A recent survey from Vanguard indicates a significant disconnect between women's self-assessed saving confidence and their actual cash management practices. While more than 70% of female respondents expressed confidence in their saving habits, 46% reported holding savings in accounts yielding less than 3%, a rate that may fail to keep pace with inflation. Another 20% said they have no savings outside of retirement accounts, according to the survey.
The findings, based on a poll of U.S. women, underscore what Vanguard calls a gap between overarching financial goals and day-to-day saving behavior. Sonia Fraher, head of cash management at Vanguard, noted that identifying this disconnect creates an opportunity for individuals to reassess where they hold cash. The survey did not disclose the exact sample size or margin of error.
Financial security ranked as the top savings priority among respondents, but competing demands often interfered. Twenty-seven percent said their biggest financial regret was spending on non-essential items, while 18% wished they had started saving earlier. Fourteen percent regretted providing financial help to family or friends at the expense of their own savings. Nearly half—47%—said they had diverted money from one financial goal to cover an unexpected expense at least once in the past year.
The survey arrives as workplace retirement savings continue to improve. Vanguard's How America Saves 2026 report shows average plan participation reached 86%, with 61% of plans using automatic enrollment. Professionally managed investments are now standard: 69% of participants use managed allocations, and 96% of retirement plans offer target-date funds. These trends suggest employers are streamlining long-term saving, but the survey indicates many women may not apply similar discipline to cash holdings.
Advisors may see parallels to broader industry trends. For instance, a Morgan Stanley move to lift advisory cash yield to 3.6% sparked a wealth management selloff, highlighting the sensitivity around cash returns. Meanwhile, a BlackRock survey found 68% of workers feel on track, but savings replace only half of expected income, reinforcing the need for holistic cash and retirement planning.
The survey also explored what might prompt women to shift to higher-yielding options. Thirty-five percent said a recommendation from a trusted source would increase their confidence to move to a high-yield savings account. Thirty percent cited a need for more financial education, and 29% said guidance from a certified financial professional would encourage a change. These responses point to a potential role for advisors in bridging the gap.
For RIAs and broker-dealer advisors, the data suggests an opportunity to engage female clients on cash management as part of a broader financial plan. With inflation still a concern, leaving cash in low-yield accounts can erode purchasing power over time. The survey indicates that many women are open to advice but may not be proactively seeking it.
Vanguard's findings align with other research showing that while retirement saving has become more automated, cash management remains a weak spot. As the industry pushes for better outcomes, advisors may need to address both behavioral and educational barriers to help clients optimize their savings.
