Financial Confidence After 50: What Every Woman Should Know

Mar 6, 2025

Over the past 25 years, the wealth management industry has evolved dramatically — and women over 50 are at the forefront of this transformation. Whether you’ve been managing your own finances for years or are newly stepping into this role, understanding the trends shaping wealth management can provide the confidence and clarity you need for the years ahead.

The changing face of wealth management

Where “wealth management” was once synonymous with investment management, the field has shifted toward holistic financial planning that prioritizes life goals and values. With the rise of technology and automation, advisors now have more tools to help clients craft strategies that address investing, healthcare, taxes, estate planning, and overall financial wellness.

This evolution is particularly important for women. As part of the Great Wealth Transfer, women are expected to control more assets than ever before. Women, particularly those managing finances after a life change such as widowhood or divorce, need strategies that help them feel secure and empowered.

Why financial confidence matters

Despite increasing financial influence, many women report a lack of confidence in their financial knowledge. Research shows that while 74% of women recognize financial health as a key component of their well-being, only 51% feel confident in their financial management skills. Additionally, 74% of widows and divorcees encounter unexpected financial surprises, highlighting the importance of financial preparedness.

One of the biggest challenges is that women are less likely than men to consult financial advisors. However, those who do often achieve investment returns equal to or better than their male counterparts. The key takeaway? Financial confidence isn’t about luck or innate skill — it’s about education, planning, and working with the right professionals.

Financial strategies for women over 50

If you’re looking to strengthen your financial future, consider these key strategies:

Have a written financial plan

A solid financial plan to ensure a financially sound retirement should happen well before you retire. Only 39% of affluent consumers have a written financial plan, yet having one can provide a clear roadmap for your future. A comprehensive plan should include more than just investment strategies, it means thinking about how you envision retirement, planning for when to take Social Security, when to begin retirement, tax strategies, estate planning, and considering long-term care insurance, etc.

Women are more likely to be in long-term care, statistically live longer than their male counterparts, and often outlive their spouses or partners. Understanding how these life events may impact your plan is critical.

Work with the right financial partner

Women are statistically more likely to switch advisors within a year of a spouse’s passing. Whether you already have a financial advisor or are seeking a new one, make sure they understand your unique needs and goals. Look for firms that prioritize personalized service, transparency, and a holistic approach to planning. It should go without saying that you should feel comfortable and heard when you meet with any advisor. If that is not the case, keep shopping until you find the relationship you are looking for.

Align your wealth with your values

Did you know that many women prioritize philanthropy? In 2022, 86% of affluent women reported that their households gave to charity. Your financial plan should reflect what matters most to you.

Leverage technology for financial insights

The digital revolution has transformed financial planning. Technology can help you stay informed and engaged in managing your wealth. Don’t be afraid to explore digital tools that can make financial management more accessible. Your advisor’s client portal is a great place to start. Start by logging in quarterly or monthly to monitor your progress.

Have your own credit

Often one spouse is the “owner” of the credit card and the other is an authorized user. Having your own credit is vital in case of divorce or widowhood.

Looking ahead: The future of wealth management

As the industry continues to evolve, financial planning is becoming more tailored and inclusive. The rise of female financial professionals is helping reshape the industry to better serve the needs of women.

Taking control of your financial future doesn’t mean having all the answers today — it means making informed decisions and seeking guidance from trusted professionals. By embracing financial planning with confidence, women over 50 can ensure their wealth supports the life they envision, both now and for generations to come.

At IMA Private Wealth, we understand the unique financial concerns of women navigating their wealth after 50. Our team, including experienced female advisors, is here to guide you with personalized strategies that align with your values and goals. Contact us today to start building financial confidence for the future.

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