4 Challenges Women Face Saving Money

Say you’re teaching your son and daughter to ride their bikes — a challenge that both of them are equally ready to tackle. Safety first, so you drive to the store to pick up helmets for them. Would you be surprised to find that a boy’s helmet, which has a shark on it, costs $14.99, while the girl’s version of the same helmet from the same company, which has a unicorn on it, costs $27.99?

Life is expensive, but even more so for women. A combination of challenges in pay, employment, cost of living and life span make saving a different proposition for women. According to recent research, 42% of women cut non-essential spending in the past year due to economic uncertainty (Fidelity Women & Money Study, 2025). Here’s why — and what you can do about it.

Challenge 1: Women face a higher cost of living

Most consumer goods aimed at women cost more than the equivalent products specifically for men. The difference can range from just 6% for sweaters or dress pants to 48% for shampoo and conditioner. When you factor that into everything you buy, the combined results can add up to a lot of money over the course of a lifetime. Recent inflation has made these differences feel even more significant for many women.

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Challenge 2: Women are often unpaid caregivers

Women are far more likely than men to take extended leave from paying work to take care of their families. According to one study, 42% of mothers reduced work hours to take care of a family member, versus 28% of fathers, and 39% of mothers took significant time off, versus 24% of fathers. Not only do women spend less time earning, but they are also less likely to set aside money during those periods for retirement or other future plans.

Women’s earnings may also be affected by the “motherhood penalty,” which can reduce income by as much as 15% per child under age five (Schwab, 2025).

Challenge 3: Women often work in lower-paying fields

Despite some progress, women earn less than men overall, with a s 2023 Bureau of Labor Statistics report showing women’s weekly earnings at 83.6% of men’s (Schwab, 2025).

This is a challenge across the economic and educational spectrum, but it’s particularly serious for women without high school diplomas.

Additionally, 65% of women say they delayed saving or investing because they didn’t have enough extra earnings to set aside (Schwab, 2025).

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Challenge 4: Healthcare costs are higher for women

On average, women in the United States live longer than men, which means higher healthcare costs. According to the Social Security Administration, a man turning 65 today can expect to live to be 84.3, while a woman turning 65 can expect to live to be 86.7. As a result, women can expect to pay more for healthcare over their lifetimes . A 65-year-old woman can expect to spend more than $306,000, while a 65-year-old man can expect to pay much less — an average of more than $260,000, according to a recent survey.

What’s the best course forward for women?

Given the challenges mentioned above , there’s actually a lot you can do to prepare. Saving consistently — at any level — remains one of the most effective long-term habits (Schwab, 2025).Here are some tips to keep in mind as you focus on saving:

• Do it often: Make a plan to set aside money from each paycheck for retirement, and be consistent.
• Think before you leave the workforce: Staying in the workforce longer can have a twofold benefit — you delay spending retirement savings, and you can accrue more money.
• Look for better saving tools: Consider the return and the interest on the money you save — you’ll want the money you set aside to retain its worth in the face of inflation.

According to the 2025 Schwab Women Investors Survey, 91% of women say managing their investments makes them feel more empowered and confident.

Most of all, stay informed about your finances. The more you know, the better you can prepare to take care of yourself, and the people you love.

Saving often begins with a small step. Explore how a high-yield savings account can help your money grow over time.