Boomer Women Are Poised to Shape the Future of the Economy

I had to read the headline in the January 28, 2025 issue of the Wall Street Journal twice. “Baby Boomer Women Are Now Deciding the Fate of Trillions of Dollars.” That’s right, “trillions,” with a T.

The data confirms that women will inherit and control up to $40 trillion in an unprecedented wealth shift. This rivals the total U.S. GDP.

Reading this made me smile. It was gratifying to learn that women of my generation, who faced pay inequities and glass ceilings, have reached a point where we are recognized as economic powerhouses.

That’s a far cry from 1983, when I couldn’t get a bank loan of $20,000 to buy six Apple//e computers and start a small computer training business with a friend. The bank required a male signature. My husband was hesitant, but thankfully, a good friend supported me. And that was nine years after the Equal Credit Opportunity Act of 1974 removed the barrier requiring women to have a male co-signer to get a credit card.

Women and Purchasing Decisions

It’s not only the affluent inheritors or widows who command the spotlight for their investments and philanthropy. Most of us are budget-conscious women who make powerful decisions every day, steadily shaping the new economic story.

Without fanfare, we have quietly managed households, given generously to charity, and carried a disproportionate share of unpaid care work for grandkids and partners. Now, alongside boastful discussions about oligarchs, news outlets cautiously report that we, boomer women, are the ones largely controlling where money flows.

“It’s time to see Nana in a new light,” say the marketing experts at Media Now. Boomer women make up 85% of purchasing decisions, especially for cars that prioritize safety. Our housing needs are creating a demand for new real estate options. And we are savvy online shoppers, often browsing at 3 a.m. when we can’t sleep. Slowly, businesses are realizing that we are loyal consumers with influence that goes beyond Instagram. We don’t just “like” it; we talk about it to each other!

We are the decision-makers in health care — both for ourselves and, because we tend to live longer than men, for our partners. To help us, we’ve increasingly turned to digital health tools like telemedicine, mobile apps and health trackers. We are not just users of hearing aids or walk-in tubs. We are opening minds to new ways of delivering and marketing health care. Despite prevailing inequities in health care for women, some doctors are recognizing that we are not done living.

When it comes to social issues, AARP reports that boomer women are generous givers, often contributing to multiple causes. We write checks, volunteer, march and raise funds. With recent funding cuts, our social capital voice has never been more important to communities in need.

Yet, while the headlines highlight our new economic influence, even the Wall Street Journal article acknowledges that many boomer women are unprepared for this financial responsibility because they were raised to believe that money was a man’s domain. When faced with complex life situations, they quickly learn that decisions about managing money require confidence, knowledge, planning and sound advice.

These are decisions that involve more than just hearing from a financial advisor about when your money will run out. It’s more than budgeting, which for me is a spreadsheet exercise that doesn’t get followed, and it goes beyond carefully reviewing bank statements that only show what we have already spent.

For many women at this stage of life, money isn’t just a set of numbers and dollar signs, but is deeply tied to our lives. It’s personal, emotional and sometimes a little overwhelming.

In her book, “The Soul of Money,” Lynne Twist states that our relationship with money, including how we earn, spend and give it away, can reveal our values and shape our sense of fulfillment. Studies consistently show that boomer women define wealth in terms of well-being, legacy and living a purposeful life.

Be Clear on What Money Means

“It’s never just about how much money someone has — it’s about what they do with it, and why,” says Sharon Olson, founder of Olson Wealth Group and Inspired Life Family Office. “I’ve learned to step back and really listen. They lead the conversation. We talk about what they value, how they want to live, and what they hope to leave behind. From there, we shape a plan that’s intentional and aligned.”

That clarity is important because every day, our emails are flooded with urgent pleas for money from our favorite organizations and heart-tugging causes. (Ha, one just popped up right now.) We get convincing-looking scams that are irritating. Without a clear plan and focus, it’s easy to get pulled in every direction, even dangerous ones.

Advisors caution that widespread giving can dilute its impact. If we focus on one or two “anchor causes,” our voices are amplified.

Consider Melinda French Gates and MacKenzie Scott, who exemplify how to make meaningful change in intentional ways. Gates focuses on advancing women and girls, while Scott directs her giving toward economic security, child development and access to health care. They are not just giving away their wealth; they are leading with purpose.

There are times when money adds to feelings of vulnerability, especially after the death of a spouse. Many women suddenly face a daily stack of unfamiliar bills, tax forms, investment statements and insurance notices.

Beth Leonard, CPA, with EisnerAmper, helps new widows overcome what she calls “fear of mail syndrome.”

“They weren’t part of the financial conversations,” Leonard explains. “So much of my work is about rebuilding confidence. Once a woman feels more in control of her money, she starts to feel more in control of her life.”

Research suggests that boomer women are facing hard choices. On the one hand, they are asking, ‘Will I be OK?’ Prioritizing long-term security for health care, housing and unexpected changes. On the other hand, they want to be there for their families, AND let’s be honest, we would like to have funds for ourselves to enjoy the years we have worked so hard to achieve.

This is where honest family conversations about money, legacy and caregiving can make a meaningful difference. These conversations assist with decision-making and set expectations that bring clarity for peace of mind.

The good news is that as boomer women, we are gaining greater financial independence, living longer lives and taking on a significant role as the matriarchs of our families. Our relationship with money will be shaped by our strength, knowledge and guided by our values.

As one of the wealthiest women in the world, Oprah Winfrey, explains, “There’s a wealth that has nothing to do with dollars, that comes from the perspective and wisdom of paying attention to your life.”