Women and Wealth

A Defining Shift Is Happening Right Here in Western Mass.

By Patricia Grenier, CFP

Something significant is happening in the world of wealth — and it’s not just on Wall Street, but across Western Mass.

Women are increasingly becoming the primary decision makers when it comes to managing, inheriting, and building wealth. This isn’t a trend that’s coming someday. It’s already here.

Research from McKinsey & Co. shows that women currently control roughly one-third of U.S. household financial assets, and that percentage is expected to grow significantly over the next decade. Boston Consulting Group projects that, by 2030, women could control nearly $30 trillion in investable assets in the U.S.

Those are national numbers. But I see the local impact every day in my practice.

“When women understand their cash flow, tax exposure, estate structure, and retirement projections, something shifts. Anxiety decreases. Engagement increases. Leadership emerges.”

Women at the Center of the Great Wealth Transfer

Over the next two decades, trillions of dollars will move from one generation to the next. Women will be central to that transition.

According to the Centers for Disease Control and Prevention, women live nearly six years longer than men on average. In practical terms, that means many women will eventually manage household wealth independently — often after decades of sharing financial decisions with a spouse.

I frequently meet women who were very involved in family life and major decisions, yet were not always leading the investment conversations. Then life changes — a retirement, a health event, or the loss of a spouse — and suddenly they are responsible for everything.

The issue is not capability. The issue is preparation.

Longevity, Caregiving, and Real-life Planning

Women’s financial lives are often more complex than traditional models assume. Research from the Pew Research Center confirms that women are still more likely to take time away from the workforce for caregiving — whether for children, aging parents, or both. That affects lifetime earnings, retirement contributions, and Social Security benefits.

Layer on longer life expectancy, rising healthcare costs, and market volatility, and the need for proactive planning becomes clear.

In my office, conversations with women rarely start with, “what’s the rate of return?” They start with:

“Will I be OK if something happens?”

“How do I protect my children?”

“How do we prepare our kids to handle money responsibly?”

“What happens if one of us needs long-term care?”

Those are deeply personal questions. They reflect values — especially around family.

Wealth as a Tool for Family Stability

In Western Mass., family businesses, multi-generational homes, and strong community ties are common. Wealth here is rarely just about accumulation. It’s about stability.

I see women thinking not only about retirement, but about funding grandchildren’s education; supporting adult children responsibly; caring for aging parents; or leaving a legacy to a church, charity, or local nonprofit. This perspective changes the planning process. It shifts the focus from short-term performance to long-term sustainability.

According to the U.S. Small Business Administration, women own approximately 42% of businesses in Massachusetts. Many of those owners are also mothers, daughters, and caregivers. Their financial lives are interconnected — business planning, personal planning, estate planning, and tax strategy all overlap. A siloed approach simply doesn’t work.

Confidence Comes from Education

One of the most consistent themes I encounter is this: highly accomplished women who are incredibly capable in their careers still question their investment knowledge.

Studies have shown that women often report lower confidence in investing, even when their long-term results are equal to or better than men’s. That gap is not about intelligence or ability. It’s about access, education, and being invited fully into the conversation.

My role as a financial advisor is not just to manage portfolios. It is to educate, to simplify, and to ensure my clients understand why we are making certain decisions.

When women understand their cash flow, tax exposure, estate structure, and retirement projections, something shifts. Anxiety decreases. Engagement increases. Leadership emerges.

An Opportunity for Our Business Community

For the broader Springfield-area business community — attorneys, CPAs, bankers, and advisors — this is a moment of opportunity.

Women are not just inheriting wealth. They are building it. They are selling businesses. They are serving on boards. They are leading nonprofits. And, increasingly, they are directing where capital flows.

Firms that recognize the importance of collaborative planning, financial literacy, and long-term family governance will thrive in this environment. Firms that continue to treat women as secondary participants in financial conversations will fall behind.

From Participation to Leadership

Over the years, I have had the privilege of sitting across the table from widows finding their footing, business owners preparing to exit, mothers determined to raise financially responsible children, and daughters stepping into leadership of family assets for the first time. In every one of those conversations, what stands out is not just the numbers — it is the strength, the thoughtfulness, and the deep commitment to family.

As a financial advisor serving families here in Western Mass., I believe our responsibility goes beyond managing money. It is about helping women feel informed, confident, and prepared for whatever life brings. When women are fully engaged in their financial lives, the impact extends far beyond a portfolio — it strengthens families, businesses, and our broader community.

The shift in women and wealth is already underway. And from where I sit, it is one of the most important and promising developments in our local economic landscape.

Patricia Grenier is a financial advisor and founder of Grenier Financial Advisors, serving individuals, families, and business owners throughout Western Mass. She specializes in comprehensive financial planning, retirement strategy, and multi-generational wealth planning, with a focus on helping clients make informed and confident financial decisions. Securities and advisory services offered through LPL Financial, a registered investment advisor and member FINRA/SIPC. Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.