What can women do to feel better about their finances?

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On average, women are less positive than men when it comes to their money. So what can women do to change how they feel about their finances?

Our recent research found that:

• Just 43% of women in the UK feel positive about their finances, compared to 52% of men
• 47% of women say the cost of living has made them stressed or affected their mental health, compared to 41% of men 
• Only 35% of women are confident about their retirement income options; for men, it’s 51%

We also know that women are more likely to work part-time or take a career break due to things like caring commitments. This can impact their earnings and their ability to save. So we’ve put together these top tips to help women manage their money, whatever life stage they’re in (remember: many of these tips could be useful at any time but may be more relevant to particular age groups).

Money tips for women in their 20s

Set a budget

At this age, you might be starting out in your career or figuring out what you want your life to look like. So it can be a great time to create a budget.

Setting a budget usually involves checking how much money you’ve got coming in every month and deciding what you’ll do with it. And it’s an opportunity to spot areas where you could save money. 

There are different ways to put your budget together. You might decide to use a spreadsheet, an online tool (like MoneyHelper’s budget planner), or simply a pen and paper.

Develop savings habits

One habit that you might want to get into is putting money in an ‘emergency fund’ to cover any unexpected costs, like car or boiler repairs. To do this, you could consider opening something like an easy or instant-access savings account. You could then put some money in it each month, ready for a rainy day in the future.

To find about other healthy financial habits, you can read our article.

Money tips for women in their 30s

Tackle debt

For many women, their 30s can be a time of higher debt. You might be more likely to have a mortgage and credit cards, for example. 

If you have debts that you’re worried about, you can get guidance from MoneyHelper. This has information about how you can manage your debts and can point you in the direction of a debt adviser.

Review your payments into your pension plan

Got a pension plan?

If you have one that your employer set up, they usually need to pay in a minimum of 3% of your ‘qualifying earnings’, while your minimum is normally 5% (so, 8% in total). It could be worth checking how much you’re paying in and considering putting in more than your minimum, if that’s right for your circumstances. 

Some employers might be willing to pay in more than their minimum or match your payments up to a particular amount, so why not check to see what’s possible?

If you’ve got a plan that you set up yourself, you can also review and change what you’re paying in. 

A pension is an investment. Its value can go down as well as up and could be worth less than was paid in.

Money tips for women in their 40s

Reset your budget

In your 40s, you might’ve found that your priorities have shifted. For instance, some women become unpaid carers to elderly parents. Some find themselves financially supporting children who’ve gone off to university. 

Whenever your priorities change, it’s a good idea to review your budget and amend it if need be.

Track down lost pension plans

At this stage in life, you might’ve had more than one job – meaning it’s likely you could have more than one pension plan. So it’s a great time to make sure you know where your plans are (although you can do this at any age).

Lost track of old plans? Don’t worry – there are ways to find them. Once you’ve tracked them down, you could consider bringing them together by transferring them into one plan. This helps you see your pension savings in one place. 

To learn more about finding your lost pension plans, how you could easily bring your plans together with Standard Life and what to think about, you can visit our website. Remember, transferring isn't right for everyone. 

Money tips for women in their 50s

Look at your State Pension forecast

Our research shows that women rely on the State Pension more than men.

The amount of State Pension you can get depends on the number of ‘qualifying years’ on your National Insurance record. To learn more about this – and how to potentially boost the amount of State Pension you’ll get – read our article.

Picture your retirement

In your 50s, you might be starting to think about what you want retirement to look like. But do you know how much money you’ll need?

You can check out the Retirement Living Standards website from the Pensions and Lifetime Savings Association (PLSA). This can help you understand how much money you might need to cover a ‘minimum’, ‘moderate’ and ‘comfortable’ lifestyle in retirement.

You could then use our pension calculator to see what you might get from your pensions in future.

Money tips for women in their 60s and over

Understand retirement income sources

Even if you’re on track to get the full new State Pension, the amount is still less than what you might need for a ‘minimum’ lifestyle in retirement. So it’s important to know if you’ll have money coming from elsewhere. 

Will you be taking money from a pension plan? If so, do you know that there are different ways to take that money? If you’re unsure about your retirement options, you can learn more in our guide. It’s also worth regularly checking in on how your plan is doing. If you’re a Standard Life customer, you can do this online or on our app. 

And think about the other sources of income you might have in retirement (for some people, this includes other savings, property, or inheritance). Remember, some people choose not to completely leave work and instead just cut down on their hours.

 

The information here is based on our understanding in March 2025 and shouldn’t be taken as financial advice.

A pension is a long-term investment that you cannot normally access until age 55 (rising to 57 from 6 April 2028). Its value can go down as well as up and could be worth less than was paid in.