More than 1 in 5 women have no cash savings at all — and even those who do may not have enough. A recent Fidelity study found that women have an average of $54,000 saved, compared to $62,000 for men. But with rising costs, economic uncertainty and the gender pay gap, that cushion might not go as far as you think.
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In this “Financially Savvy Female” column, we’re chatting with Alex Roca, host of Women Talk Money at Fidelity, about why women save less, why $54,000 may fall short and practical steps to build a stronger safety net.
Why might women have less cash savings than men?
While the numbers show a gap — $54,000 for women versus $62,000 for men — these figures don’t tell the whole story. Many women face unique financial realities that can make saving harder. Caregiving responsibilities, career breaks and the persistent gender pay gap all play a role. Add rising costs and inflation, and it’s easy to see why building a cushion can feel like an uphill climb.
But here’s the good news: Women are taking action. More and more are prioritizing their financial well-being, creating emergency funds and planning for the future. With the right tools, resources and support, these challenges can be overcome — and every step forward matters.
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Is $54,000 enough for most women?
It depends. A good rule of thumb is to save three to six months of essential expenses — things like housing, groceries, healthcare, child care and minimum debt payments. For some women, $54,000 might be plenty. For others, especially those with dependents or living in high-cost areas, it may not cover enough.
The key takeaway? Your [savings] should fit your life. Think about your unique circumstances — your family, your job stability, your cost of living — and build a plan that gives you peace of mind.
How can women boost their cash savings?
First, take a deep breath. You don’t need to save it all at once. The most common question I hear is, “Is it too late to start?” The answer is a resounding no. It’s never too late to take control of your money.
Our study found that nearly one-quarter of women have less than $1,000 saved for emergencies, and 1 in 5 have no emergency fund at all. If that’s you, you’re not alone — and small steps can make a big difference. Here are a few ideas:
- Automate your savings. Set up deposits from your paycheck or regular transfers to a dedicated account so you’re not tempted to spend it.
- Use windfalls wisely. Bonuses, tax refunds or unexpected cash can give your savings a boost.
- Choose the right account. A high-yield savings account keeps your money accessible while earning interest.
- Trim expenses. Review subscriptions and recurring costs — even small cuts add up.
Remember: Every dollar saved is a step toward security and confidence.
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This article originally appeared on GOBankingRates.com: How Much Cash Women Really Have Saved — and Why It Falls Short
