Women surveyed in a study just released by Fidelity Investments are feeling optimistic when it comes to their financial situation entering 2025, with 61% saying they will be better off financially this year than they were in 2024. Notably, the survey was conducted in early October 2024.
The top financial resolutions women cited for 2025 are to save more money (46%), pay down debt (41%), and spend less money (33%)
Fidelity’s 2025 Financial Resolutions Study
According to Fidelity’s 2025 Financial Resolutions Study, many women expect 2025 to be the year of “living practically,” and 65% are considering a financial resolution for the new year. The top financial resolutions women cited for 2025 are to save more money (46%), pay down debt (41%), and spend less money (33%).
Further, 68% of women say they have a plan to reach their financial goals, and with unexpected expenses topping the list of financial concerns for the year ahead (38%), perhaps it shouldn’t be too surprising that 79% say they plan to build up their emergency savings.
The study also identified some trends for women’s financial wellness in 2025. Among them:
• 50% of women who retired in 2024 took a phased approach to retirement by working part-time, taking on less responsibility, or transitioning to more flexible work, compared to only 19% of women 20 years ago. Similar to men, this signals a shift of more women easing into their retirement years.
• While most women are focused on short-term financial goals this year, younger generations in particular plan to increase their annual retirement savings contribution in 2025 (48% of Gen Z, 45% of Millennials).
• Among women retirees, nearly half are currently working, have worked, or are thinking about working in retirement. Women are also significantly more likely than men to transition to retirement by working reduced hours or days.
• Caregiving responsibilities impact women into retirement as well—recent research shows women retirees are three times more likely than men to say they left the workforce to help care for loved ones.
Healthcare costs a chief concern
The study also found that rising healthcare costs is one of their top financial concerns entering 2025.
Women can expect to spend an average of $175,000 on health care costs and medical expenses throughout retirement, which is more than 10% higher than what men can expect to pay and up nearly 17% since 2019.
Among women who feel worse about their finances today than they did 5 years ago, encountering unexpected healthcare costs was one of the top contributing factors. It’s no surprise, then, that a quarter of women say rising health care costs is one of their top financial concerns going into 2025.
For those with a high deductible health plan, a health savings account (HSA) can be a helpful savings vehicle to help cover health care costs in retirement. While Fidelity customer data shows the number of women contributing to an HSA is on the rise, women are less likely than men to invest those funds. Among women who do invest their HSA funds, their top reason is to help grow a medical fund for retirement.
Resources available
In recognition of March being Women’s History Month, Fidelity is bringing together various accomplished female leaders for a free, month-long event series to help inspire women to take the next step with their money and achieve their financial goals. Conversations will focus on how to make the most of unexpected changes, women’s health needs and the costs associated with them, and how to create and achieve life and career goals.
Fidelity’s Women Talk Money community offers a forum year-round for real talk about money, investing, careers, and other topics top of mind for women, through live events, on demand content, and other actionable resources to help members take their next best steps with their finances. It’s free to join for everyone.
SEE ALSO:
• More Women Take the Lead in Household Financial Decisions
• The Compelling Case for Women and Auto Portability
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.