General advice warning:
The information in this update is of a general advice nature only and has been prepared without taking into account your personal objectives, financial situation or needs. Because of that, you should, before acting on the advice, consider the appropriateness of the advice, having regard to those things. Past performance is not a reliable indicator of future performance and should not be relied upon.
What is important to women over 50 in relation to financial matters?
We have a program “Ladies Let’s Talk” … which explores all financial and related matters specifically for women. The aim is to provide a space to help empower, educate and provide financial confidence.
Recently, we’ve had a group of friends who are joining together. They are making a collective decision despite all their financials being completely confidential and separate. And that is really the inspiration for today’s show, as it’s now a more common theme that we’re seeing.
Today’s show and the research is specifically for women over 50 and this could be from all different walks of life and journeys that have brought them to this point.
As women enter their 50’s and beyond, financial priorities often evolve dramatically. This stage of life typically brings major transitions such as:
- Children leaving home;
- Careers shifting or winding down preparing for retirement;
- Caring for aging parents;
- And much more.
There are common financial themes that tend to take precedence: security, independence, legacy, health, and confidence.
1. Financial Security and Stability
Perhaps the most pressing financial concern for women over 50 is long-term security. Many have spent decades balancing work, family, and caregiving, and may now be turning their focus inward — ensuring that they will be comfortable and supported in later life.
Women, on average, live longer than men, meaning their retirement savings need to stretch further. Statistically, females’ average life expectancy exceeds men’s by around five years, and this longevity gap increases the risk of outliving one’s savings.
Compounding the issue, women often earn less over their lifetimes due to wage gaps and career interruptions for caregiving. As a result, financial security takes on heightened importance.
At this age, many women, and men too, begin to take a closer look at their retirement savings accounts, superannuation or pension balances, and investment portfolios.
The focus shifts from accumulation to preservation and sustainability — ensuring that funds will last their lifetime. It is essential to have a clear picture of income sources. More importantly you should have a good understanding of your expenses. This means you can ensure your income is greater than your expenses.
Financial security is not just about wealth — it’s about peace of mind. It’s empowering people to have the confidence that they can maintain their lifestyle, handle unexpected expenses, and avoid financial dependence on others.
2. Independence and Control
Another key financial priority for women is independence — both financially and personally.
Many women have witnessed, or personally experienced, the consequences of financial dependence, whether through divorce, widowhood, or unequal financial roles in relationships. The desire to have control over their own finances, make their own decisions, and not rely on others becomes central.
Divorce rates among people over 50 — sometimes called “grey divorce” — have risen steadily over recent decades. These life changes often force women to re-evaluate their financial positions, possibly for the first time in years. For those who previously allowed a partner to manage the finances, this can be both daunting and empowering. Taking ownership of financial planning, understanding investment options, and setting up independent accounts are often significant milestones in reclaiming control.
We had a recently divorced client come into the office so proud of herself for paying a tax bill. Now, not many people celebrate giving money to the tax man— but for her, it wasn’t about the money. It was about what it represented: reclaiming her confidence and independence.
Financial independence also intersects with emotional wellbeing. Knowing that one’s financial future is secure contributes to a sense of confidence. Whether through paid employment, or carefully managed savings, women often strive to ensure they have agency over their financial decisions.
3. Health and Long-Term Care Planning
4. Retirement Planning and Lifestyle Choices
People are thinking deeply about retirement — not just when, but how they want to retire. For some, retirement means freedom from full-time work and time to pursue passions. For others, it means continuing to work part-time, both for income and personal fulfilment.
This is where we see females are more likely to reach out for advice… and females are often more likely to stick with a plan. The key is having a retirement plan that supports one’s chosen lifestyle. Women at this stage often reassess their spending habits, review superannuation or pension contributions, and consider consolidating accounts. Financial advice can help create sustainable withdrawal strategies, balancing growth and risk.
Women also increasingly value flexibility in retirement. They may not want a rigid financial plan but rather one that allows them to adapt changing circumstances. Financial planning at this stage is about balancing freedom and security.
5. Legacy, Family, and Giving Back
Financial priorities expand beyond their own needs to include family and legacy. They begin to think about how to support loved ones — whether by helping children buy homes, funding education for the grandchildren, or creating a lasting legacy through charitable giving.
Estate planning becomes a crucial topic. Wills, trusts, powers of attorney, and beneficiary designations ensure that assets are distributed according to one’s wishes. Many women also value the peace of mind that comes with having these documents in order, reducing the burden on family members in the future.
Volunteering can also play a role. Women often express a desire to give back to their communities and support causes they care about. Often this delivers a sense of fulfilment and a great example is the lovely ladies here at 4CRB.
6. Financial Education and Confidence
While younger generations have greater exposure to financial education, many women over 50 grew up in eras when personal finance was not widely discussed or taught. As a result, there can be lingering feelings of uncertainty or lack of confidence around money management or investing.
However, this is changing rapidly. More women are proactively seeking financial advice, attending seminars, and using online tools to improve their literacy. They want to understand why they’re making certain financial choices, not just what to do. and the desire for this is what has driven today’s show.
7. Adaptability in a Changing World
Finally, the world is changing rapidly — from digital banking to inflation pressures, housing market volatility, and evolving pension systems. Being able to adapt financially to these changes is key to maintaining stability.
Technology offers both opportunities and challenges. We are being forced to embrace online banking and MyGov. This can be intimidating for those not raised in the digital era. Learning to navigate these tools safely and confidently is an important step in maintaining independence.
And that’s where we are the first and only call for our clients. That’s the benefit of engaging with a hands-on advice firm.
Conclusion
At the end of the day, it’s not just about wealth – it’s about confidence, independence, and peace of mind.
That is where working with an advice firm can help take that burden off you.
Whether you choose to take the journey on your own or with the support of an advice firm, what matters is that you feel informed and in control. The first step is often the hardest, but it’s also the most empowering.
Ladies Let’s Talk Program…
We find more and more females are seeking guidance in finance related manners. At RFS Advice, we have a team approach where we want to foster a safe learning environment to support women through their financial journey.
We do recognise people have different preferences, some would like a joint team approach i.e. with myself and Troy, while others would prefer an all female approach and we would work with myself, Belinda, Mel or Niki to provide the all-female warmth.
At the end of the day, we want to create a trusted safe space with no judgment. I love to say that there are no silly questions… because you don’t know what you don’t know and this is part of the learning process we want to foster.
Financial confidence is empowering and allows you to focus on what’s important to you.
