3 common money mistakes to avoid if you’re a woman in your 50s

As a woman in your 50s, you’re at a crucial and empowering stage financially. If you’re looking forward to retirement in the not-too-distant future, this is an important opportunity to build and grow your wealth.

Indeed, the decisions you make now – around saving, investing, pensions, and so on – could significantly shape your future and that of your dependants.

However, for many women, midlife is a period when financial responsibilities escalate, as children head off to university and ageing parents begin to need more support. Perhaps you’re also facing difficult life events such as divorce or bereavement.

Unfortunately, these challenges could lead to emotionally driven decisions that hamper your progress towards your goals.

Keep reading to learn about three common money mistakes to avoid as a woman over 50 and find out how I can help you improve your long-term financial resilience.

1. Failing to maximise savings while you’re still earning

Research by Which? (25 September 2025) reveals that the biggest regret among UK retirees is not saving more while they were working. Almost half of those surveyed said they wished they had set aside more during their earning years.

Failing to do so could limit your choices in retirement and increase the risk of running out of money later in life.

Whether you’re planning to retire in the next 5, 10, or 15 years, this is likely your final window to bolster your savings from earnings.

The good news is that your 50s may be your highest-earning decade, as you’ve likely developed extensive skills and experience throughout your career. As such, now is the time to maximise your pension contributions and other tax-efficient savings, such as ISAs.

This may be especially important if you paused or reduced contributions to your retirement savings during career breaks, for example, to look after children or other family members.

2. Being overly cautious with investments (or not investing at all)

As you approach retirement and contemplate shifting from earning a salary to managing on a fixed income, preserving wealth may feel more important than growing it. This might make you more cautious about investing.

What’s more, women are less likely to invest than men. According to Boring Money (5 March 2025), the gender investment gap increased for the second year in a row in 2025, with just 6.7 million female investors in the UK, compared to 10 million male investors.

However, while holding your hard-earned savings in cash might feel “safe”, the real value of your money could be steadily eroded by inflation over time.

In contrast, investing could provide greater returns in the long term. Research by This is Money (11 February 2025) showed that Stocks and Shares ISAs achieved significantly higher growth than Cash ISAs between 1998 and 2024.

Of course, the value of your investments can go down as well as up, and past performance is no guarantee of future results. That’s why it’s crucial to consult a financial planner who can help you align your investments with your tolerance for risk and time horizon.

Read more: Women hold more in cash savings than men: This is why it might be time to start investing

3. Not prioritising your needs

Many women in their 50s are part of the “sandwich generation” who are juggling dual caring responsibilities for dependent children and adult relatives.

The most recent data from the Office for National Statistics (ONS; 6 November 2024) shows that:

• There were an estimated 1.4 million sandwich carers in the UK between 2021 and 2023
• 51% of sandwich carers were aged 45 to 64 years
• 61% of sandwich carers were female.

While it’s natural to want to help your loved ones, neglecting your own needs could derail your financial plan and major life goals.

For example, taking career breaks or reducing your hours to fulfil caring responsibilities could mean that you have less money available to invest in your pensions, savings, and other assets.

The ONS research revealed that 16% of sandwich carers found it quite or very difficult to manage financially, compared with 9% of all adults. This increased to 25% for those caring for 20 hours or more.

That’s why it’s crucial to set clear boundaries and factor any support you offer into your long-term financial plan. Ultimately, this approach is likely to benefit everyone involved, as it’s more sustainable over time.

I can help you avoid these pitfalls and create a robust plan for achieving your financial goals

Your 50s might feel like a financially complex and demanding stage of life. Fortunately, with the right advice and support, it could also be a great time to shape the lifestyle you desire, both now and in the future.

I can help you avoid common mistakes and build a strong financial foundation by:

• Reviewing your current finances (pensions, savings, investments, outgoings, tax liabilities, and so on) to give you a clear understanding of where you stand today.
• Using cashflow modelling to test the potential impact of different scenarios and decisions on your short-, medium-, and long-term finances to avoid costly mistakes.
• Offering support during major life transitions, such as divorce or widowhood, to prevent you from making rushed, emotional choices you may regret.
• Helping you balance competing priorities, such as caring for family members while protecting your financial wellbeing and security.

Get in touch

I specialise in supporting women at all stages of life to overcome financial challenges and feel confident about their futures.

If you’re in your 50s and would like help making the most of your wealth and creating a roadmap to retirement, I’d love to hear from you.

To learn more about the support I offer, please get in touch by email at lottie@truefinancialdesign.co.uk or call 03300 889138.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

All information is correct at the time of writing and is subject to change in the future.

Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

The Financial Conduct Authority does not regulate cashflow planning.

A pension is a long-term investment; the fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.

The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.

An ISA is a medium to long term investment, which aims to increase the value of the money you invest for growth or income or both. The value of your investments and any income from them can fall as well as rise. You may not get back the amount you invested.

Approved by 2plan wealth management Ltd on 15/06/2026