The average woman may be confident in herself, but various factors might make her uncertain about finances. Meanwhile, a lack of confidence can make her miss lucrative opportunities and investments.

Financial independence—theirs and yours—starts with grasping the inflow and outflow. Working with a financial planner can provide valuable guidance and peace of mind.

Women, on average, earn less than men, which makes it harder to save for retirement. On top of earning less money, women are more likely to take time off from work to raise children or care for elderly relatives, which can further reduce their earning potential. Financial advisors must go beyond numbers-only discussions and create meaningful personal connections by addressing their life and family issues. Engaging in conversations that involve active listening, clear communication, and real-life examples can build trust and empower women to make informed financial decisions that align with their unique financial goals. Attentive listening is another critical element of effective communication.

Today, Val is the primary caretaker for her elderly mom and often helps with her five grandchildren as well. She has also encouraged many of her friends and colleagues at 3M to seek the advice of a financial planner sooner than later. Val credits her parents with encouraging her to work with a financial planner, which was the first time she began to seriously think about planning for retirement. While anyone can benefit from a financial planner’s help, it’s particularly helpful for women, who tend to live longer (by about five years), make less money, and take more career breaks than men. These case studies are intended to illustrate products and services available through Merrill.

Women are not content to simply rely on the men in their lives to provide for them; they want to take control of their own financial futures. The CFP board reported in 2022 that only 23.6% of all CFP professionals are women. Becoming more financially literate, learning to negotiate and keeping a foot in the workforce while raising a family are all viable strategies for women in various stages of their careers and lives. For taxpayers who got off to a late start with retirement planning, the additional contribution — known as a “catch-up contribution” — allows them to make up for some of that lost time. Meg Mara, a millennial money coach and founder of Wholesome Goals, told Annuity.org in an email that the most effective way for women to boost their retirement savings despite the wage gap is to increase their income.

Read more about first steps to investing here.