We all hope for the best, but real financial resilience comes from preparing for the worst. For women in the UK, that preparation is especially important. The gender pay gap stood at 7.7% for full-time employees in 2024, women are more likely to take time out of the workforce for caring responsibilities, and by age 65 the average woman’s private pension pot is around a third the size of a man’s. Whether you are employed, self-employed or running your own company, taking charge of your finances today creates more choices tomorrow. Here are five practical places to start.

Further your education

Investing in your skills remains one of the most reliable ways to increase your earning power. According to the Department for Education’s Graduate Labour Market Statistics 2023, working-age graduates in the UK had median earnings of around £38,500, compared with roughly £25,500 for non-graduates — a premium of about 50%. Higher qualifications are also linked to higher employment rates.

But education should not end with a degree. The job for life has gone; continuous retraining is now essential. This matters for founders too: keeping up with digital marketing, financial management, leadership and emerging technology helps you stay competitive. Women are still under-represented in the UK tech sector — around a quarter of the tech workforce is female — so building skills in areas such as data literacy, coding or AI can open new income streams. Free and low-cost options include the Open University, FutureLearn and government-funded Skills Bootcamps.

Start saving

Savings are freedom and security. Start as soon as you can to build an emergency or ‘freedom’ fund. MoneyHelper suggests aiming for at least three months of essential outgoings, but if you are self-employed or run a business, six months is a safer target. Keep this money in an instant-access account so you can reach it quickly.

Your freedom fund gives you options: the ability to leave a toxic job, end an unhealthy relationship, turn down unprofitable work or cover a sudden drop in income. Once you have that safety net, look longer term. Women’s pension pots at retirement are, on average, around a third the size of men’s, so paying into a workplace or personal pension and using a Stocks and Shares ISA can help close the gap. If you are a business owner, keep business and personal savings separate and build a cash reserve covering three to six months of operating costs.

If your finances are complex, an independent financial adviser can help. The MoneyHelper website explains how to choose one and what to expect.

Create and maintain connections

At key moments in life, who you know can matter as much as what you know. The connections you make — colleagues, clients, mentors, peers — can become your most valuable asset. Treat people at every level with respect, listen more than you talk, and stay in touch.

For business owners, networking is not optional. A strong network can lead to customers, collaborators, investors, non-executive director roles and trusted advisers. Social media, especially LinkedIn for business, makes it easier to maintain loose ties, but it should complement real conversations, not replace them. Joining women-in-business networks, industry associations and local enterprise groups can provide practical support as well as genuine friendships.

Get the right set of insurances

Ask yourself: what is the worst that could happen, and how would I cope? If you are employed, check what protection your employer already provides — life insurance, income protection, critical illness cover and private medical insurance are common benefits. If you are self-employed or run a business, the safety net is your responsibility.

At a minimum, consider income protection to replace earnings if you cannot work through illness or injury, critical illness cover, life insurance if anyone depends on your income, and relevant business insurances such as professional indemnity and public liability. If your business relies heavily on you, key person insurance can protect its survival. An insurance broker or the Association of British Insurers can help you compare options.

Set financial goals

Security rarely happens by accident. Start with a simple audit: list your monthly income, essential outgoings, debts and aspirations. Then set specific, timed goals. For example:

• Within six months: pay off high-interest debt, set up a separate freedom-fund savings account and pay into it monthly.
• Within three years: build six months of essential living costs in your freedom fund, start or increase pension contributions, and clear any car or personal loan.
• Within ten years: pay down your mortgage or other long-term debt, and review your investment and pension strategy.

If debt feels overwhelming, speak to a free debt adviser such as StepChange before it spirals. If you run a business, set goals for the company too: cash reserves, tax efficiency, pension contributions and an eventual exit or succession plan.

None of these steps require a large salary to begin. Small, consistent actions — learning a new skill, saving a little each month, nurturing your network, checking your cover and writing down your goals — can make a significant difference over time. Start today, and you put yourself in charge of your own future.