Nearly 40% of Women Don’t Have a Financial Plan — 3 Steps To Fix That

With every headline about a potential recession, tariff shots fired in a looming trade war, and layoffs spreading across multiple sectors, many people are anxious about their financial futures — especially women.

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It’s not surprising. When GOBankingRates and New York Life teamed up to assess Americans’ financial outlook and surveyed a group about their money moods, nearly 17% of women said the statement “Thinking about my future sometimes keeps me up at night” described them perfectly. An additional 22.4% said the statement strongly resonated, though to a slightly less intense — but still significant — degree.

Despite these fears, nearly 4 in 10 women who responded to the survey admitted that they didn’t have a financial plan. That gap makes sense when you consider that many women and girls haven’t been encouraged to learn about money management from a young age.

The good news is, there’s always time to learn, and it doesn’t have to feel overwhelming.

One of the smartest things you can do to pave a path toward a brighter financial future is simply learning about personal finance. It’s one thing to know you need a budget, and quite another to understand exactly how you should go about creating one that actually works for your lifestyle and goals.

Understanding how debt works can help you come up with a plan to tackle it. And beyond immediate problem-solving, financial literacy empowers you to set long-term goals and develop the skills to meet them.

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Once you know what a high-yield savings account is, you’ll understand why it’s wise to earn interest on the money you set aside — whether for a vacation, a new car, medical care for your pet, or your emergency fund.

Financial literacy can also make you more confident in your use of different financial products, like life insurance, to help achieve your short- and long-term goals — from buying a home to creating generational wealth for your family.

No financial plan is complete without a clear vision for the future. Think of it as a road map showing where you want to be in five, 10, or even 30 years.

While paying off debt and building your savings are essential, it’s just as important to develop strategies that generate passive income over time — especially through long-term investments. A strong foundation should include diversified investments, such as index funds or target-date funds, which can help reduce risk while building wealth.

Retirement planning is also critical. Make sure your strategy includes a 401(k) (especially if your employer offers a match) and consider adding a traditional or Roth IRA. As you focus on these pillars of retirement planning, you can also shore up other avenues of retirement income, like annuities and permanent life insurance.

Knowing you’ve laid the groundwork to support yourself in retirement can go a long way toward easing financial anxiety — and help you sleep a little better at night.

There are so many avenues to explore on that road to financial security, and trying to navigate them all can feel overwhelming. It’s easy to see why so many people freeze in place or give in to anxiety.

But here’s the thing: You don’t have to do it alone. Consulting with a professional like a financial advisor can help you build a financial plan tailored to your life, income and goals. They can also offer ongoing guidance and accountability as you put that plan into action.

Far too many women feel financially anxious about their futures — and far too many don’t have a plan in place. But with a little knowledge, some future-focused thinking, and the right expert support, women can take control of their finances and create a more secure tomorrow.

Looking to build a legacy? Check out our Life to Legacy guide for expert advice and smart moves you can make today.

GOBankingRates and New York Life Insurance surveyed 1,009 Americans aged 18 and older from across the country between March 19 and March 125, 2025, asking twenty-one different questions: (1) What is your current employment status?; (2) Which of the following category or categories best describes your race or ethnicity? (If more than one category applies, please select all that apply); (3) What are the source(s) of income for your household? (Please select all that apply); (4) Please choose the approximate level of investible assets for your household; (5) Using the scale below, how do you feel about the following statement: “I often take the opportunity to discuss my knowledge of financial products or services with others”; (6) Using the scale below, how do you feel about the following statement: “I regularly read financial news or financial publications”; (7) Using the scale below, how do you feel about the following statement: “Thinking about my future sometimes keeps me up at night”; (8) Using the scale below, how do you feel about the following statement: “I have enough money to live the way I would like to”; (9) Using the scale below, how do you feel about the following statement: “I believe that The American dream is within reach for people like me”; (10) Using the scale below, how do you feel about the following statement: “Stories in the media sometimes make me nervous about my financial future”; (11) Using the scale below, how do you feel about the following statement: “I can’t really take risks in my life because I don’t have a safety net if things go wrong”; (12) Thinking about the nation’s economy, how would you rate economic conditions today?; (13) A year from now, do you think that during the next twelve months we’ll have good times financially, or bad times, or what?; (14) Compared to 6 months ago, how has your level of uncertainty changed regarding the following societal and economic issues?; (15) Do you own any of the following products? (Please select all that apply); (16) Do you currently have a financial plan?; (17) On a 1 to 10 scale, where 1 means not at all confident and 10 means completely confident, how confident are you that you will meet your financial goals?; (18) What kind of financial professional have you worked with? (Please select all that apply); (19) Using the slider below, please indicate which statement best describes you.; (20) Using the slider below, please indicate which statement best describes you.; and (21) Using the slider below, please indicate which statement best describes you. In order to take the survey the respondents had to pass two screener questions (S1)
Who is the primary financial decision-maker in your household? witht the answer being they were at least involved in the households financial decision making and (S2) Which range best describes your total annual household income before taxes? with an answer above $50K. GOBankingRates used PureSpectrum’s survey platform to conduct the poll.

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This article originally appeared on GOBankingRates.com: Nearly 40% of Women Don’t Have a Financial Plan — 3 Steps To Fix That