Work hard, save hard: Increasing women’s financial confidence

You have ambition, are resourceful, can balance home and work, and play to your strengths in whatever job role you take on. But do your many strengths translate to managing all your hard-earned money?

Ahead of International Women’s Day on 8th March 2023, we look at how women can boss their money as well as they boss their jobs.


Women are undeniably on the up in the world of work – pushing the boundaries of their careers in all directions. The number of women on boards is rising, while more females are striking out on their own to become self-employed entrepreneurs. What glass ceiling?

At Wellesley, we’re proud to represent male and female clients. And, while it goes without saying that both can experience the same stressors, there’s no avoiding the fact that women can face a number of unique financial challenges.

A bumpy road

In particular, challenges in building up a comfortable amount for retirement. The gender pay gap and the pensions gap – and not to mention any time taken away from work to look after family – all have an impact.

These challenges may understandably dent your optimism about your financial future. But it’s not all bad news! Recognising these challenges can be the biggest step in overcoming them and getting your savings back in order.

A crisis of confidence

In 2021, 75% of women said they had ‘low’ or ‘average’ self-esteem.1 This isn’t a new problem – how often do you hear your own friends confess that they’re not good with money? This phrase may be said without much thought, but its impact can take a toll on both your financial and emotional well-being, by preventing you from having financial independence or hindering the ability to plan for the future.

This crisis of confidence can also be damaging when it comes to income protection. Women are the breadwinners in a growing proportion of UK households. In almost a third of homes, they earn the same as or more than their male partners.2

However, many aren’t used to seeing themselves as the one who ‘brings home the bacon’, and sometimes that means high-earning women don’t fully recognise their value both to their businesses and their families. That’s why income protection is an important consideration for female entrepreneurs in giving you peace of mind, whatever comes your way.

Talking = empowerment

47% of UK women say wealth, to them, means ‘health and happiness’.3 And financial security can be an important factor in promoting mental well-being and, therefore, happiness. Talking is a great way to improve confidence – push aside the embarrassment and be honest and open with your friends about money. And if it feels too awkward to talk to a friend, talking to a financial adviser can also help.

A recent report by the International Longevity Centre and St. James’s Place revealed that women who had taken advice more commonly expressed the view that higher levels of financial literacy made them feel more empowered to make informed decisions.4

Leading from the front

So, what can women do to boss their money as well as they boss their job?

Your trusted ally will be your financial adviser, who will provide the perfect environment in which you can learn and gain confidence.

And once you’ve gained confidence, security, well-being and resilience won’t be far behind.

SJP Approved 24/02/2023



1,3 WealthiHer, ‘The Changing Faces of Women’s Wealth’ report, January 2020/2021
2 Rise of the female breadwinner: woman earns the most in one in four households, Royal London, May 2020
4 ILC, ‘Peace of Mind: Understanding the non-financial value of financial advice’ report, conducted via in-depth interviews with 32 UK individuals in 2020