The Financial Confidence Gap: How Women Can Own Their Financial Power

March is Women’s History Month—a time to celebrate progress, acknowledge challenges, and empower women to take control of their futures.

One critical area where women often feel less confident is financial decision-making. Despite being successful investors and financial managers, many women still feel hesitation or uncertainty when it comes to making key financial choices. Addressing this confidence gap is crucial for long-term financial success and independence.

Why Do Women Feel Less Confident in Financial Decisions?

Even though women are just as capable as men when it comes to handling finances, research suggests they often feel less confident about their financial knowledge. Several factors contribute to this:

1. Cultural and Societal Conditioning – Historically, financial conversations and decisions were often dominated by men, leaving many women without a role model for financial leadership.
2. Lack of Financial Education – Many women report not receiving formal financial education, either at home or in school, leading to uncertainty about managing wealth.
3. Fear of Making a Mistake – Women tend to be more risk-aware, which can sometimes translate into risk aversion. This cautious approach can prevent women from making bold financial moves that could benefit them in the long run.
4. Life Transitions – Events like divorce, widowhood, or career breaks can leave women feeling unprepared or overwhelmed when taking sole responsibility for finances.

How Women Can Build Financial Confidence

Bridging the financial confidence gap starts with education, action, and the right support system. Here are practical steps women can take to own their financial power:

1. Get Educated

Knowledge is power. Take the time to read financial books, attend seminars, or listen to finance-focused podcasts. Resources tailored to women’s financial needs, such as online courses or workshops, can help demystify complex financial topics.

2. Work with a Trusted Advisor

A financial advisor who understands your goals and values can be an invaluable resource. Partnering with a professional can help you develop a solid financial plan and provide the guidance needed to make informed decisions with confidence.

3. Start Small and Take Action

Confidence builds through action. Start by setting financial goals, reviewing your current investments, or automating your savings. Small wins, like successfully creating a budget or contributing to a retirement account, will build momentum.

4. Join a Community

Surround yourself with financially savvy women. Whether through networking groups, investment clubs, or online forums, learning from peers and mentors can provide both support and motivation.

5. Reframe Risk as Opportunity

Instead of fearing risk, women should focus on calculated risks that align with their financial goals. Investing in a diversified portfolio, exploring new income streams, or starting a business can all be empowering ways to build wealth.

6. Advocate for Yourself

Women should feel empowered to negotiate salaries, ask questions about financial products, and take charge of their wealth. Owning your financial decisions means advocating for yourself in all aspects of money management.

The Bottom Line: Confidence Comes with Experience

Financial confidence doesn’t happen overnight—it’s built through education, experience, and proactive decision-making. Women already have the skills to be successful financial managers; they just need the confidence to trust themselves.

This Women’s History Month, take a step toward financial empowerment. Whether it’s opening an investment account, negotiating a raise, or meeting with a financial advisor, small actions today can lead to lasting confidence and success.

If you’re ready to take control of your financial future, let’s start the conversation. Feel free to schedule a complimentary financial consultation with me and I’d be happy to help.

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Please Note: Investing involves risk and investors may incur a profit or a loss. Every investor's situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment. Prior to making an investment decision, please consult with your financial advisor about your individual situation.

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Lauren Smith and not necessarily those of Raymond James.