Embracing economic power: A new era for women’s wealth

By Jennifer Votano, SVP, Sr. Private Wealth Advisor

Key takeaways

  • Women are poised to gain unprecedented economic power and opportunity through the Great Wealth Transfer.
  • Financial preparedness, including early investing, tax planning and estate strategies, is key to preserving and growing wealth.
  • Partnering with a trusted financial advisor can empower women to make informed financial decisions.

By 2030, women will gain control of as much as $34 trillion in assets, compared to $7.3 trillion a decade ago.1 This historic transfer of wealth, called the Great Wealth Transfer, is happening as baby boomers are set to pass $124 trillion in assets to heirs by 2048.2 As a result, women will have increased financial control, creating an impact on wealth, ownership and financial behaviors.

How prepared are women to take on a substantial windfall? To find out, Citizens surveyed 1,500 Americans to examine women’s attitudes and behaviors around wealth.3 Results varied among generations. While 61% of boomer women said they feel confident in managing their wealth, younger women — 42% of millennials and 57% of Gen Z — admit to feeling uncertain about handling a sudden influx of money.

Pie chart showing how women feel about managing wealth where Overall 55% feel confident and 45% feel overwhelmed or confused. Accompanying bar chart breaks out by 4 Generations where 61% of Boomer women feel confident, 50% of Gen-X women feel confident, 58% of Millennial women feel confident, and 43% of Gen-Z women feel confident.

In light of this uncertainty, women are waiting longer to begin their wealth management journey. According to our survey, 51% of Gen Z and 40% of millennial women say they don’t know how to get started, resulting in lost opportunities. Half (51%) of women have never opened an investment account, compared to 34% of men.

The encouraging news is that with the wealth transfer, coupled with increased financial knowledge and support, women are increasingly in a position to take charge of their financial futures.

Building a financial foundation

One of the key steps to successfully managing wealth is having a strong support system in place. That typically includes working with a financial advisor — one who truly listens and understands your goals, investment risk appetite and retirement plans and can help build a personalized plan with tailored advice. Finding the right advisor can make all the difference in achieving long-term financial goals.

Bar chart for What Financial Goals are women most eager to achieve with a financial advisor? There are 8 goals depicted in this chart. Save for retirement36% Grow Savings 30% Pay down debt 28% Estate Planning 20% Save for a large purchase such as a house or car 22% Save for children's education 16% Save for major life events such as a wedding 15% and finally, Preserve Capital 11%

Starting early with professional guidance can help build wealth more effectively. Even a small amount allows your investment to grow more significantly over time. This seems to resonate more with younger generations: 38% of Gen Z opened an investment account by age 21 compared to just 7% of boomers.

What attributes make for a trusted financial advisor? Our survey found that the most important attributes include a proven track record (important to 49% of survey respondents), good communication skills (48%), a solid understanding of unique financial needs (40%) or a recommendation from friends or family (38%). The importance of these qualities is clear considering that women report feeling left out of financial conversations. Feeling unheard, patronized or treated differently are common reasons why many women leave their financial advisor within 12 months of a divorce or death of a spouse.

Making an impact

Women aren’t just managing wealth, they’re using it to create change, whether it’s investing in women-owned businesses, supporting organizations that advance gender equity or creating family foundations that reflect personal values. Research shows that households headed by women give more money than male counterparts.

For charitably inclined women, it’s important to understand their projected cash flow, how their assets are projected to grow over time and what their expenses are in order to determine what they can afford and to make informed decisions about giving.

Informed giving isn’t just about donating money to charities. Your financial advisor can help make philanthropy more strategic. Strategic philanthropy helps you support causes you care about, build a lasting family legacy and create tax advantages. Through careful planning, women can maximize both their charitable impact and tax efficiency.

Planning for future generations

As women take control of greater financial resources, many are focusing on how to preserve and transfer wealth to future generations. Estate and wealth transfer planning is especially crucial to high-net-worth and affluent individuals, who tend to deal with higher taxes and more complex assets.

Our survey found that when thinking about their wealth after they pass, most women prioritize ensuring their children are cared for (61% considered this important) followed by ensuring their spouse or partner is provided for (50%).

A successful wealth transfer starts with drawing up a comprehensive list of assets, setting up proper transfer documents and maintaining current beneficiary designations. Advisors, estate or tax professionals can help develop strategies to minimize estate taxes through charitable giving, irrevocable trusts, life insurance policies or family limited partnerships.

Our financial advisors get to know all facets of their clients’ lives. Whether it's their tax situation, their goals and objectives or time horizon, when we provide advice, we look at all areas to help make informed and well-thought-out decisions.

Working with a financial advisor early on provides more options for protecting and transferring wealth. Once a plan is in place, having regular check-ins ensures everyone is on the same page.

Grow with purpose

The unprecedented shift in wealth presents both opportunities and responsibilities. As women navigate the historic wealth shift, having trusted guidance and preparation can transform financial potential into lasting legacies.

As women continue to expand their economic influence, they're not just managing wealth — they're redefining how it can be used to create positive change for families and communities. With thoughtful planning, women can leverage this historic moment to build lasting legacies that reflect their values and vision for the future.

Ready to take the next step in your financial journey?

Connect with a Citizens financial advisor today to build a financial future that reflects your goals, values and aspirations.

  1. According to McKinsey & Company
  2. According to financial research firm Cerulli Associates
  3. The Citizens Great Wealth Transfer Survey was conducted by Wakefield Research among 1,500 nationally representative U.S. adults, with oversamples for 100 in both high-net-worth and ultra-high-net-worth individuals and affluent adults, from Jan. 22 to Feb. 3, 2025, using an email invitation and an online survey. Data has been weighted. Weighting data is a statistical technique used to adjust survey data after it has been collected in order to improve the accuracy of survey estimates.

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