Women are increasingly taking control of their finances and remain a major economic workforce. In fact, they manage a third of U.S. household income, amounting to $10 trillion. As the share of wealth managed by women increases, many are seeking sound financial advice to guide them through crucial investment decisions such as buying a new home, launching a business, or planning for retirement.

Moreover, surveys show that women value the need for expert advice more highly than men and prefer to work with a financial professional to meet their goals. Focusing on the potential of advising female clients could unlock new avenues for expanding your practice.

Holding the reins

A study found that 94% of women will have sole responsibility for their finances at some point in their lives as more women choose to remain single, manage their finances independently of their spouse, or navigate circumstances including divorce or death of a spouse.

Additionally, with changing times, more women have joined the workforce, and women’s earning power has risen as dual-income households have become more common.

While there’s still a long way to go, the gender pay gap in the United States has narrowed from women earning just 65% of men’s earnings in 1982 to 85% in 2024. According to a 2021 study, 54% of partnered women earned more than, or as much as, their spouse. The study also found that 32% of millennial and Gen X women are the primary breadwinner in their household, higher than the 20% of women from boomer and traditionalist generations. 

Doubling down on financial planning for women

Achieving financial independence is just the first step. Many women will continue to seek support as they advance to the important next step of managing their wealth. While women possess the required financial knowledge, 59% of women in the United States don’t feel confident investing.

On the other hand, lack of hubris makes many women prudent investors. This tendency toward a cautious approach has meant that women trade less frequently than men, according to a survey. They also tend to be more risk-averse and tend to hold more diverse portfolios, often helping them outperform men when they do invest.

With women’s economic power growing, financial advisors may wish to review their practices to ensure that they’re tapping into the growing opportunities that female clients present and to address the unique financial challenges that many women face today.

Help women take charge of their financial futures

At John Hancock Investment Management, one of our goals is to offer resources to financial professionals to help them empower their female clients and help build their confidence. One such resource is Women, wealth, and wisdom, which focuses on financial planning issues that women may face at various stages of life. This presentation and related resources provide nine robust case studies, each with an associated worksheet, checklist, or primer.  These materials cover topics such as estate planning, caring for aging parents, strategic philanthropy, and more. In addition, we offer a client-facing seminar and resources page for this program. We hope you'll find this suite of resources a valuable addition to your practice.

1 U.S. Senate Committee, July 2023. 2 World Economic Forum, April 2023. 3 Pew Research Center, February 2025. 4 50/50 Women on Boards, December 2024.