Women Are Reaching New Career Milestones, Here’s Why Your Financial Plan Should Grow With You

Article Summary

• More women are reaching higher level professional positions than ever before, which means their salaries and benefits packages are growing. 
• There are ways to align your career growth with your financial plan, and many women feel more confident about their options when they work with a financial advisor. 
• Svvy® has built a network of female-vetted financial advisors who are ready to guide women through the financial planning process.

Women Are Reaching New Career Milestones: Here Is Why Your Financial Plan Should Grow With You

Women have made significant strides in the workplace over the past few decades, making gains in management and taking seats within the C-suite. Those gains have translated to more responsibility, more influence and higher earnings.

Data indicates that just 29% of management positions in 1980 were held by women, which increased to 46% in 2023. In addition, women hold 58% of positions in professional occupations such as healthcare, education, law, technology and finance. While responsibilities increase as a career ascends, so do opportunities. 

Financial gains open up possibilities that otherwise may not have been available to women as they climb the professional ladder. A quick look at salaries offers a good illustration. Data from 2023 indicates that managers earned a median salary of $86,000 compared to an average salary of $48,000 across all occupations. 

Beyond higher earnings, women in leadership may recognize an opportunity to review their financial landscape following a promotion or raise, particularly if that change in salary goes beyond the annual and often nominal, performance increase.

Financial Planning For Professional Women

Admittedly, there can be a lot to think about when you receive a promotion. First, time needs to be set aside for celebrating. Hard work does pay off and achievements should receive their due attention. Once celebrating has had its moment, many women take time to analyze their new financial situation. 

There are a number of questions that can be asked and possibilities that can be explored, from tax implications to saving to paying off debt. Depending on the position, women executives may also need to sort through the details of their compensation package to fully understand their benefits, which may include a bonus structure, stock options, different insurance options or expanded retirement benefits.

With an increased salary, financial planning for high-income women may look a bit different. Goals may evolve. For example, women in leadership with a more flexible financial stance may decide to focus on paying down debt, building wealth, supporting family members or looking toward a future of financial independence. 

While each path is different, both professionally and financially, it is fair to say that almost everyone wants to live a life they love. Getting there, particularly after a salary increase or promotion, may take some planning.

Wealth Building For Women

As women increasingly find themselves in leadership and executive roles, the value of financial planning also increases. Career growth and the opportunity for wealth building have the potential to go hand in hand. Many women mark those career transitions by revisiting their financial standing, and many choose to do that review with professional guidance.

Just as studies have found that women are increasingly making strides into upper management due to their relationship-building prowess, their communication skills and their collaborative spirit, women in search of financial guidance often seek those same qualities in an advisor. At Svvy®, we completely understand that.

Built by women for women, the curated network of female-vetted financial advisors that we have built at Svvy® is designed to help women feel comfortable and confident when planning for their financial futures. For women building wealth or women inheriting wealth, our financial advisor matching quiz helps females find an experienced financial advisor who matches best with them.

At Svvy®, we understand women and wealth, and the women-vetted financial advisors we work with understand women and investing. Find your ideal match with a Svvy® expert today.

Disclosure:This content is provided for general educational purposes only and does not constitute individualized investment, legal, or tax advice. Svvy® acts solely as a solicitor and connects and matches individuals with independent third-party financial professionals through a quiz-based matching process on the Svvy® Network. Matching is based on information provided through Svvy’s platform and does not constitute any advice. Any advice, recommendations, and services are provided only by the independent professional you choose to engage.