For women, health is wealth. Employers must take note

It’s a financially historic time for many Americans. U.S. households currently have the largest accumulation of wealth ever due to home price increases and stock market performance. According to December Federal Reserve figures, households’ net worth grew to a record $168.8 trillion in the third quarter of 2024. 

Wielding this kind of financial impact is great news for women. With the “great wealth transfer” underway, women stand to inherit trillions of dollars in the coming years. We’re also investing at higher rates than ever before. But for boomer and Gen X women, this new wealth coincides with an all too real financial burden that can hamper their wealth accumulation and retirement plans. With five generations of women now in the workplace, employers can play a pivotal role in addressing these unique retirement planning challenges. 

Unique challenges

Among women retirees, our research shows many are still engaged in the workforce at some level, and nearly half are thinking about or currently working in retirement. With their longer life expectancy, higher average student loan debt, and significant caregiving roles, women require a different level of retirement preparedness. Inclusive benefits strategies and workplace cultures play critical roles in how women approach their financial preparedness for retirement, especially since the impacts of home care and unpaid domestic responsibilities disproportionately land on women. Whether they’re slowly downshifting their days in the office or modifying home care schedules to accommodate work, that flexibility is of the utmost importance for so many. 

As a member of the “sandwich generation,” I’m both a caregiver to my mother and my children—and how that affects my financial readiness for the future is top of mind for me. I love my family and am so grateful I’m in a position to do this for them, but it can be a challenge to manage. We see this reflected in our research—when we ask women caregivers about their relationship with money, 41% say it’s “stressful,” citing unexpected expenses and the impact of inflation. I understand firsthand how important flexible benefit options and retirement solutions are, especially those that I can maneuver to fit my own financial journey. 

In my role at Fidelity, my team and I help employers develop and deliver those personalized options that can help maximize wealth. Employers can lead that sea change—and many do, but there’s still further to go.  

The business case

Creating more flexible benefits options that meet employees where they are isn’t just good for women—it's smart business. Research continuously shows that happy employees are good for a company's bottom line: They report significantly lower turnover intentions, better job performance, and improved well-being. This stronger, healthier, and more engaged culture goes a long way, but the tangible benefits still have the largest impact on overall wellbeing. 

Here's the bottom line: We need employers to do their part. Within my role at Fidelity, it’s critical we help employers provide access to innovative benefits like student debt repayment or educational assistance that can fulfill this need. Employers have an opportunity to positively impact how women can set themselves up for retirement by providing these value-driven benefits. Whether they offer a retirement savings plan, student loan repayment, or backup dependent care, the benefits add up—and customization is critical. 

Even outside of direct benefits, resources are immeasurably impactful. For instance, Fidelity’s Women Talk Money community is a year-round forum for real discussions about money, investing, careers, and more, giving women multiple forums to engage with experts and like-minded individuals to take their best financial next step. We need more companies to take on that conversational tone with financial matters to make such an important aspect of livelihood more approachable. By tackling the stress of tough financial decisions head on, we open the door for solutions that make a positive impact on women’s finances. 

Now what?

Times are changing, and they carry immense financial implications. But every person’s path to readiness is different, and sometimes people fear that they’ve waited too long to get started or make meaningful strides in building savings. 

Women can expect to spend an average of 10% more than men on health-care costs and medical expenses throughout retirement, demanding they make intentional financial moves now to get retirement ready. This is a massive opportunity for employers to give their workforce that flexibility, and it’s something women actively seek when evaluating a workplace. By prioritizing investments and implementing inclusive benefits and fair workplace policies, employees can enjoy a smooth path to retirement, while employers foster a loyal and cohesive company culture. 

So, I’m hopeful that as more women take their financial futures into their own hands, employers are in lockstep with them. The need for that level of support cannot be overstated, and it’s high time benefits catch up to what women need. 

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