Financial Planning: Sisters Should Be Doin' It for Themselves
More and more women are ringin' on their own financial bells (with apologies to Aretha Franklin and Eurythmics) — but that demands a robust financial plan.


Women will likely be the primary holders of wealth in the U.S. by 2030. An often overlooked aspect of the much-discussed transfer of wealth from Baby Boomers to Millennials is how this generational handoff can increase women’s financial influence.
Over the past five years, there has been a 30% increase in married women who make financial decisions, according to a study from McKinsey, and today they control around one-third of the financial assets of U.S. households. This trend is expected to continue: By 2030, women will likely manage over $30 trillion in assets. Now is the time for women to take control of their financial life, invest in financial education, and practice intentional and holistic financial planning.
While managing finances can feel like just another thing on a to-do list, doing so confidently can allow for aspirations to become reality. Using money to help achieve a life goal or vision is what matters.
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Women in particular face layered challenges in managing their finances while striving to achieve their life goals — for themselves and for their families. How money is managed can have a major impact on the ability to achieve goals.
Layered financial challenges
In my 15-year career working with clients in the wealth management industry, I have developed close relationships with many women who face various pressures on their time and finances.
First, women typically live longer than men. We need to ensure we and our families are set for today but also plan for our own longevity. In the U.S., women's life expectancy is about five years longer than men's.
Secondly, it’s critical to be prepared for “suddenly single” life events. Expect the best, prepare for the worst. No one plans on their spouse leaving or passing away unexpectedly, but it’s important to be prepared financially.
Preparing for the unexpected can help provide financial stability and confidence. Before you're able to unleash your full potential, you must first take care of the necessities.
Some of these priorities include:
- Taking care of the family and everyday expenses
- Saving for children’s education
- Saving for retirement
- Managing a career
- Supporting aging parents
- Having a sufficient nest egg should you find yourself suddenly single
In addition to necessities, everyone has different non-negotiables they value. Some common goals to save for include:
- Nice dinners or shows
- Weekend getaways
- Vacations
- New experiences
- A second home
- Helping your kids be debt-free
- Helping your kids with a down payment for a car or their first home
As a working mother myself with six young children, I understand all that goes into managing these priorities and goals from a firsthand perspective and the impact that can have on one’s mental and financial wellbeing. Fortunately, there are effective strategies to help you manage finances and achieve the life you envision.
Strategies for managing finances
Whether it’s about career advancement, providing for a family or pursuing a personal passion, it’s important to ensure that your money is working to shape a vision. Taking the financial reins requires asking how that money will be spent, and understanding that money is a tool to support a desired lifestyle. View managing money as an opportunity to design a dream life, not as a burden.
Before deciding how to manage your money, it’s important to decide what you want out of life. How will that money be spent — to travel or buy a second home? For a car payment or fine art? It’s also critical to consider how a spouse or partner will factor into the shared objectives for this money.
Once your financial situation is determined, divide the budget into two buckets: one for necessities, and the other as a “vision bucket” that will be used to help achieve this life vision.
Educate yourself on building wealth
Not only is it necessary to understand how to manage current money, it is also important to know how to build wealth for a prosperous future. Some important strategies to help build wealth include paying yourself first, investing for retirement, identifying optimal insurance plans, planning for the tax implications of your investments, and making sure your estate is in order.
First, develop a financial plan that designates where to save and invest. Build a savings account that includes an emergency fund and anything that should be liquid in the next five years. In addition to building up savings and investments, it’s crucial to protect yourself and your loved ones against unplanned events with the right insurance plans. Furthermore, estate planning is important to ensure that hard-earned wealth benefits the people and causes you want to support.
Once those essentials are taken care of, you can begin delegating the remaining funds to the vision bucket.
All expressions of opinion reflect the judgment of the author as of the date of recording and are subject to change. Some of the content provided comes from third parties that are not affiliated with Mercer Advisors. The information is believed to be accurate but is not guaranteed or warranted by Mercer Advisors.
This information is provided for informational purposes only and is not intended as and may not be relied on in any manner as legal, tax or investment advice, a recommendation, or as an offer to sell, a solicitation of an offer to purchase or a recommendation of any interest in any fund or security Any such offer can be made only via the relevant access fund's formal offering documents. This information is not intended to address the financial objectives, situation or specific needs of any individual investor. All investing involves risk including the possible loss of principal. Diversification does not ensure a profit or guarantee against loss. Investing in private funds is speculative and will entail substantial risks. Mercer Global Advisors Inc. is registered with the Securities and Exchange Commission and delivers all investment-related services. Mercer Advisors Inc. is a parent company of Mercer Global Advisors Inc. and is not involved with investment services.
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- What Every Woman Needs to Know Before Retiring
- How Women Can Prepare to Take on Financial Challenges
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Laura began her career in the investment management industry in 2008. As a Managing Director, member of both the Investment Committee and Senior Leadership Team, Laura has distinguished herself as an advisor and experienced leader with a passion for helping clients find their path to Economic Freedom™. She’s been recognized by the Thrive Awards, named a Top Woman Advisor by Forbes and a top 40 Under 40 Advisor by InvestmentNews.
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