Sharp, Savvy… and Still Unsure: The Confidence Gap is Costing Women Millions 

This guest-authored opinion piece reflects the author's opinion and not necessarily the opinion(s) of AdvisorCheck.

If I had a time machine—or, let’s be honest, a genie offering three wishes—I’d ask for world peace, a cure for cancer, and… Apple stock in 2001. (I’m a dreamer and a nerd, OK?) I knew the iPod was genius the moment I saw it. Music and movies in your pocket? Come on. I should’ve backed up the truck and bought shares. 

But here’s the thing: I didn’t know how to invest. Not a clue. 

So even though we were super responsible with money—more savings than most, even with a small herd of children—I parked it all in a sweet little savings account earning me approximately... 17 cents a year. Meanwhile, Apple stock went up over 50,000%. Oof. 

And I’m not alone. I’m a smart, college-educated woman. So why didn’t I build the fortune I deserved? Why do so many of us end up in this same spot? 

The System Wasn’t Built for Us

Women earn less than men.

Shocking, I know. Next you’ll tell me the sky is blue. According to a Fidelity study, I’d save 9% of my salary into retirement, compared to my husband’s 8.6%—but if I’m earning less, even saving more means I end up with less. Add in compound interest working harder for his bigger balance, and that gap grows faster than my grocery bill after a Costco run. 

We also take more breaks to raise babies and support aging parents. 

And let’s be real—babies are adorable, expensive and completely immune to the concept of a budget. All of that time away from work slows our income, career growth, and retirement savings. We’re incredible multitaskers, but caretaking divides our energy—and our dollars. 

Women crush it at investing… once we actually do it.

First, we just have to overthink it for six months. Studies show women earn better returns than men on average. We take thoughtful, long-term approaches instead of YOLO-ing our savings into crypto fads. And yet… we don’t do it. In fact, we keep 71% of our money in cash, slowly watching inflation eat it like your toddler with a bag of Goldfish.. 

Why don’t women invest more?  

Well, for starters, the industry wasn’t exactly built with women in mind. About 80% of financial advisors are men. An overwhelming 98% of mutual fund managers are men too. And it starts early—studies show that by second grade, kids already begin to absorb the idea that math is for boys. When you grow up in a world that subtly (and not-so-subtly) tells you that money isn’t your domain, it’s no surprise if you hesitate to step into the investing arena. 

The financial world feels like someone else’s clubhouse—and surprise, we were never handed the secret decoder ring. 

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What’s a Smart, Savvy, Slightly Annoyed Woman to Do? 

Here are 5 steps to start building your confidence – and your Fearless Future: 

1. Start Small, Start Now 

Open an investing account. Today. Fidelity, Schwab, and other platforms make it easy. Toss in something—even $50—and choose a simple fund like an index or target-date fund. Already have a retirement account? Amazing. Just make sure that money isn’t hiding out in a money market fund earning crumbs. Investing it—even conservatively—gives it a chance to grow. Then… let it ride. The market will go up and down, and every time you don’t panic and pull out, your confidence compounds right alongside your balance. That’s the real return. 

2. Learn Just Enough to Be Dangerous (Or Hire Someone Who Already Knows) 

You don’t have to become a financial nerd overnight. Read a book. Take a course. Or—this is important—find a financial advisor who can explain things in plain English and knows how to make it make sense for you. Bonus points if they don't make your eyes glaze over halfway through. 

3. Know Your Worth—and Ask for It 

The pay gap is real. Don’t let it win. Check your salary against the market. Ask for the raise. Negotiate your worth. Every extra dollar you earn is another dollar that can compound in your investment account. (Need a pep talk? I’ve got an article for that.) 

4. Celebrate Every Win—Yes, Even the Teeny Ones 

Did you stick to your budget this month and stash $50 in your Roth? Gold star. Log into your 401(k) for the first time in forever? You’re doing it. Had a convo with your partner, mentor, or advisor about money? Huge win. Confidence is built in baby steps—just like wealth. 

5. Don’t Go It Alone—Find a Money Mentor 

You don’t have to figure it all out by yourself. Sometimes the fastest way to grow your confidence is to borrow someone else’s for a while. Find a mentor, advisor, or trusted friend who’s a little further down the path. Ask them how they got started, what they wish they’d known, and what they do when the financial fog rolls in. Talking money with someone who’s been there makes it less intimidating—and a lot more doable. You don’t need all the answers, just someone to help you ask the right question. 

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The Bottom Line?

You're not bad at money. 
You’re not behind. 
You’re not too late. 
You’re just one more small decision away from doing it differently. 

So skip burying your money in a hole in the backyard, ditch the doubt, and start pursuing the financial goals that matter most to you. I believe in you—and I’m not just saying that because I want you to invest (though I do). I’m saying it because it’s true. 

And if you want a Fearless guide to help? I know a girl. 😊  

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Note: This article is Part 3 of a series written by Lorie Jones CFP®, MBA and Wealth Manager at Fearless Financial Advisors. Check out Part 1 and Part 2 here.