Are you ready for your "Golden Girls" era?

Most women will manage their finances alone at some point due to widowhood, divorce or other life transitions. Experts say the question isn’t if, it’s when—and whether they will be financially prepared.

However, despite outliving their spouses and needing more financial resources to cover their longer lifespans, many women still take a backseat in financial planning.

While 94% of women expect to manage money on their own eventually, too many leave the details of planning for that time to their partner. And the consequences can be significant. Nearly three-quarters of widows and divorcees face financial surprises after losing a spouse and many regret not being more involved sooner.

"Women often assume that if something happens to their spouse, they’ll have time to figure it out later," said Shane Delavan, wealth investment manager at BOK Financial®. "But in reality, there are financial decisions that need to be made quickly.

“When someone is already overwhelmed with grief, the last thing they want is to be dealing with money issues they were never part of before.”

- Shane Delavan, wealth investment manager at BOK Financial

Why women might not be financially prepared
Women often face a financial disadvantage that leaves them with fewer resources when they need them most. They tend to earn less over their lifetimes and take more career breaks for caregiving, and, as a result, contribute 30% less than men to their retirement accounts. Because of the gender pay gap and caregiving breaks from the workforce, a woman might also contribute less to Social Security. As a result, on average, women will receive 20% less than men in Social Security benefits, making long-term financial security even more challenging.

Despite these financial challenges, many women still take a passive role in managing long-term wealth. A global study of high-net-worth individuals found that 59% of Millennial women defer financial decision-making to their spouses, compared to 55% of older women.

"Women are fully capable of making smart financial decisions, but they just haven’t always been given the space or encouragement to do so," said Megan Hughes, managing director of family office services at BOK Financial. "But when they step into that role, they often outperform expectations."

Unfortunately, women haven't always been given an equal seat at the financial table, making it harder for them to be active participants in their own wealth building. "A lot of financial service providers don't engage female clients the way they should," Delavan said. "I see it time and again, regardless of the advisor's gender, the conversation often gravitates toward the male partner first. As an industry, we need to do better. Fortunately, we’re seeing progress, and more women are getting the information and advisory relationships they deserve."

Women have more financial power than they realize
Despite these challenges, women today are in a position of growing financial strength. They will inherit record wealth from parents and spouses by 2030. Studies also show that women outperform men in investment returns, despite being less likely to invest. Many women already control the financial pulse of their households; the vast majority (85%) manage day-to-day expenses, wielding significant economic influence.

"Women are already making the majority of purchasing decisions for their families," Hughes said. "The next step is to apply that confidence to long-term financial planning."

Steps to secure financial independence
Hughes and Delavan say it’s never too late to get informed and suggest proactive steps to build a stable financial future.

1. Be active in your retirement planning.
Living longer means needing more retirement savings. Don’t depend solely on a spouse's financial plan.

• Learn about your Social Security benefits and how they change if you outlive your spouse.
• Maximize contributions to retirement accounts (401(k), IRA, etc.).
• Consider life insurance policies to provide additional financial security.

"Women need to plan as if they will be solely responsible for their financial future, because, statistically, they will be," Delavan said. "That often includes increasing savings rates, protecting against a worst-case scenario and ensuring their retirement strategy reflects a longer lifespan."

2. Understand your family’s current financial situation.
Being informed now prevents surprises later.

• Know where all financial accounts, investments and debts are.
• Ensure you have access to passwords and key financial documents.
• Discuss financial goals and plans with your spouse and financial advisor.

3. Plan for long-term care.

• Explore long-term care insurance options to cover potential medical costs.
• Save additional money for healthcare costs and double-check you have the correct Medicare coverage.

"Long-term care is one of the biggest expenses women will face, yet it’s often overlooked in financial planning," Delavan said. "It’s critical to have a strategy in place well before you need it."

4. Invest with confidence.
Women tend to be strong investors but are less likely to engage in investing.

• Start investing sooner to benefit from long-term market growth.
• Invest to build long-term wealth.
• Work with an advisor who encourages active participation.

"Women have a natural advantage as investors because they tend to take a long-term, steady approach rather than chasing risky returns," Hughes said. "They just need to believe in their ability to do it."

5. Find the right financial advisor.
Women frequently switch financial advisors after losing a spouse, often because they were never fully included in financial conversations.

• Look for an advisor who values your input and explains strategies clearly.
• If you feel ignored in financial meetings, ask your spouse to help you switch advisors. If they won’t switch, consider building a relationship with an advisor you like whom you can work with at a later date.

"If your advisor isn’t talking to you now, they probably won’t be the right person for you later," Hughes said. "Find someone who listens to you and understands your goals."

6. Prioritize estate planning.
Ensure your assets are protected and that your wishes are carried out.

• Work with an estate planning attorney to create or update your will and trusts.
• Review beneficiary designations on retirement accounts and life insurance policies.
• Understand the financial implications of inheriting wealth from parents or a spouse and find an advisor who has experience working with wealthy clients.

A future of financial empowerment
Women have more financial power than ever before. With longer lifespans, growing wealth and strong investment performance, the potential for financial security is within reach. The key is engagement. By taking action now—learning, planning and investing—women can ensure they have control over their financial futures.