The evolution of women's financial independence over the past half-century

Women needed a man to apply for a bank account or a mortgage just fifty years ago

On this International Women's Day, we examine how women's lives have been transformed by financial freedom over the years and what more needs to be done.

Money plays a crucial role in our lives, from paying for necessities to achieving financial objectives like climbing the property ladder. The ability to open a savings account or earn the same as men is something we take for granted in 2025, but not long ago, women had to fight for these rights.

In honor of the 115th International Women's Day, BFIA examines the ways in which women's access to money has evolved and some of the persistent disparities in wealth that still exist.

A timeline of women's financial involvement over time.

Savings and expenditures.

1975: Credit and bank accounts.

Being unable to open a bank account in your own name is difficult to understand given the abundance of banking options available. This was a shocking barrier for women until about half a century ago.

When women sought to obtain goods, facilities, or services, including credit or loans, discrimination against them was prohibited by the Sex Discrimination Act of 1975. Previously, unmarried women who wished to apply for a credit card or loan would have to get their father's signature.

1982: In a pub, be turned away.

For much of the 20th century, it could be difficult for women to spend their own money at the pub. It was entirely lawful for English pubs to refuse service to women until 1982, when journalist Anna Coote and solicitor Tess Gill made sure that the law was changed.

Instead of being restricted to the tables, they had been expelled from a wine bar for standing with their male coworkers. The Court of Appeal heard the case and issued a historic decision overturning the ban.

Mortgages.

1975: The Sex Discrimination Act of 1975 marked the first time that women were permitted to obtain their own mortgage. A man was frequently required to sign the mortgage application prior to that time.

Fair compensation.

1975: The 1970 Equal Pay Act went into effect in December 1975, making it unlawful to pay men more than women for performing comparable work.

Now: In the UK, women typically earn less than men do, a phenomenon known as the gender pay gap, despite laws requiring equal pay. The most recent Office for National Statistics (ONS) Annual Survey of Hours and Earnings (ASHE) data indicates that, despite gradually decreasing over time, the gender pay gap for all employees is still 13.1 percent.

For example, the pay gap is greater for employees 40 years of age and older than for those under 40. It also varies by occupation, region, and age.

Retirement.

1986: Women can now retire at the same age as men thanks to the Sex Discrimination Act (Amendment).

2024: The PHSO, or Parliamentary and Health Service Ombudsman, pointed out shortcomings in the DWP's communication of changes to the state pension age for women.

According to the report, women who were born in the 1950s and were impacted by changes in the state pension age should receive compensation ranging from £1,000 to £2,950 each. But later on, the government declared that a compensation plan was unjustified.

Now: According to Scottish Widows, the gender pension gap is 30%.

Research by NOW: Pensions and the Pensions Policy Institute reveals that women receive 136,000 less in retirement than the average man with 205,000. Women would need to work and save for an additional 19 years to catch up to men, even though they typically retire with 69,000 in pension savings.

Women typically take on caregiving duties for ten years, which results in an average loss of 39,000 in pension savings, according to NOW: Pensions. Women, on the other hand, make up 79% of workers making under £10,000. Due to the automatic enrolment earnings threshold, 1 in 9 working women are not automatically enrolled in a workplace pension, which reduces their pension wealth.

Leave for maternity.

1975: The Employment Protection Act of 1975 marked the introduction of the first maternity leave laws in the United Kingdom. Nearly half of working women were ineligible for the first 15 years.

1993: In 1993, all working women were granted the right to maternity leave.

As of right now, eligible employees may take up to 52 weeks after giving birth, and workers must take at least two weeks (or four weeks if they work in a factory).

Up to 39 weeks may be covered by statutory maternity pay (SMP). This is typically 90 percent of their pre-tax average weekly earnings (AWE) for the first six weeks, followed by the lowest of 184.03 or 90 percent of their AWE for the remaining 33 weeks.

Despite the existence of maternity laws, the number of women who may be forced to leave their jobs while pregnant, during, or after maternity leave has sharply increased.

According to new research from Pregnant Then Screwed and Women In Data, up to 74,000 women lose their jobs during these times annually, a 37 percent increase from 54,000 in 2016.

In order to create the State of the Nation report, a nationally representative sample of 5,870 parents was taken from a survey of 35,800 parents. The results showed that 12.3% of women are constructively dismissed or made redundant while pregnant, on maternity leave, or within a year after returning from maternity leave.

Pregnant Then Screwed, a campaign and charity group founded by Joeli Brearley, stated: We have long suspected that things are getting worse rather than better. Due to the overwhelming volume of calls, we are unable to handle the demand on our free advice line.