March is Women’s History Month—a time to reflect on how far we’ve come and where we’re headed. Today, one of the most powerful shifts we’re witnessing is in financial independence. Women control more personal wealth than ever before, yet many of us still feel uncertain when it comes to managing and talking about money.
Financial Confidence in Every Stage of Life
There’s no one-size-fits-all financial journey, and the reality is that women often face complex situations. Whether you’re a divorcee navigating a fresh start, an entrepreneur scaling your business, the primary breadwinner of your family, a widow managing wealth on your own for the first time, or someone simply looking to feel more in control of your financial future, the challenges—and opportunities—are unique.
No matter where you are in life, taking control of your finances starts with small, intentional steps. And it begins with conversation.
Let’s Talk About Money
For generations, women were discouraged from talking about money. It was seen as impolite, complicated, or simply “not our role.” But staying silent doesn’t make managing finances any easier. If anything, it leaves us feeling less prepared and less confident.
Talking about money isn’t just okay—it’s powerful. Whether it’s with friends, family, or a trusted advisor, open conversations can help you feel more in control and better equipped to make informed decisions.
If you’re not sure where to start, begin with the basics:
- What do you own?
- What do you owe?
- Where is your money going each month?
Having a clear picture of your financial situation is the first step in setting meaningful goals. And once you have the basics down, think about the bigger picture: What does financial success mean to you? Maybe it’s about traveling, supporting your family, growing your business, or giving back to causes you care about. Whatever your goals, your financial plan should align with your values.
Midlife as a Financial Turning Point
One of the most common concerns I hear from women is, “Am I doing enough?” This question often comes up in our 50s, when retirement starts to feel real, but life is still full.
I like to think of this stage as a “financial fulcrum”—a moment when we can take the knowledge, experience, and resources we’ve built over time and use them to create the future we want. The good news? It’s never too late to take control. Even small changes—like increasing your retirement contributions or adjusting your investment strategy—can have a meaningful impact.
Planning for Life’s Big (and Unexpected) Moments
Retirement planning is a big one, and it’s especially important for women. We tend to live longer than men, which means our money needs to last longer. If you’re 50 or older, now is the time to take advantage of catch-up contributions to your 401(k) or IRA. These extra savings can make a big difference in your long-term security.
Healthcare is another key consideration. Have you thought about how you’ll cover medical expenses in retirement? Health Savings Accounts (HSAs) can be a smart way to save for future healthcare costs while benefiting from tax advantages.
And then there are the unexpected moments—divorce, widowhood, career shifts, or sudden expenses. Having an emergency fund, staying on top of your budget, and considering long-term care options can give you peace of mind, no matter what life throws your way.
Passing Financial Confidence to the Next Generation
The women before us paved the way, and now it’s our turn to continue the progress. One of the best ways we can do that is by teaching financial confidence to the next generation.
Many women grew up in households where money wasn’t openly discussed, but we can break that cycle by making financial literacy a natural part of everyday life for our kids. Lead by example. Show your children how to budget, save, and invest. Have open, age-appropriate conversations about money. These small moments add up, and they help ensure that the next generation is even more empowered than we are.
For high net worth families, it’s also critical to prepare children for future wealth responsibilities. If they will inherit significant assets, take the time to educate them about investment management, philanthropy, and the long-term stewardship of wealth. The goal isn’t just to pass down money—it’s to pass down knowledge, values, and a sense of responsibility.
Final Thoughts
Being financially confident isn’t about having all the answers. It’s about taking steps—big or small—that help you feel more in control of your future.
This Women’s History Month let’s celebrate not just how far we’ve come, but the actions we’re taking today to build a stronger future—for ourselves, our families, and the generations that follow.
Important Disclosures: This article is not intended to provide, and you should not rely upon it for accounting, legal, tax or investment advice or recommendations. We are not making any specific recommendations regarding any financial planning, investment or tax strategy, and you should not make any financial planning, investment or tax decisions based on the information in this article. This article is intended to be educational in nature and to discuss a few limited aspects of very complex legislation or other complex subject matters. This article is not a comprehensive or complete summary of considerations regarding its subject matter. We recognize that every individual has different needs and the opinions expressed in this article may not be appropriate for everyone. Please consult with a Freestone client advisor, accountant, or lawyer regarding options specific to your needs. Please note that Freestone does not approve or endorse any third-party content hyperlinked to in this article.
About the Author: Beth (Steininger) Wraga
Beth Wraga is a Managing Director and Financial Advisor at Freestone. With over 30 years of experience in financial markets, she helps clients navigate challenges and achieve their life goals.