Financial Confidence Lower Among Women, New Survey Shows

Professionally Reviewed by: Sarah Whitmore, ChFC®
Financial Professional

Summary: A recent Mutual of Omaha survey reveals while 87% of women feel responsible for their family’s financial security just 21% feel confident about their financial future. This research highlights an urgent need for comprehensive financial planning resources that address the unique financial challenges women face today.

If you’re a woman who finds herself more concerned about financial security than others around you, you’re not alone.

While inflation, health care costs and rising housing expenses affect everyone, the most recent 2025 Mutual of Omaha’s Protection Index survey* revealed that women are far more likely than men to see these challenges as a direct impact to their financial confidence.

Today’s reality is that women face a more complex financial landscape, from wage gaps and caregiving responsibilities that can interrupt earning years given that they typically live longer¹ and need their money to last. The result is a greater difference in how women and men think about finances.

“These insights are powerful,” said Jennifer Wulf, Mutual of Omaha vice president of consumer insights and marketing strategy. “Women in particular are telling us loud and clear that they don’t feel financially confident. That’s both a challenge and an opportunity for us to create resources and solutions that help close the protection gap and give women more choices in futureproofing their lives.”

Women express high financial responsibility but lower financial confidence

While both men and women of all ages expressed a strong sense of responsibility to protect their money and their families, the research reveals a consistent pattern: Women voice more concerns about debt, savings and future security when looking at their current situation, as well as 10 years down the road.

One reason women may express less optimism about their financial future is they often serve in a caregiving role that demands more from them, according to Mutual of Omaha Financial Advisor Sarah Whitmore.

“There’s more complexity to planning for women as we’re often caregivers for children or aging parents, which is invisible labor that can take time away from work,” Whitmore said. “That can then snowball into less income and less 401(k) contributions.”

While the research shows that women’s confidence in their financial protection is currently declining, it’s not from a lack of financial understanding.

“Many studies have shown that while men may report higher levels of financial literacy, their actual knowledge compared to women may not actually differ all that much,” Wulf said.“There’s often a confidence factor at play. Typically, men are also more likely to be the ones in the relationship doing the investing or taking on financial risks, which may lead to confidence, even if not always justified.”

Mutual of Omaha National Sales Director of Advisor Network Nate Hobson said women’s declining financial confidence may be because they typically take a more conservative approach to money than their male counterparts. He adds, “And in some households, there remains an income-earning disparity between the two.”

Women’s many paths to financial confidence

While women continue to face challenges such as pay gaps and caregiving responsibilities, their earning power is steadily increasing and has been since 1979.

“Women are also stepping into leadership roles at work and at home,” Wulf said. “But with greater income often comes greater responsibility, and that can add emotional weight to financial planning.”

But, the path to financial confidence isn’t the same for everyone, especially as traditional family structures continue to evolve. Whether it’s a single woman managing her finances alone, a couple living together without shared accounts or extended families combining resources, the need for clarity and confidence in financial protection is more important than ever.

“Women who aren’t married or don’t have children still face the same financial risks, often without the support of a dual-income household,” said Mutual of Omaha Financial Advisor Sarah Whitmore.  “They need plans that reflect their unique goals, timelines and responsibilities.”

For women navigating life independently, building financial confidence starts with recognizing their autonomy and finding resources that support their individual journey.

Fast facts on women’s feelings of financial protection

• 21% of women feel “protection confident” : Over the last three surveys, the number of women who say they feel responsible for protecting their family’s financial future has consistently hovered around 87%. However, just 21% of women say in the latest survey they feel “protection confident” when it comes to their financial future. That percentage remains unchanged from the previous Protection Index survey conducted at the end of 2023. In contrast, 27% of men surveyed expressed being protection confident, a drop of one percentage point from the survey in early 2023 and down 36% from the end of 2023.
• 70% say they’re lacking adequate planning that may help them feel more confident about the future of their finances.
• 87% of women feeling responsible for their family’s financial security, taking on managing budgets, saving for the future, paying down debt, planning for emergencies and more.

