Financial Planning for Women: How to Avoid Common Mistakes

Your questions about financial planning for women answered

What financial challenges and risks do women in Singapore commonly face?
Why do women often delay or avoid financial planning and investing?
What practical steps can women take at different life stages to improve their financial security?

This International Women’s Day, it’s important to highlight a reality many women still face: financial planning isn’t just about having the knowledge — it’s also about timing, confidence, and life transitions.

A 2025 survey by Sun Life found that nearly 66% of women in Singapore report feeling more financially secure than their mothers at the same age. However, this progress comes with challenges.

Financial planning for women: more than literacy

Traditional family dynamics and responsibilities at home still hold women back, with 53% of women routinely prioritising the financial needs of family members, such as children or elderly relatives, over their own.

Adding another layer is financial literacy. While awareness has grown, the majority of Singapore’s women — 63% — rate their knowledge of financial and investment products as basic or beginner level.

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Without confidence in managing money or accessing trusted guidance, even capable women delay investing, underestimate risk, or leave important decisions to their partners.

Lawrence Tan, Content Lead at the Institute for Financial Literacy (IFL), highlights how these patterns often start early: “Financial planning mistakes typically occur in one’s 20s to early 30s because the common assumption is that there is still time or that the focus should be on one’s career.”

“This is a silent mistake, as the impact is not immediately noticeable but manifests itself in the longer term. Most women begin to realise the mistake when or after they are faced with major financial decisions, such as buying a first home or starting a family.”

Overlooked financial risks that can impact women

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Leaving financial planning to a partner or spouse
In some households, financial decisions are primarily managed by one partner. While this arrangement may feel practical, relying entirely on a spouse for long-term planning can create vulnerability in the event of unexpected life changes. “Leaving planning to a partner or spouse can create gaps in financial knowledge and preparedness,” says Lawrence.
Not factoring in longer life expectancy
Women statistically live longer than men, which means retirement savings may need to last several more years. Without accounting for this, retirement funds may fall short later in life. Planning with longevity in mind helps create greater resilience and peace of mind for the years ahead.
Being overly conservative in planning
A preference for low-risk options, such as savings accounts or avoiding investments altogether, can feel safe in the short term, but over time, such strategies may not keep pace with long-term growth needs. “Being overly conservative exposes your future financial wellbeing to high risks, such as inflation and loss of wealth value,” Lawrence notes.
Internalising assumptions about risk-taking
There is a long-standing perception that women should be more cautious when it comes to investing. While thoughtful decision-making is valuable, automatically defaulting to overly cautious strategies may limit long-term wealth accumulation. Financial decisions are most effective when they are based on individual goals and circumstances!
Delaying conversations about major life milestones
Life events such as having children, buying a home, or taking a career break can significantly affect finances. “Not addressing these issues early can make it harder to mitigate risks and plan effectively for the future,” Lawrence explains.

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Practical financial tips for women

The good news is that women can take small, proactive steps to strengthen financial resilience over time.

Start early
Whether you’ve just started work or are planning major life events, Lawrence advises beginning financial planning within the first few years of your career.
Plan for unexpected gaps or breaks
If you anticipate a pause for caregiving or family, build a strategy now so you can mitigate income and protection gaps later.
Grow your wealth with confidence
If investing feels intimidating, seek unbiased and trusted financial literacy resources. “Don’t wait for the right level of confidence — you can start small and safe. Time is your superpower,” Lawrence adds.
Shift your mindset around risk
Recognise that being overly conservative and avoiding risk entirely can sometimes be riskier in the long term than carefully planned and managed investing.
Review your plans regularly
Revisit your financial plan after life changes such as promotions, marriage, or caregiving to ensure it still aligns with your goals.

Money moves for every stage of life

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No matter your age, there are steps you can take today to strengthen your financial future. Lawrence concludes by offering guidance for each life stage, encouraging women to make confident decisions and turn small actions into long-term security.

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In your 20s? Start early, even if it’s small!

Lawrence encourages women in their 20s not to delay financial planning or assume it is too early to begin. Starting early — even with modest contributions — allows time and compounding to work in their favour. He also suggests learning from the experience of older peers to avoid common pitfalls and build strong foundations early on.

In your 30s? Revisit and refine your plans

For women in their 30s, Lawrence advises reviewing earlier financial plans and adjusting them to reflect major life changes such as purchasing a home, starting a family, or preparing for potential career interruptions. He highlights the value of tapping into the experiences of peers in their 40s who have navigated similar transitions, as their insights can help sharpen planning decisions.

In your 40s? Sharpen retirement focus and career resilience

For women in their 40s, Lawrence notes that for those who have experienced career disruptions but are considering returning to work, it is important to keep skills current, maintain professional networks, and seek guidance from mentors and peers who have successfully made similar transitions.

Building financial resilience isn’t about making one huge leap — it’s about consistent, early actions that add up over time. By starting early, planning thoughtfully around life stages, and building confidence with money, women can tip the balance in their favour.

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Join our financial planning for women virtual seminar

Take your next step towards financial confidence by joining the CareersHorizon Virtual Seminar designed specifically for women. Whether you’re just starting your financial journey or looking to strengthen existing plans, this seminar will equip you with the insights and strategies to make informed decisions and secure your long-term financial future.

Virtual Seminar: Financial Planning for Women

Date: 18 March 2026

Time: 12:30 – 2:00pm

What you can look forward to: