advice and seek a licensed and regulated professional.
Providers such as Schwab offer a wide range of online resources and opportunities to learn from experts.
It can feel a little overwhelming, but remember that you don’t have to learn everything at once. Take the first step. As you gain more financial knowledge, your confidence builds and confidence often leads to meaningful behavior.
2. Create a financial plan that suits your life
If you’ve ever stepped into Costco without a shopping list, you know how quickly things lie down. The same applies to your finances. Without a clear plan, you may get lost or, worse, make a purchase choice.
Let’s start with the basics. Set a budget. Understand what’s in it and what’s going on every month. Look where you may be spending too much and make changes as much as you can. Create emergency funds for at least 3-6 months of mandatory costs. Make sure you have sufficient insurance.
Next, write down your short, medium and long term goals. Give them the timeline and the amount they need to save each. The more specific your goals, the more likely you are to achieve them.
Now you have the foundation to build.
3. Start investing early and maintain a long-term view
At Schwab Survey, 51% of women start investing by the age of 30, and data shows that each generation is younger. The women surveyed also say they view perseverance, discipline and consistency as the greatest investment strengths.
Here’s why it’s important: It’s about a long game. Compound growth is a powerful thing. Even small investments today can increase significantly over time. You don’t need much to get started. Invest $100 or $500 and go from there.
Also, if you start in your 20s and invest 10-15% of your salary, you may not need to increase that percentage over the remaining year.
However, two-thirds of women surveyed (65%) said they delayed savings and wealth building and delayed their wealth because they didn’t put their wealth aside. If you start later, you’ll want to contribute more.
For people over 50, catching up contributions to a 401(k) or IRA is a great way to make the most of your savings.
Regardless of when you start, don’t give your emotions your best, especially if you’re young and have time to fluctuate in the market.
4. Make it automatic
One of the easiest ways to build wealth is to automate your finances.
Set up direct deposits in your savings or investment account, contribute to the 401(k) and establish repeat transfers to your financial goals. Automating finances removes guesswork and is accountable.
Professional financial advisors can also help you stay on track. When you start, it may require a consultation or two. As you get older, you can have regular check-in and collect ongoing advice.
5. Build and maintain good trust
Your credit history will affect your ability to get a loan, buy a home, and land work. It is important to develop and maintain good trust habits.
I still remember applying for my first credit card at university for my father’s advice. I have learned not only how interest rates work, but also the value of paying off my balance completely and monitoring my credit.
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Today there are many tools that can help you manage your credit responsibly. The key is to continue to provide information, be organized and stay on top of it. Don’t charge more than you can pay back each month.
You have a plan to pay back the high profit debt you are carrying. Your credit history will continue to you wherever you go. Make it good.
6. Share what you know
Money doesn’t have to be a solo journey. Sharing ideas, lessons, or questions can help you accelerate your knowledge and feel more supported along the way.
Research shows that women value sharing and learning from each other’s experiences, so don’t hesitate to reach out. Build your own support system and grow together.
Put it all together and enjoy the ride
Building wealth is not a one-off decision. It’s a lifelong journey. The earlier you start, the stronger the foundations will be. With discipline, curiosity and support you can own your financial future.
You don’t need to understand it all. You just have to start.
Investments include risks including loss of principal. Past performance does not guarantee future results.
The information provided here is for general informational purposes only and is not intended to substitute for any specific individual tax, legal or investment planning advice. If specific advice is required or appropriate, you should consult a qualified tax advisor, CPA, financial planner, or investment manager. (0825-jk9d)
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This article presents and presents the opinions of contributors, not Kiplinger’s editorial staff. Advisor records can be viewed in SEC or FINRA.
