This also means having money set aside for emergencies, says financial advisor Shiree Hembrow, of phwealth. For many women, taking an active role in these financial decisions is often overlooked, particularly if they’ve traditionally left this responsibility to their spouse or to no one at all, she says.

“I married at 42, having spent much of my life financially independent. Before marriage, I was in full control of my finances, and that hasn’t changed in the years since. My husband and I enjoy a shared financial partnership, where we are both involved in our financial decisions. This ensures we both understand our financial position and we’re both prepared for the future. This involvement gives me a sense of security, knowing I maintain control of my financial well-being, no matter what life brings.”

Shiree says that unfortunately, many women are not in this position. “In 2023, Te Ara Ahunga Ora Retirement Commission highlighted that women are more likely to retire with less savings than men. There is a 25% gender gap in average KiwiSaver balances. “This is concerning, especially when coupled with the fact that women typically need to stretch their retirement savings further over a longer period of time; one of the reasons being they live longer, on average. If women do not actively engage in managing household finances, they risk being unprepared for the financial realities they may face later in life.”

The solution starts with education and action, says Shiree. “Whether married or single, women must make it a priority to understand their full financial position, including household spending, debts, assets, insurances, banking arrangements, legal documents, as well as retirement plans.

“They should participate in discussions about where and how money is being spent and saved. This doesn’t mean taking over but rather sharing the tasks, being informed and involved in the decision-making process. Shiree’s advice is for women to set up a separate savings plan or ensure they’re regularly contributing to KiwiSaver, to provide additional security and independence. “It’s about actively having a say in shaping your own financial future.

“Empowerment through financial literacy is crucial. By educating themselves on budgeting, saving, investing, and retirement planning, women can ensure they aren’t solely dependent on someone else’s plans. Seeking advice from a financial planner can be a valuable step toward creating a personalised plan that addresses both short-term needs and long-term goals.

“Ultimately, women – married or single – who take charge of their financial futures stand a better chance of achieving the independence, security, and peace of mind that everyone deserves in retirement,” Shiree says.

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