The Great Wealth Transfer has begun — with women shaping the financial future

The next 20 years will feature an unprecedented handover of wealth in the United States. With the Great Wealth Transfer already underway, baby boomers are bequeathing a historic $124 trillion in personal and business assets to younger generations.

According to a Citizens' survey, half of Gen Z and millennials in the U.S. expect to receive an inheritance. A quarter of them anticipate acquiring $500,000 or more. By 2030, women will control $34 trillion in investible assets — three times the quantity they possessed at the start of the current decade.

The Great Wealth Transfer represents a unique financial opportunity for women. However, challenges remain in fully realizing its benefits. To make the most of this historic moment, women can strengthen their money skills, build financial confidence and leverage professional guidance.

The gender confidence gap: where women stand

Completed in February 2025, Citizens surveyed¹ 1,500 nationally representative U.S. adults. This survey explored women's financial experience and mindset across generations. Overall, the results revealed that women tend to feel less self-assured with wealth management than men.

• While 55% of women feel confident or experienced in managing their personal wealth, 45% report feeling confused or overwhelmed — compared to just 27% of men.
• Furthermore, 84% of women say they lack confidence in their ability to manage an inheritance or other financial windfall, compared to 73% of men.

• Some of that hesitation may arise from a lack of experience. Only 49% of women surveyed had opened their own investment account, compared to two-thirds of men. And 35% of women did not have an estate plan in place, compared to 24% of men.
• Despite the gender gap in financial confidence and activity, younger generations of women are leading a revolution in money management.

Move the needle on financial engagement

Citizens' survey found that younger Americans are changing the narrative around women and money, becoming more actively involved in their finances from an earlier age than older generations.

Nearly 40% of Gen Z women had opened an investment account by age 21, compared to just 6% of female baby boomers. And younger generations are already planning ahead. While 37% of Gen X and 41% of baby boomer women lack estate plans, just 24% of Gen Z women have yet to solidify their wishes for after their death.

Still, despite generational differences, women of all ages have started taking charge of their financial futures like never before.

Women's clarity around financial goals and self-empowerment

As the Great Wealth Transfer accelerates, the world will see women increasingly take on critical decision-making roles in personal finance.

To meet that challenge, 90% of women communicated a desire to work with a financial advisor to meet their goals. The top priorities among them are:

1. Saving for retirement
2. Growing non-retirement savings
3. Paying down debt
4. Preparing for a major purchase
5. Estate planning

When it comes to estate planning, women prioritize security. Their top focus includes planning for their own care and ensuring their children's well-being.

And nearly half of women (43%) want a financial advisor who will play a dual role — providing sound financial advice, while also acting as an educator. With that personalized expertise in their corner, women will enjoy professional advisory services while continuing to increase their own financial knowledge. This formidable combination will empower women to successfully approach the Great Wealth Transfer in the coming years.

Navigate the Great Wealth Transfer with confidence

Citizens' survey found that only 16% of women feel completely confident about managing an inheritance. Fortunately, there are decisive action steps women can take in preparing to steer their growing assets:

Embrace continued financial education: Confidence grows with knowledge. And there are many ways to boost your money management, investing and retirement planning skills. Work with a financial professional, enroll in local and online courses or explore personal finance articles and podcasts.

Clarify personal and family financial goals: Articulating your goals is essential in ensuring your financial decisions keep you moving in the right direction. Spell out long-term goals, like preparing for retirement, saving for educational costs and buying a home. Then, detail short-term goals, like fleshing out an emergency fund, eliminating debt and improving your credit history.

Create a workable budget: With your financial priorities established, craft a plan that aligns with those goals. Determine how much you'll allocate to different expenses, short- and long-term savings and debt repayment.

Protect your assets with insurance: Work with a trusted professional to assess the fit of your existing coverages. Assess options for medical, home or renter's, auto, life, disability, long-term care and pet insurance. Consider additional insurance needs if you live in an area prone to natural disasters like wildfires or hurricanes.

Build a robust estate plan: To preserve generational wealth, connect with a financial advisor or estate lawyer. These professionals can help ensure your assets will transition to your heirs according to your wishes. A solid estate plan will also protect you financially if you become incapacitated.

Increase your focus on retirement savings: Particularly if you inherit a large sum, reevaluate your long-term savings. Look into increasing your 401(k) contribution to capture the full employer match — essentially, free money. From there, you can open a traditional or Roth IRA, choose your investments and automate future contributions. Experts typically recommend saving 15% of your pre-tax income.

Gain confidence in investing: Ready to invest more? Consider opening and funding a brokerage account with your earnings or inheritance. A standard brokerage account has more flexibility than 401(k)s and IRAs in terms of contribution limits and withdrawals and can help supplement your retirement accounts.

Connect with a trusted financial advisor: In addition to expert financial knowledge, a professional advisor offers individualized advice and acts as a true partner in managing your money.

Harness the power of professional guidance

For some beneficiaries, their inheritance will represent life-changing sums of money. Being able to lean on a trusted advisor can yield invaluable guidance and peace of mind during that transitional period. And managing a financial windfall well requires a tailored plan to preserve and maximize the benefit of those assets.

Additionally, an influx of wealth can open doors to brand-new financial opportunities. A dedicated financial advisor can assess your unique circumstances to guide you in prioritizing short- and long-term financial goals while assessing the paths toward reaching those goals.

Citizens Wealth Advisors² provide a personalized wealth management strategy at every stage of your financial journey. With their client-focused guidance, they can help you create a plan that's tailored to your unique financial, retirement and estate planning goals.

Empower women to build lasting wealth

The Great Wealth Transfer marks an unprecedented opportunity for women to take control of their financial futures. By breaking down barriers to heightened financial confidence, women can direct their new wealth toward important financial goals and build a lasting legacy.