• The majority are concerned about a major health-related expense: With health care costs steadily on the rise, an unexpected illness or injury can take a significant bite out of anyone’s savings. However, less than half of women surveyed express confidence they could absorb the cost of a major health-related expense.
  • Just 43% believe it’s likely they’ll avoid a financial crisis if they get sick or hurt. Only 36% say their savings will be protected if they need home care or long-term care.
  • 22% say they have a plan in place, and just 8% say they believe their future is protected: On the flip side, 70% of women say they haven’t thought about how they’ll protect their financial future, don’t know where to start planning or admit they could do more.
  • 41% of women surveyed say it’s likely their retirement savings will allow them to live comfortably, compared to 53% of men.

Building a roadmap to financial confidence

A solid financial plan is one of the best safety nets women can have to protect their future. For those who haven’t started planning, Whitmore says the first step in understanding your financial gaps is to get help from a financial advisor, no matter how much they have to invest or where they are in their financial journey.

“Find a financial advisor you trust now — don’t wait,” she said. “This advisor should be a holistic planner who can assist with a wide range of topics: budgeting, debt repayment and asset protection to hedge against future unknown, not just investment allocation.”

Additionally, a united approach to money management can lay the foundation for long-term financial stability. Create a clear picture and understanding of income, expenses and spending. “If they’re not already, the first step would be to work on the household finances as a family,” Hobson said. “We find households that build a budget, plan for large expenses, maintain emergency funds and have a plan that’s reviewed at least annually have a much higher level of confidence.”

Take action today

Don’t let financial uncertainty define your future. Whether you’re just starting your career or approaching retirement, now is the time to take control of your financial security. Schedule a consultation with a qualified financial professional who specializes in comprehensive planning, including budgeting, debt management, retirement planning and health care cost protection.

Your financial confidence and peace of mind depend on the steps you take today.

For even more insights and to learn how Mutual of Omaha can help you protect what matters most, including your family’s finances, download the full Protection Index report here: 2025 Mutual of Omaha Protection Index Report.

Frequently asked questions (FAQs)

How important is financial stability for women?

As many women assume primary caregivers or take on primary parenting responsibilities in their households, financial security becomes extremely important.

“Feeling comfortable with the ‘what ifs’ in life can be difficult, especially if you are not a primary income earner in the household,” Hobson said. “Feeling confident in the finances allows women to be more present and engaged in the day-to-day of their lives.”

Professionally Reviewed by: Sarah Whitmore, ChFC®

Financial Professional

With over a decade of experience as a financial advisor at Mutual of Omaha, Whitmore provides personalized financial strategies designed to help clients secure their financial futures. She holds licenses in Life and Health Insurance, as well as Series 6, 63, and 65, and the Securities Industry Essentials (SIE) license. She also carries the Chartered Financial Consultant (ChFC®) designation, equipping her to navigate a wide range of financial planning needs.

Based in Iowa City, Iowa, Whitmore’s specialties span group retirement plans, individual wealth planning, asset protection and insurance solutions including life, disability and long-term care.

Disclosures:

Registered Representatives offer securities through Mutual of Omaha Investor Services, Inc., Member FINRA/SIPC. Investment Advisor Representatives offer advisory services through Mutual of Omaha Investor Services, Inc.

Mutual of Omaha Advisors is a division of Mutual of Omaha Insurance Company. All investing involves risk, including the possible loss of principal, and there can be no assurance that any investment strategy will be successful.

Mutual of Omaha and its representatives do not provide tax and/or legal advice, and the information provided herein is general in nature and should not be considered tax and/or legal advice. Not all Mutual of Omaha agents are registered representatives or financial advisors.

Footnotes:

¹Our World in Data, Why do women live longer than men? Nov. 27, 2023, accessed Aug. 2025, https://ourworldindata.org/why-do-women-live-longer-than-men.

*About this survey: For this publication, Mutual of Omaha worked with research vendor, quantilope, to conduct The Protection Index survey. This research had a sample size of 400 respondents aged 18-77. Research was conducted in a 10-minute online survey from May 15-19, 2025. All data included in this report are based on Mutual of Omaha proprietary research unless otherwise noted.

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