Women Navigating Retirement Amid Economic Challenges
Columbus, OH – Women across various age groups preparing for retirement are confronting a disconcerting reality: Economic instability and family caregiving duties might be hindering their ability to achieve financial security in retirement. A recent Advisor Authority study, conducted in collaboration with the Nationwide Retirement Institute, reveals the diverse perspectives and attitudes among women from different generations.
Caregiving and Economic Concerns Affecting All Generations
Commitments to caregiving are compelling women from all generations to make tough choices between family responsibilities and career growth. The survey found that over two-thirds (67%) of women investors supporting children or aging parents report that these caregiving duties have negatively affected their careers, with 18% indicating that these responsibilities have hindered their ability to save for retirement.
In light of these caregiving commitments, many women have adopted actions detrimental to their retirement savings, such as reducing work hours (26%), limiting opportunities for professional development (19%), taking extended family or medical leave (18%), switching to part-time roles (13%), or either declining or postponing promotions (11%).
Economic Anxiety Among Women Investors
The uncertainty surrounding the economy is also sparking financial stress among women. More than 40% (42%) of non-retired women investors foresee an increase in inflation over the coming year. Alarmingly, nearly three-quarters (73%) express concerns about a potential U.S. economic recession in the next twelve months, while 25% describe their financial outlook as pessimistic.
“Our research highlights the financial hurdles women of all ages are confronting,” stated Amelia Dunlap, vice president of Nationwide Retirement Solutions Marketing. “The combined pressures of market volatility and the significant demands of caregiving are creating a tough landscape. It’s essential to recognize that women’s concerns about retirement are diverse across generations, presenting unique opportunities for financial professionals to address their needs effectively.”
Gen Z Women: Focused on Immediate Financial Obligations
Gen Z women (ages 18-28), who are early in their careers, are primarily concentrated on managing immediate financial concerns rather than long-term retirement planning. They prioritize basic household expenses, such as groceries and utilities (61%), followed closely by debt repayment (42%).
Additionally, 35% of Gen Z women indicate that caring for family members is a significant financial responsibility for the upcoming year, the highest percentage among generational cohorts.
Recognizing their need for guidance, about 23% of Gen Z women supporting children or aging parents are likely to seek advice from financial professionals, slightly surpassing their Millennial (22%) and Gen X (22%) counterparts.
Millennial Women Facing Career Disruptions
Millennial women (ages 29-44) encounter substantial challenges due to caregiving commitments, experiencing more career disruptions than younger or older generations. Over half (55%) of Millennial women investors supporting children or aging parents have faced career or income interruptions due to their caregiving roles in the past five years.
Moreover, 22% have taken on second jobs to alleviate financial pressure associated with caregiving, while 18% have accrued credit card debt for the same reason. Alarmingly, 10% report being terminated from their jobs due to caregiving obligations.
Millennial women are increasingly seeking assistance from financial advisors, focusing on debt management (32%), establishing long-term retirement goals (29%), and building emergency savings (27%).
Gen X Women: Struggling with Debt and Retirement Savings
Gen X women (ages 45-60), while often more financially established than younger cohorts, are still burdened by debt as they approach retirement. Four in ten (40%) prioritize paying down debts over the next year. However, their efforts to manage debt might compromise their retirement savings; 20% of non-retired Gen X women feel significantly behind on their retirement savings goals.
About 47% of Gen X women supporting children or aging parents have encountered career disruptions impacting their savings capability, with nearly half feeling the need to accumulate $1 million or more for a comfortable retirement — a goal that only 27% have reached.
Boomer Women: Retirement Concerns Persist
Women from the Boomer generation (aged 61+) may not face the same financial pressures as younger generations, as 81% do not financially support adult children or aging parents. However, with just four years until the traditional retirement age for the youngest Boomers, half (51%) believe the norm of retiring at 65 doesn’t apply to them, and 35% expect to retire between ages 66-70 — if at all.
Additionally, a quarter (25%) of Boomer women indicate that the economic circumstances of the past five years have altered or postponed their retirement aspirations.
“It’s understandable that women, often the main caregivers for their families, feel overwhelmed by current economic conditions,” said Suzanne Ricklin, vice president of Retirement Solutions Sales for Nationwide. “This data underscores the importance of women seeking advisor support to convert financial anxiety into proactive retirement planning. It’s crucial that women express their goals and concerns clearly to their advisors to ensure their long-term financial security isn’t jeopardized by immediate family obligations.”
Empowering Women through Financial Advice
Advisors are eager to assist their women clients as they navigate retirement planning, with 95% asserting they understand the unique needs of women investors, and 92% planning to expand their female client base over the next year. Yet, only 48% of women investors feel they understand their financial goals at this stage in life.
“While many advisors aim to nurture relationships with female clients, our survey suggests a gap exists in communication, highlighting the need for advisors to genuinely listen and align with women’s financial objectives before proposing solutions,” Ricklin noted.
Solutions for Caregiving Financial Challenges
Nearly all (93%) advisors indicate they have women clients managing the dual pressures of caregiving for children or aging parents. To alleviate financial burdens, 47% of advisors recommend leveraging available tax deductions, while 45% suggest minimizing non-essential expenses, and 44% encourage prioritizing retirement savings.
“In today’s unpredictable market, advisors can help women focus on long-term strategies to avoid hasty decisions influenced by immediate caregiving pressures,” Dunlap commented. “Regardless of income or savings level, an advisor’s role includes alleviating investor anxiety while offering insights based on historical market performance.”
Study Overview
The tenth annual Advisor Authority study powered by the Nationwide Retirement Institute® explores the critical challenges faced by advisors, financial professionals, and individual investors, along with the innovative strategies necessary to thrive in today’s dynamic market.
Research Methodology
The Harris Poll conducted an online survey for Nationwide from January 6-25, 2025, encompassing 610 advisors and financial professionals and 2,524 investors aged 18 and older with investable assets of $10K or more. This group included 1,145 women, segmented into 176 Gen Z, 316 Millennial, 290 Gen X, and 363 Baby Boomers.
For complete survey methodology and detailed information regarding subgroup sample sizes, please reach out to Kristen Vasas-Samson.
About The Harris Poll
The Harris Poll, founded in 1963, is renowned for tracking public opinion and providing insights that help leaders make informed decisions. As part of Harris Insights & Analytics, it specializes in building corporate reputation, brand strategy, and public relations research. For more information, visit www.theharrispoll.com.
