How to step up your financial confidence

The idea that investing is a “man’s world” has become as outdated as a Model T Ford or a rotary phone.

In fact, women currently control about one-third of all retail financial assets in the United States and European Union (EU), and that figure is expected to rise to 40 to 45% by 2030, according to McKinsey.

However, for many women, a confidence gap exists when it comes to money, said Megan Hughes, managing director of Family Office Services at BOK Financial®. “In my daily interactions, I often see women taking a back seat in managing their finances.”

This observation and the impending surge in women managing financial assets underscores the need for women to step up, she said, armed with both knowledge and assurance in their financial abilities.

However, Hughes said this journey can seem daunting, particularly for those faced with common roadblocks such as:

1. Lack of confidence: Often, it's not the absence of financial literacy but the lack of self-assurance that hinders women from taking control of their assets. This issue frequently arises from a lack of experience, perhaps due to others in the family taking on these roles.
2. Limited practical experience: Many women find themselves in financial decision-making roles later in life, following years focused on family and caregiving. This sudden shift can feel intimidating and, without the proper resources, can be overwhelming.
3. Lack of role models: The financial industry being historically dominated by men may mean that some women lack female role models in the financial space. This lack of representation can perpetuate a cycle in which money matters are perceived as male territory, even at the household level.

If these roadblocks feel familiar and you’re less self-assured than you’d like to be when it comes to managing and investing money, don’t worry, here are four concrete steps to help you get started.

1. Make a habit of educating yourself
The more you learn about financial topics, the more they are demystified, making them more accessible and less intimidating. Whether it’s reading an explainer article, watching a video or listening to a podcast, make learning about money part of your routine.

“Everyone has different learning styles and areas of expertise, and it's okay to admit when you don’t understand something,” Hughes said. “In the long run, the goal is to foster a sense of empowerment, to seek out knowledge and feel in control of your financial future.”

2. Actively participate in financial discussions
Even if your spouse or partner handles much of the finances, it’s important to actively participate in financial planning, Hughes said. One option is to hold monthly meetings together to discuss household budgets and set future goals. This practice not only enhances understanding but also fosters a collaborative environment for decision-making in your household.

3. Get involved and build self-assurance gradually
Start with even just one manageable task. If you are not quite ready to dive into investment decisions, you can begin by exploring ways to save on expenses such as insurance or cell phone bills.

“Women don’t necessarily need to overhaul and take over all financial responsibilities if they aren’t handling them now, but they should understand their household’s overall financial standing, help set household goals and get involved to help make informed decisions together, if in a relationship,” Hughes said.

4. Work with a financial advisor
Finding an advisor whom both members of the relationship are comfortable with is key, so that both spouses or partners participate in meetings. “Being active in these conversations boosts self-esteem; especially when women are fully present,” Hughes said. “Asking questions and engaging with money matters, even if they haven't done so before.”

Additionally, with a trusted advisor by their side, women can navigate significant life events such as divorce, the loss of a loved one or retirement—events that can have a major impact on their finances. This support empowers women to safeguard their financial well-being and long-term security.

It’s never too late to start
The path toward financial empowerment for women is filled with opportunities for growth, but most importantly self-trust.

By adopting these strategies, women can develop the necessary confidence to take a more active role in navigating money management—at any stage of life. Owning your financial destiny paves the way for more informed decision-making, thereby fostering a sense of independence and security that's likely to have a positive impact on other areas of your life as well.