4 ways to strengthen financial well-being and career opportunities for women

Generations of women have fueled economic progress while also facing systemic pressures that we continue to tackle today.

Morgan Stanley's 2025 State of the Workplace research found that 86% of women believe their employers should be more involved in helping them through specific financial troubles, underscoring the pivotal role workplace benefits can play in attracting, retaining and supporting women at work.

As companies navigate tightening talent markets and rising expectations, there is an opportunity to help improve women's financial well-being — and, in turn, strengthen retention and performance across the board. These strategies are good for women, and also for business. Here are four key areas that can make measurable impact:

1. Close the knowledge gap with targeted benefits education
A surprisingly high number of female employees aren't making the most of their financial benefits available at work. Nearly 39% of women have never considered reaching out to their employer for help managing personal financial issues, and 89% believe their companies need to do a better job helping them understand how to maximize their benefits, according to Morgan Stanley's data. 

This signals a breakdown in awareness, but employers can take action:

• Tailor communication with intention. Women often manage more caregiving duties, so highlight key topics like child care support, community programs, backup care, flexible work, or financial education for families.
• Engage continuously, not annually. Instead of one-time open enrollment pushes, consider quarterly check-ins, manager talking points and short-form "benefits refreshers." A steady, thoughtful cadence should help raise awareness without risking information overload.
• Evaluate trends in 401(k) retirement plan exits, loans and hardship withdrawals. Data on how and when employees are tapping their 401(k)s retirement plans can help employers understand unmet needs and identify any gaps in support.

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2. Build workplace support that reflects real life — not an idealized one
Women often disproportionately shoulder household management, elder care and child care responsibilities. And even when flexible workplace policies exist, 97% of women believe asking for flexible work could hurt their chances of promotion, and 95% believe workloads won't be adjusted fairly even when flexibility is granted, according to data from Deloitte.

For employers, this signals that supportive benefits won't help if workplace culture discourages using them. Creating a culture that acknowledges the realities of modern family life and backing that up with supportive benefits can encourage women to stay, grow and lead. Here's how employers can act:

• Promote a supportive workplace culture for caregivers. Encourage managers to reinforce flexibility and create open discussions with employees.
• Train leaders to discuss financial and emotional well-being openly, helping normalize using support resources and benefits.
• Track gender-based patterns in attrition or workforce participation, which may show where caregiving demands are driving women to make career tradeoffs.

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3. Strengthen pathways to advancement and financial well-being
Representation matters for business performance, innovation and cultural health, yet McKinsey found that just 93 women are promoted to manager-level roles for every 100 men, and even less (74) for women of color. 

Workplace inequities like these can compound financial consequences over a lifetime: Payscale research shows women, on average, earn $0.83 for every $1 earned by men, while working mothers earn $0.98 for every $1 earned by fathers with the same employment characteristics. And women have to make less last longer, as they also typically outlive men by five years, requiring more long-term savings, reports NPR.

This financial insecurity can have an impact in the workplace, whether from women leaving the workforce outright or becoming burned out. Here are some practical actions that may help:

• Incorporate financial well-being into leadership development. Providing women with coaching and guidance on equity compensation, emergency savings, and retirement planning can help foster benefits engagement.
• Offer gender-disaggregated pulse surveys to understand where financial or emotional roadblocks hinder growth through the ranks.
• Measure benefit equity. Consider tracking employee financial wellness by gender to identify disparities and opportunities in access and adoption early.

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4. Design programs that meet women at key financial and Life moments
Employee financial needs evolve, yet many benefits packages remain static. Women may benefit from tailored support when navigating major caregiving transitions, divorce or partnership changes, healthcare expenses, career interruptions, or debt burdens. 

Here are some ways organizations can meet employees where they are:

• Use anonymous surveys or focus groups to understand what benefits women really need (such as emergency savings vehicles, tuition reimbursement, backup child care, or expanded mental health support).
• Leverage financial coaching, which women are less likely to receive externally. Connecting employees to professional guidance can help address financial stress.
• Partner with providers to uncover resources that could be introduced or re-positioned for higher impact.

By aligning financial well-being and career mobility, companies can better support women both as employees and as future leaders.

Women's History Month is a celebration of progress, but also a reminder that the future of work depends on employers' willingness to support the financial and career health of women at every level. HR leaders and benefits professionals are uniquely positioned to lead this charge.