Women Leaders Discuss Financial Independence

As the United States approaches the 250th anniversary of the Declaration of Independence, discussions around financial independence continue to highlight the progress women have made—and the challenges that remain. Although the Equal Credit Opportunity Act of 1974 provided for credit access for women in their own names, the current concept of financial empowerment is more linked to financial knowledge, investment confidence, and access to economic opportunities.

These themes were part of a recent Fortune Most Powerful Women event at Nasdaq, in collaboration with the Smithsonian American Women’s History Museum. The conversation was based on the museum's We Do Declare project, spearheaded by museum curator Rachel Seidman, which chronicles women's history over the years in regards to access to credit, financial services and economic opportunity.

Key Highlights:

• Women’s financial power increasingly depends on knowledge and access.
• Wealth creation contributions by women often lacked recognition historically.
• Financial education remains critical across income and wealth levels.

This event featured several notable speakers in the field of finance and entrepreneurship, such as Asahi Pompey, president of the Goldman Sachs Foundation that oversees the One Million Black Women and 10,000 Small Businesses. Tiffany Dufu, President of the Tory Burch Foundation, is on the path to reach its objective of contributing $1 billion to the U.S. economy through women entrepreneurs by 2030, and has already made about half of that contribution. Anne Ackerley, former leader of BlackRock’s retirement group, highlighted persistent financial literacy gaps, noting that even highly accomplished women executives can struggle with aspects of personal financial management.

Asahi also addressed the more than $100 trillion Great Wealth Transfer, emphasizing that women should not be viewed simply as future recipients of wealth. Instead, she noted that women played a significant role in creating much of that wealth, often without receiving adequate recognition or credit.

A key conversation featured Ida Liu, former Citi executive and current CEO of HSBC Private Bank. During her career at Citi, Liu developed the bank’s media and fashion practice and gained extensive experience advising women with different paths to wealth creation, including entrepreneurs, inheritors, and women navigating financial transitions following marriage, divorce, or widowhood.

Ida Liu revealed that she has received calls from newly widowed women who admitted they did not know how to access or manage their family’s financial accounts. At the same time, self-made women face different challenges. “What I hear from them most of the time is, ‘I don’t have time to do that,’” she said, referring to managing and reviewing personal finances.

Drawing on her global experience, Liu observed that affluent women across regions often share similar priorities. “Investing with purpose and impact—that’s a global phenomenon,” she said.

According to Ida Liu, women are less responsive to financial advisors who immediately enter “pitch mode” without first understanding their goals and circumstances. She advises women to clearly define their risk tolerance, establish specific financial objectives, seek advisors with global and cultural fluency, and conduct an annual review of their overall financial position. These practices, she noted, help transform wealth into long-term financial influence and decision-making power.