A new study from Fidelity Investments offers a fresh look at how women across generations are responding to economic headwinds, exposing a shift toward financial frugality, increased savings, and a focus on long-term planning.
The 2025 Women & Money Study found that among women who made at least one financial change in the past year, nearly four in five (79%) said it was due to economic factors such as inflation and tariffs.
According to the survey, the most common adjustments involved non-essential activities and entertainment, with 42% of women saying they recently decided to cut back. More than three-quarters attributed the change to economic uncertainties, and most women said they plan to keep it up in the coming year.
Looking ahead, 47% of women intend to save more, while 35% plan to reduce or pay off debts. Confidence in these goals is high, with 86% expressing at least some confidence in their ability to save more and 84% feeling similarly about debt reduction.
The study also highlighted generational differences in financial priorities. Gen Z and Millennial women are more likely to focus on creating budgets and financial plans, while Gen X and Boomer women tend to prioritize cutting everyday expenses and discretionary spending.
Nearly two-fifths of Gen Z women (37%) plan to create a budget in the next year, compared to just 8% of Boomers. Meanwhile, 40% of Boomer women expect to reduce spending on non-essential activities, a larger share compared to younger cohorts.
Despite these efforts, the report finds that women continue to lag behind men in emergency savings. Nearly one-fifth of women have no emergency fund, and almost a quarter have less than $1,000 set aside for unexpected expenses. By comparison, only about one in ten men report having no emergency fund.
The financial gender gap shows up in women’s financial stress: 81% say their finances keep them up at night, and among those, 35% said the ability to pay for an emergency was a top concern.
Job stability is another area of focus. The study found that 45% of women are in job hugging mode, even though they are more likely than men to describe their work in negative terms. Only 15% of women plan to look for a new job in the coming year, with the primary motivators being higher pay, better benefits, and more meaningful work.
For all the hype around the Great Wealth Transfer, a larger percentage of women expect it will happen to other people. Sixty-one percent do not anticipate receiving an inheritance, compared to 52% of men. Among women who do expect to inherit, nearly half say it would ease concerns about paying bills, and 41% believe it could set them up for career changes or earlier retirement.
Planning for the future remains a work in progress. While two-thirds of women have a plan to reach their financial goals, far fewer have completed key estate planning steps. Only 30% have created a will or estate plan, and just 16% have planned for future care needs. Boomer women are more likely to have taken these steps, but even among this group, more than half have not assigned a healthcare or financial power of attorney.
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