Financial independence is not a gender-specific endeavor; but a universal goal for everyone.

Still ,studies have found women are behind men when it comes to saving for retirement. For instance, a 2023 Bank of America study found men have a 50 percent greater average 401(k) balance than women ($89,000 vs. $59,000).

Women approaching retirement often face several unique financial challenges.  But they can be overcome.  Here are a few examples:

Dependency on Spouses

Historically, women have relied on their spouses to handle financial matters. However, this reliance can leave them unprepared to manage finances independently in the event of divorce or the death of a spouse. A knowledgeable financial advisor can help women navigate their financial landscape, empowering them to make informed choices about their future.

Conservative Investment Approach

Women tend to be more risk-averse than men when it comes to investing. While this cautious approach may provide a sense of security, it can also lead to lower long-term returns. Working with a financial advisor enables women to explore a broader range of investment options, and strike a balance between risk and reward.

Lower Earnings and Savings

Unfortunately, the gender wage gap still exists and results in women earning less than men on average. Additionally, women often experience career interruptions, such as taking time off for childcare or elder care, further impacting their earnings and savings. The right plan can assist women in crafting strategic financial plans to optimize their savings and investments, maximizing their income and retirement.

Impact of Divorce

Divorce can have a significant financial impact, and they historically disproportionately affect women. Suddenly finding themselves in single-income households, women may face the challenge of stretching finances to cover expenses previously managed by two incomes.  An advisor experienced in post-divorce planning can be very helpful.


While women encounter unique financial challenges, proactive planning and professional guidance can help overcome these obstacles. Partnering with a financial advisor who understands their specific needs and challenges empowers women to take control of their financial future.

Remember – financial independence isn’t just about surviving, it’s about thriving in every stage of life.  Contact our team at Diener Money Management with any questions.


Securities and advisory services offered through LPL Financial, a registered investment advisor. Member FINRASIPC.