Majority of Women Confess Inheritance Anxiety. Are You Prepared for What’s Next?

Baby boomers are expected to pass down $124 trillion by 2048, and women are positioned to inherit much of that wealth. But many say they feel unprepared to manage an inheritance.

What the Statistics Say

The Citizens Great Wealth Transfer Survey, conducted from Jan. 22 through Feb. 3, 2025, found that 84% of women—compared to 73% of men—doubted their ability to manage an inheritance confidently.

A 2025 UBS survey indicated that 80% of women who had inherited from a parent reported facing challenges as they attempted to deal with the money, and 74% of those who hadn’t yet inherited are unprepared.

Research from the Royal Bank of Canada (RBC) shows that just 51% of women under 35 feel confident in their understanding and management of wealth.

Why Are Women Anxious?

“Women often lack confidence in managing finances simply because they lack experience,” said Rachael Burns, certified financial planner (CFP) and founder of True Worth Financial Planning. Burns specializes in helping newly single women who are managing finances independently for the first time.

“Many women delegate managing the finances to their partner,” Burns said. “They can start to think they’re ‘clueless with money’ after many years of not needing to be involved, as if it’s a permanent trait. It’s not a reflection of their abilities, though. They’re just out of practice.”

There’s also an emotional factor. UBS found that about half the women feel it’s morbid to talk about estate planning with their parents. A significant 80% of them reportedly struggled with handling their inheritances as a result.

How to Prepare for a Windfall

Preparing for an inheritance starts with having the right information. While it may feel uncomfortable, experts stress the importance of talking openly with loved ones about their estate plans and gathering the documents you’ll need. Key steps include:

• Discuss estate plans with family.
• Learn what assets they hold so you know what you’ll be managing.
• Ask for a copy of their will or living trust.
• Request copies of other important documents, such as mortgage contracts and life insurance policies.

“Don’t make any big decisions until you have all the facts,” Burns said. “Many women will use their inheritances to make a big purchase or a generous gift to family members before they fully understand their new financial situation. Sometimes they overestimate how much ‘extra’ money they can afford to spend or give away, not realizing that they need the money to cover their basic needs.”

Managing the Wealth Going Forward

Preparing for an inheritance often requires more than basic financial know-how. Consider consulting a financial professional for guidance. Research from RBC shows that only 29% of women had ever received advice on handling an expected inheritance.

Fidelity suggests waiting at least a year after receiving an inheritance before taking any major steps. Other advisors, like Charles Schwab, take a much more nearsighted approach. Schwab suggests waiting at least three months.

In the meantime, consider safe options like savings accounts, money market accounts, Treasury bills, or certificates of deposit (CDs). These won’t earn big returns, but they’ll keep your money secure until you’ve met with a financial advisor and created a plan. It’s also fine to spend a little on yourself.

Then you can invest and apportion the windfall when you’re armed with professional advice. But don’t forget what you learned, and polish up your money management habits. “Get in the habit of staying in touch with your finances,” Burns said. “Even if you’ve never paid attention to them before, you should make a point to review and reassess your finances periodically to make sure you’re still on track toward your goals.”

The Bottom Line

Here’s another reason not to feel intimidated: The World Economic Forum says evidence supports that women are better investors. Those who work for financial firms have produced higher returns. So, take a deep breath, cope with your grief, and give yourself time before doing any financial heavy lifting. No one says you have to do it all at once.