What are the improvements in women’s financial indepence over the past 50 years?
In 1975, the Sex Discrimination Act and the Equal Credit Opportunity reforms marked a turning point in the UK. For the first time, women were legally allowed to take out a mortgage or open a bank account in their name without needing a male guarantor.
It’s hard to imagine now, but before then, a woman’s financial independence was often dictated by her marital status, her father, or her employer.
As we reach the 50-year milestone, let’s explore what has changed for women and their finances and what challenges remain.
Women and money in 1975
- Women couldn’t get a mortgage without a husband or father co-signing.
- Employers could legally refuse to hire or promote women simply for being female.
- Many financial institutions assumed women would stop working once they had children, so their income was often discounted in loan applications.
The legal reforms of the mid-70s gave women the right to stand on their own two feet financially. But rights on paper don’t automatically translate into equality in practice.
What has changed since then?
1. Access to credit & mortgages
Today, women can and do take out mortgages, business loans, finance agreements and credit cards in their names. Interestingly, first-time buyer data shows an increasing number of women purchasing property alone. Financial independence is now an expectation, not an exception. According to research by the Skipton Building Society, 37% of female first-time buyers plan to purchase alone, compared to 35% with a partner. Over the past 5 years, there has been a 14% increase in the proportion of sole female mortgage applicants.
2. Workplace progress
The gender pay gap has narrowed, though sadly still has not disappeared, and legislation around maternity leave, flexible working, and equal pay has improved opportunities for women to build careers and financial stability.
Back in 1975, you needed 2 years of service to qualify for maternity leave. Today, all pregnant employees, regardless of length of service, are entitled to maternity leave. Employers also have to consider flexible working, something which would never have been an option in 1975. Here is a link to current maternity laws.
3. Entrepreneurship
More women than ever are starting businesses. According to recent reports, women are behind nearly one-third of UK start-ups, a significant step forward from 1975 when business finance for women was almost unattainable. Throughout history, women have consistently shown entrepreneurial spirit; as we know, many women had side hustles before this was even a term! As a child growing up, I knew women who did an extra job like sewing, babysitting, or even growing vegetables to earn additional income. It’s inbred in women to create abundance in their income to provide for their families.
4. Financial education and money confidence
Generations of women have grown up with greater access to financial education, resources, and role models. Campaigns and communities dedicated to empowering women with money knowledge have flourished, including She Can Prosper. These resources have played a crucial role in empowering women to take control of their finances and should be further promoted and expanded. My book was an Amazon best seller proving many women want and need this information.
The financial challenges that remain for women in 2025
As we celebrate the progress, it’s important to remain aware of the ongoing challenges that need our attention and engagement.
- The ‘Gender Pay’ gap: Women in the UK still earn on average less than men, especially in senior roles and certain industries.
- There are still many male-dominated industries, for example, the trades professions. More work needs to be done to encourage women to consider this industry as a career.
- The ‘Pension Gap’: Women are more likely to have career breaks and part-time roles, leading to smaller pension pots.
- Investment confidence: Studies show women are less likely to invest than men, often keeping money in cash, missing out on long-term growth opportunities.
- Financial Abuse: Sadly, some women still face financial control in relationships, such as being denied access to their own earnings or being forced to sign over assets. These examples highlight the need for awareness and support in combating financial abuse. Read more here.
- Investment for female-led businesses – In the UK during 2024, only 2% of equity investment went to all-female founder teams, a decrease from 2.5% in 2023. This is way too low and needs to be addressed. More recent statistics show that this figure has remained largely unchanged, underlining the urgent need for increased investment in female-led businesses.
Looking ahead to 2075
The last 50 years have transformed the financial landscape for women in the UK. From being denied the right to apply for a mortgage alone, to becoming homeowners, entrepreneurs, investors, and finance leaders, the progress is significant and something to be proud of.
This progress also gives us optimism for the future.
But there is still work to do. True financial equality will come when women are not only legally permitted but fully empowered to manage, grow, and protect their wealth on equal footing with men. This empowerment is a source of inspiration and hope for the future.
As we reflect on this milestone, one thing is clear: women’s financial independence has changed not only individual lives, but also families, businesses, and communities. The following 50 years must build on that foundation, ensuring every woman has the tools and confidence to prosper.
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