Financial planning is about getting to know individuals and helping them build the lives they want. That’s why, at Aspire, we do lots of talking and even more listening.
In recent conversations with colleagues and clients, we’ve noticed a worrying trend – many young women aren’t engaging with their finances. They’re often fearful, uncertain, or disinterested when it comes to money matters.
Indeed, new research by Hearst found that women aged 18 to 34 are less comfortable talking about their finances than about their mental health (once a taboo subject).
Unfortunately, this could make it harder for the young women in your life to build the financial literacy and confidence they need to make the most of their wealth.
For example, Boring Money has revealed that the gender investment gap increased for the second year in a row in 2025. In the UK, there are now just 6.7 million women who invest compared to 10 million men. The gap is widening primarily because young women are not taking up investing at the same rate as men.
Keep reading to discover five practical ways young women can overcome their fear of personal finance and feel empowered to take control of their wealth.
1. Reframe financial control as empowerment
A fear of personal finances – “financial phobia” – could hold back even the most successful and ambitious young women from achieving their goals.
Unfortunately, such concerns are common and may be due to:
- A lack of knowledge and confidence about finances
- Concerns about being judged or compared to others
- A perception that finances are complex and stressful.
One of the most powerful ways young women can begin to overcome their fear is to reframe financial control as empowerment.
In other words, rather than seeing money management as a burden to be delayed and avoided, it becomes an opportunity for self-care, achievement, and success.
This mindset shift is likely to take time and effort. One exercise that might help is to write down current financial concerns and limiting money beliefs, then challenge this negative self-talk. For example, “Money management is boring and complicated” becomes “Learning to make the most of my wealth could help me achieve my goals”.
2. Talk to family and friends
According to the Financial Capacity Strategy for the UK, people who talk openly about money:
- Have stronger personal relationships
- Make better and less risky financial decisions
- Feel less stressed or anxious and more in control
- Help their children form positive lifetime money habits.
As such, overcoming any awkwardness about money conversations and discussing finances with loved ones could be a crucial step for young women.
Moreover, connecting with their female peers may allow them to:
- Foster accountability and celebrate progress
- Talk through shared concerns and challenges
- Build their financial knowledge in a supportive environment.
3. Embrace financial education
PA Future recently reported that only 19% of women felt they had received a good education on money management in school, compared to 23% of men. Notably, more women than men in every age bracket said they had limited or no understanding of financial products such as investments, mortgages, pensions, and insurance.
This lack of knowledge and understanding could contribute to feelings of anxiety about money management, which may lead women to disengage from their finances.
In contrast, young women could boost their financial confidence and independence by educating themselves on money matters that are meaningful to them. This might include:
- Learning in a supportive online or in-person community of their peers
- Making use of technology, such as budgeting apps
- Reviewing and assessing their financial situation
- Listening to personal finance podcasts
- Reading relevant books and articles
- Seeking professional financial advice.
4. Create a budget and set clear goals
Young women who are afraid of, or disinterested in, their finances may be more likely to bury their heads in the sand when it comes to tracking and reviewing their monthly income and expenses.
Yet setting a realistic budget is essential for:
- Understanding patterns of spending, saving, and investing
- Identifying and addressing unhelpful beliefs about money
- Avoiding overspending and unnecessary debt
- Spotting opportunities to save or invest more.
These insights can enable young women to set meaningful and achievable goals that keep them motivated to stay in control of their finances over the short, medium, and long term.
What’s more, regularly engaging with their finances in this way could help women adapt to changes, such as a loss of income or an unexpected windfall.
5. Seek professional advice
In a survey by Unbiased, 69% of women said they had never received financial advice, compared to 64% of men.
Regular check-ins with a financial planner could provide invaluable support and guidance to young women who feel apprehensive about managing their money, including:
- Creating robust action plans for achieving their goals
- Helping them overcome specific fears, such as investing
- Offering emotional support and building their confidence
- Providing tailored coaching to improve their financial literacy
- Developing a lasting relationship and conducting regular reviews.
Get in touch
The Aspire team is experienced in working with people of all ages, backgrounds, and lifestyles.
To find out more about how our financial planners can support and empower the young women in your family to take control of their wealth, please get in touch.
Email helpme@aspirellp.co.uk or call 0117 9303510.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
All information is correct at the time of writing and is subject to change in the future.
The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.
Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.
Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it.
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