Women are increasingly both creators and inheritors of wealth, building assets and investments through their careers, while also set to inherit a growing share of family wealth. Yet as they move towards retirement, many continue to prioritise saving over spending.
Coaching clients through the behavioural shift from cautious saver to confident spender can be one of the most important and rewarding parts of financial advice. Moreover, those advisers who embrace this challenge can help an underserved audience turn potential into power, while strengthening long-term client relationships.
“I have just started to think about pension planning, although I have had a pension for years. I think for me it is knowing easily what I will have to live on and also what I can do to improve the situation”
Nicky, 59, West Midlands
How do women feel about saving and spending?
Research from our Untapped Potential of Women’s Wealth report found that 31% of women expect to inherit most of their partner’s wealth, compared with just 17% of men. This shift means women are increasingly in control of household assets and have a greater potential to enjoy more disposable wealth in retirement.
But inheritance is only part of the picture. Today’s generation of women approaching retirement are more likely than ever to have built up significant earned wealth through their careers, often within dual-income households. Many have accumulated pensions, savings and investments over decades of work and now face the challenge of turning that hard-earned financial foundation into a fulfilling retirement.
Yet, despite this growing financial influence, many women still face barriers to feeling confident about managing their wealth. Our research shows that women’s investment attitudes tend to be more cautious than men’s, a mindset that can offer stability but may also limit opportunities for growth:
- 61% of women fear a financial crash, compared with 46% of men.
- Among women aged 55–64, that figure rises to 70%.
- Nearly two-thirds (61%) of this age group worry they’ll lose money compared to keeping cash in the bank.
These insights highlight a clear need to provide tailored support for women approaching retirement, helping them feel empowered to make informed financial decisions and unlock the full potential of both their earned and inherited wealth.
Many women, particularly amid ongoing market uncertainty, can feel less prepared to invest or spend confidently. This can lead to cautious behaviours such as underinvestment and over saving, choices that, while understandable, may limit future lifestyle choices and, in some cases, create unnecessary inheritance tax exposure. With pensions increasingly in scope for tax liability, many clients could find themselves facing a ‘use it or lose it’ scenario with much of their hard-earned wealth – from both careers and inheritance – at risk of being underused.
For advisers, this presents a clear opportunity: by engaging early, ideally before inheritance events occur, they can help clients in building confidence, developing structured spending strategies, and make timely decisions across both earned and inherited wealth.
The goal isn’t to encourage risk-taking, but to empower clients to use their wealth purposefully and intentionally. This is where advisers can add real value: helping clients navigate the transition from saving to spending, combining emotional reassurance with technical expertise to support informed, confident choices.
Balancing suitable strategies with behavioural coaching
“I would like stability so I do not spend my retirement worrying about whether I will be able to afford the cost of living in the years ahead.”
Christine, 63, West Midlands
Advisers are uniquely placed to support clients through life’s transitions, including retirement. Their role goes beyond technical planning: it’s about combining financial expertise with empathy and behavioural insights.
Some of the most impactful work happens in the space of behavioural coaching, helping clients identify and overcome psychological barriers that might be holding them back.
What’s needed is a thoughtful blend of traditional financial advice and personal counsel, supporting clients in navigating biases and achieving more confident, informed retirement outcomes.
Practical steps include:
- Creating safe, non-judgmental spaces for conversations about inheritance, legacy, and life goals.
- Helping clients overcome behavioural barriers, making advice more proactive, inclusive, and aligned with their values.
- Using structured income strategies, such as the Prudential Retirement Account or Prudential Guaranteed Income Plan, to balance growth with security, enabling clients to draw income confidently while preserving long-term stability through growing their savings.
- Leveraging cashflow modelling to help clients visualise sustainable spending and gifting, showing clearly how much they can use without fear of running out.
- Tailoring estate planning to reflect new inheritance tax realities, ensuring decisions about drawdown, gifting, or retention are timely and efficient.
Supporting women to become confident spenders
Women are increasingly shaping the future of wealth: as investors, inheritors, and stewards. Yet many remain underserved by advice that doesn’t fully reflect their goals, values or needs.
For advisers, the opportunity is significant, and the direction is clear: build relationships rooted in purpose and confidence, combine structured strategies with value-led conversations, and help turn uncertainty into clarity.
Those who do this effectively stand to make significant gains, ensuring their businesses are ready to serve this growing client base while delivering better outcomes.
With the right support, women can shift from cautious saving savers to confident spenders, enjoying the wealth they’ve built and inherited, supporting those they care about and living the fulfilling retirements they envision.
Kirsty Wright, Director of PruFund Proposition at M&G
