Building wealth is hard. For women, it’s even harder.
Women typically earn less than men. When trying to move up, many find that bias is still the norm in many corners of the American workplace. They’re more likely to take breaks from work or shift to lower-paying jobs to raise children or care for aging parents. Research also shows they’re less likely to be confident investors or successfully ask for a raise.
Over time, that adds up to lost earnings, lost savings and lost wealth.
The reality is: Women have to be more deliberate with their money just to reach the same level of financial security as men. They often have to game a system that wasn’t designed for them. That means being extra intentional about earning, saving, investing and building their financial knowledge.
So, what does that look like in practice?
We asked three certified financial planners who have advised hundreds of women to share their best advice for building sustainable, long-term wealth. Here’s what they recommend.
Most working women won’t see equal pay before they retire, Bankrate analysis finds
Fear is expensive. Start investing today.
Most people think building wealth is just about making more money. That’s just part of it, says Betty Wang, founder of BW Financial Planning.
It’s also about knowing what to do with your money once you make it, which is a routine problem for many women, Wang says.
“Women tend to be great savers, but they often keep too much in cash because they’re afraid of making a mistake,” she says. “They want to feel 100% certain before they invest, but that certainty never comes.”
Her advice? Start investing before you feel ready.
You don’t need to be an expert to begin. Open a retirement account, take the free money from your employer match and set up an automatic monthly contribution, even if it’s just $100. That consistency is what matters most.
— Betty Wang
If there’s one universal truth about wealth building, it’s that time is your greatest asset, according to Fahmin Fardous, financial planner at Zenith Wealth Partners.
Many are not taking enough advantage of time, leaving free money on the table that could set back their retirement, Bankrate’s retirement savings survey shows. A little over a quarter of women in the workforce didn’t contribute to their retirement savings at all between 2024 and 2025, compared to 18% of working men.
“The biggest factor when it comes to growing sustainable wealth is time,” Fardous says. “Starting early would honestly be my number one recommendation, even in your teens, even if it’s just a few dollars.”
Cady North, founder and CEO of North Financial Advisors, agrees that hesitation can cost women valuable time in the market. “Even if you try and mess it up a little, you’ll be in a better position than if you never tried,” she says. “The worst mistake is waiting.”
If you’re behind on investing or haven’t started yet, don’t panic. The next best time to start investing is now. North says spending just 20 minutes a week learning how to invest in your 401(k) plan, Roth IRA or brokerage account can make a real difference over time.
Don’t make this common investing mistake
Many women overlook a simple step: investing the money in their retirement account. “Some people are contributing to their 401(k)s or IRAs, but the cash is just sitting there,” Wang says. Don’t forget to choose your investments so your money can grow.
While the process of picking investments can feel daunting, all three experts say the end goal should be the same for all investors: diversification of your portfolio.
The path to getting to a diversified portfolio looks different for everyone, but generally, low-cost index funds and target-date funds are a great starting point, experts say.
If you’re looking for more guidance, most retirement providers have robo-advisors or personalized planning options that could help you get started. Working with a financial advisor could also be a smart move for you, depending on your financial goals.
Build financial literacy through community
Financial literacy is about understanding how money works and feeling empowered to make decisions for yourself. And according to all three experts, confidence and financial knowledge grow faster in a community.
“We as women like to talk and process things,” Wang says. “That’s why community is so important. It helps normalize money talk and make it less scary.”
Wang points to women investor clubs as a fun, low-pressure way to learn. “I know women who’ve done investment clubs for decades – meeting every month, learning together and even using the returns to take vacations,” she says.
Fardous, who’s a mother of three, believes money conversations should start as early as possible. “My daughters are in elementary school, and we already talk about saving,” she says. “If they want something, we save for it together. It teaches them that money is a tool and not taboo.”
North says that learning in small, manageable doses can make the process less intimidating.
“Set aside a regular ‘money hour’ each week,” North says. “Pour a glass of wine, turn on your favorite show and spend 20 minutes reviewing your finances. The more familiar you get with your money, the more confident you’ll feel managing it.”
Ask for what you’re worth. Don’t wait for permission.
Salary negotiation isn’t as common as you might think – for women or men. Six in ten U.S. workers didn’t ask for higher pay than what was initially offered the last time they were hired, according to a 2023 Pew Research Center survey.
More recent research from the University of California at Berkeley suggests women are now negotiating their salaries as often as men, but they’re turned down more frequently. In a Bankrate survey, 36% of women say they’ve never successfully negotiated for a raise, compared with 28% of men.
Those missed opportunities can have a ripple effect. Research published in the journal Management Science suggests gaps in negotiation may be one of many factors contributing to the broader gender pay gap. Women earn about 81 cents for every dollar men make, according to 2024 Census Bureau data.
North says it’s especially important for women to negotiate early in their careers, since caregiving responsibilities can cause their earnings to level off sooner.
“Women tend to max out their peak earning years in their late 40s, while men’s pay continues to rise into their 50s,” North says. “Knowing that should light a fire under us to advocate for ourselves earlier.”
Negotiation isn’t about winning or losing, North adds. “A good negotiation should expand the pie. It’s about making sure the compensation is fair and reflects your value.”
Fardous encourages women to come to the table prepared and to ask for more than just higher pay.
“Do your due diligence,” she says. “Know the full package: retirement match, stock options, health benefits, flexibility. Sometimes an offer with a slightly lower salary but better equity or retirement benefits can set you up for more wealth long-term.”
What else to negotiate besides salary
Many people zero in on salary when negotiating with an employer, but compensation is much more than that. Here’s a checklist of what else can be negotiated:
- Bonuses
- Equity or stock options
- Retirement match or other benefits
- Education or student loan assistance
- Childcare support
- Flexible schedule, extra time off or remote work
Many women Fardous works with hesitate to ask for raises or challenge offers because they feel “just grateful for the opportunity.” This is known as the ‘permission trap,’ where women wait for validation or approval before they take financial action, even when they are more than qualified to make financial decisions on their own.
She argues that this mindset needs to change, especially in the workplace. There’s nothing wrong with asking questions, advocating for yourself and asserting your value, she says.
“We deserve a seat at the table,” Fardous says. “And if that seat is not there, we have to go ahead and pull our own chair and say: ‘This is my contribution and I deserve that seat and this is what I’m bringing in.’”
Normalize money talks to build wealth across generations
It will take at least two to three generations for the gender pay gap to close if things remain the status quo, according to a Bankrate analysis of Census data. But women can empower themselves financially by passing what they learn forward, particularly to young women.
Fardous tries to practice what she preaches.
“When my daughter suggests making food at home instead of eating out to save money, I know she’s thinking differently about money already,” she says. “That’s how it starts. Small conversations that plant big seeds.”
Wang agrees that transparency and openness create ripple effects. “The more women talk about money, the more normal it becomes for everyone,” she says. “Making money less of a secret definitely empowers women.”
From mentoring younger women to discussing salary ranges to teaching kids to save, all three financial advisors say every conversation helps demystify money and empower the next generation to make informed choices.
“Start those conversations,” Fardous says. “That’s what builds the mindset.”
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