Mar 20, 2025
Women are rewriting the rules of financial advice, embracing a hands-on, community-driven approach to money management.
A new survey by the digital banking company Laurel Road reveals that 65% of women rank personal finance as a top anxiety, but seek advice from friends, family and even social media before approaching professional financial advisers.
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That means they’re swapping budgeting hacks in group chats, exploring side hustles and scrolling through TikTok for financial tips.
Economic uncertainty clouds the future
The survey found women are feeling the weight of financial stress more than ever, with economic uncertainty driving concerns about their financial future.
More than a third said they were falling behind on retirement savings, and 30% were struggling to pay off credit card debt, caught in the cycle of high-interest payments that make financial progress feel impossible.
At the heart of it all is a paycheck that isn’t keeping pace with inflation, with 22% feeling their salary isn’t enough to meet their needs, let alone build wealth.
“Money brings up a lot of strong feelings for people, especially for women who may not have been as empowered historically around their finances as their [male] counterparts,” Diana Welch Howell, Laurel Road’s head of Healthcare Partnerships and Strategy, told Moneywise.
The gender gap is evident in current salaries. In 2024, women earned 85 cents for every dollar earned by men, according to a Pew Research Center analysis. This gap makes it even harder for women to build savings, pay off debt and invest in their futures.
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Social media and financial education
More women are turning to social media and influencers for financial advice, with 30% using it to stay informed about the latest trends. While Gen Z leads the way, millennials are also embracing budgeting and investing apps to gain better control over their finances.
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This shift has fueled the rise of money management strategies, including alternative income streams. Side hustles — such as freelancing, selling handmade products, or offering services — are becoming a popular way to diversify earnings and even turn personal passions into profit.
While social media can help break down financial topics without the shame or embarrassment many women feel, experts caution against relying on it as the primary source of guidance.
“It’s really important for women to understand what feelings money brings up for them, to process them and seek out those trusted advisers,” Howell said. “A one-size-fits all doesn’t work for most of our financial questions.”
For those looking to take control of their finances, consulting a financial adviser can be a valuable step.
Professional guidance can help with budgeting, retirement savings, and debt repayment — offering the knowledge and confidence to make informed financial decisions.
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Victoria Vesovski is a Toronto-based Staff Reporter at Moneywise, where she covers the intersection of personal finance, lifestyle and trending news. She holds an Honours Bachelor of Arts from the University of Toronto, a postgraduate certificate in Publishing from Toronto Metropolitan University and a Master’s degree in American Journalism from New York University’s Arthur L. Carter Journalism Institute. Her work has been featured in publications including Apple News, Yahoo Finance, MSN Money, Her Campus Media and The Click.
