In summary
For many women, money decisions sit alongside life’s biggest milestones. Moments like marriage, motherhood, career breaks, and bereavement can reshape anyone’s finances, but in many cases, women and their finances are more vulnerable to a sudden change in circumstances.
For example, women are more likely to pause work or go part-time, whether it’s to take maternity leave, to look after children, or to care for an elderly parent. These demands can slow pension growth and make it harder to “catch up” later, with fewer savings benefiting from compound interest, leaving women in a far less stable financial position than men earning a comparable income.
In these moments, a tailored and bespoke financial plan is key. A personalised plan brings your income, spending, savings, pensions, and safety nets into one picture so you can make clear, confident choices.
What to focus on when life changes
Divorce or separation
Nobody wants to assume the worst, but if you decide to separate or divorce your partner, having a financial plan can lift a bit of weight from your shoulders in an already difficult time. A good place to start is to map income, essential bills, and debts, so you can see what might need to change in the future – and protect yourself from any abrupt losses of income.
A divorce or separation may also affect your finances in unexpected ways. Take your retirement, for example. If you receive a pension share as part of your divorce, it’s crucial to get advice on what to do with it. Ensure it’s in the best place for you based on your needs. A good financial planner will look at your overall financial situation and lifestyle goals.
Childbirth or adoption
Growing your family often brings new costs. It helps to look at the money coming in and going out over the next year, so you can see what still fits and where to adjust. An adviser can show how choices like shared leave, part-time hours, or childcare costs affect the bigger picture.
If you do decide to have children, you might want to save or invest money on their behalf. One way to do that would be to use a Junior ISA: up to £9,000 per year can be saved or invested, with any interest or returns earned free of tax.
Remember: the funds in the ISA can only be withdrawn by the child themselves when they reach the age of 18. They might use those funds to help pay for university, they might continue to save or invest – but it will be their decision.
Alternatively, you might want to put some money into a trust for a child, or you could open a private pension for them. With all of these options, saving a small amount of money each month will harness compound interest and investment returns to build up a substantial amount of money over time.
In any case, try to keep long-term savings going, even if the amounts are smaller for a while. Setting up a modest monthly amount (even £25 or £50) protects the savings habit. The earlier you start, the bigger the long-term gains will be. By getting ahead and saving little amounts each month, you can build a strong buffer for yourself and your family.
Bereavement
Losing a partner changes life overnight. The last thing you want to be thinking about is your finances.
If your loved one has suffered from a long-term illness, they may have had the time to organise their estate and finalise their will. But sometimes, a loss can be more unexpected – and this makes planning ahead even more essential. Start with the basics: make sure regular bills are covered and that you can access the right accounts. Gather key documents and make a simple list of any policies, pensions, and investments so nothing is missed.
When you are ready, take things step by step. An adviser can work with your solicitor and tax contacts, explain what money is available now and later, and help you avoid rushing big choices.
Retirement decisions
In the UK, women tend to live a little longer than men – by almost four years – and so it is often the case that a woman’s retirement income needs to last a bit longer. The best time to start a plan is always now, and the process itself is straightforward. Map must-have and nice-to-have spending, test the plan against bumps in the road.
If you want a clear framework for taking income, Brooks Macdonald’s Retirement Strategies offer a structured way to manage key retirement risks; your adviser can explain how they work in practice.
Passing on wealth
Major life changes are a good time to refresh your will and cement your legacy. Make sure your paperwork matches your wishes by updating who you have named on accounts, policies, and your will. Think about whether gifts or trusts could help you support the people and causes that matter to you, in a tax-aware way.
Bringing family into the conversation can ensure plans stay joined up across generations, so you can rest assured that your wealth will always be working for your loved ones.
Your next step
If something important has changed, or is about to, speak to an adviser early. A short conversation can turn uncertainty into a clear plan of action.
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