Six Steps to Being Empowered and On Track: An Expert Financial Guide for Women

While most female investors feel on track with their financial goals and empowered by managing their investments, many regret not starting sooner. Here's how you can get started and take control of your financial future.

By Jeannie Bidner, CFP®

published 28 July 2025

in Features

A businesswoman smiles as she sits at her desk in an office and looks into the distance as if thinking.

(Image credit: Getty Images)

A Charles Schwab survey found that 90% of female investors who are primary or joint financial decision-makers in their households feel they're on track to meet their financial goals.

The survey of more than 1,200 women also found that nearly all reported that managing their investments gives them a sense of empowerment.

These results show strong engagement among female investors, yet they also highlight clear opportunities for improvement. Nearly 9 out of 10 respondents (85%) in the study say they wish they'd started investing sooner.

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Many cited uncertainty about where to begin or believed they lacked the money or knowledge to get started.

The Kiplinger Building Wealth program handpicks financial advisers and business owners from around the world to share retirement, estate planning and tax strategies to preserve and grow your wealth. These experts, who never pay for inclusion on the site, include professional wealth managers, fiduciary financial planners, CPAs and lawyers. Most of them have certifications including CFP®, ChFC®, IAR, AIF®, CDFA® and more, and their stellar records can be checked through the SEC or FINRA.

Women often face headwinds when it comes to building wealth. The study highlights challenges such as lower pay, career interruptions to care for family and fewer job opportunities.

Reflecting on both the survey findings and conversations with female investors, here are six steps women can take today to achieve greater control of their financial futures:

1. Build your financial knowledge

The path to proficiency begins with learning, but almost a quarter of the women surveyed said a lack of financial education is holding them back. The good news? There's never been more access to helpful information.

Start by identifying the topics you want to learn about, then find content that fits your learning style, whether that's podcasts, articles, videos or conversations with people you trust.

Be selective about where you get your financial information. Not every TikTok trend or social media "finfluencer" is trustworthy. Always check the credentials of those offering advice, and seek professionals who are licensed and regulated.

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 you don't need to learn everything at once — just take the first step. As you gain more financial knowledge, your confidence will build, and confidence often leads to meaningful action.

2. Create a financial plan that fits your life

If you've ever walked into Costco without a shopping list, you know how quickly things can go sideways. The same is true for your finances. Without a clear plan, you might end up lost or — worse — making bad buying choices.

Start with the basics. Set a budget. Understand what's coming in and what's going out each month. Look at where you might be overspending and make changes where you can. Create an emergency fund of at least three to six months of essential expenses. Make sure you have adequate insurance.

Next, write down your short-, mid- and long-term goals. Give yourself a timeline and the amount you need to save for each. The more concrete your goals are, the more likely you are to achieve them.

Now, you have a foundation on which to build.

3. Start investing early and maintain a long-term view

In the Schwab survey, 51% of women started investing before age 30, and the data show that each generation is getting started younger. The women surveyed also say they see patience, discipline and consistency as their greatest investing strengths.

Here's why that matters: It's about the long game. Compound growth is a powerful thing. Even a small investment today can grow significantly over time. You don't need a lot to start. Invest $100 or $500, and go from there.

Also, if you start in your 20s and invest 10% to 15% of your salary, you might not have to increase that percentage for the rest of your working years.

However, two-thirds (65%) of the women we surveyed say they delayed saving and building wealth because they didn't have enough extra earnings to set aside. If you're starting later, you'll likely want to contribute more.

For those age 50 or older, catch-up contributions to a 401(k) or IRA are a great way to max out your savings.

Regardless of when you start, don't let emotions get the best of you, especially if you're young and have time to ride out market swings.

4. Make it automatic

One of the easiest ways to build wealth is to automate your finances.

Set up direct deposits into your savings or investment accounts, contribute to your 401(k), and establish recurring transfers toward your financial goals. Automating your finances removes the guesswork and keeps you accountable.

A professional financial adviser could help keep you on track, too. It might only take a consultation or two when you're starting out; as you get older, you can have regular check-ins and collect ongoing advice.

5. Build and maintain good credit

Your credit history impacts your ability to get a loan, buy a home or even land a job. Building and maintaining good credit habits is crucial.

I still remember applying for my first credit card in college against my dad's advice. I learned the hard way how interest rates work, but also the value of paying off balances in full and monitoring my credit.

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Today, there are many tools to help manage credit responsibly. The key is to stay informed, stay organized and stay on top of it. Don't charge more than you can pay off each month.

Have a plan to pay down any high-interest debt you're carrying. Your credit history follows you wherever you go. Make it a good one.

Money doesn't have to be a solo journey. Sharing ideas, lessons or questions can accelerate your knowledge and help you feel more supported along the way.

The survey found that women value sharing information 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 isn't a one-time decision; it's a lifelong journey. The earlier you start, the stronger your foundation can be. With discipline, curiosity, and support, you can own your financial future.

You don't have to have it all figured out. You just have to begin.

Investing involves risk, including loss of principal. Past performance is no guarantee of future results.

The information provided here is for general informational purposes only and is not intended to be a substitute for specific individualized tax, legal, or investment planning advice. Where specific advice is necessary or appropriate, you should consult with a qualified tax advisor, CPA, Financial Planner, or Investment Manager. (0825-JK9D)

Disclaimer

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Jeannie Bidner is a Managing Director and Head of the Branch Network at Charles Schwab. She has been with the firm since 2006 and is responsible for overseeing the firm’s nearly 400 branch locations across 48 states, as well as the centralized national branch teams. In her nearly 20 years at Schwab, Jeannie has held various leadership positions, including, most recently, leading and executing on the strategy for Schwab’s Specialized Teams for Advice & Relationships.