Women report savings confidence, but Vanguard survey points to gaps in strategy

A new survey from Vanguard suggests many women feel secure about their saving habits, even as a sizable share may be missing opportunities to grow their cash holdings more effectively.

The research, based on responses from more than 1,000 US women, found over 70% said they are confident in their ability to save money. But nearly half reported holding savings in accounts earning less than 3%, while one in five said they had no savings outside of retirement accounts.

The findings highlight what the firm described as a disconnect between women’s financial goals and where they keep their money.

"Savings are a crucial part of everyone's holistic financial strategy, and yet, the survey found a clear disconnect between women's overarching financial goals and how and where they save," said Sonia Fraher, head of cash management at Vanguard.

"The good news is that identifying this disconnect creates opportunity to decide if you want to change course by taking stock of where you are saving to ensure you're earning the interest you deserve. This is especially important since savings, compounded over time, can have a meaningful impact on women's overall wealth and financial well-being."

Financial security ranked as the leading savings objective among respondents, although many said competing demands often derail those plans.

Among the top financial regrets cited were unnecessary spending, delaying savings for major goals, and prioritizing financial support for family or friends ahead of their own needs. Nearly half of respondents also said they tapped savings earmarked for one goal to cover unrelated expenses during the past year.

The survey also examined what might encourage women to reconsider their savings approach.

Trusted recommendations were identified as the biggest catalyst for change, followed by access to more financial education and guidance from certified professionals. Younger respondents, particularly those in Gen Z, were especially influenced by recommendations from people they trust, while millennials were more likely to point to educational resources as a motivator.

Mothers appeared more receptive than the broader survey population to revisiting their savings strategies if they received additional information about available options.

"I work with many women, particularly mothers, who are juggling competing priorities and often putting their own financial goals on hold," said Tiana Patillo, CFP, and financial advisor manager at Vanguard.

The survey was conducted in April and included 1,007 women across the US aged 18 and older.