Money plays a crucial role in our lives, from managing everyday expenses to achieving financial milestones such as home ownership. In 2025, the ability for women to open savings accounts and earn comparable salaries to men may seem like a given, but not too long ago, these were hard-won rights that women had to advocate for.
As we honor the 115th International Women’s Day, MoneyWeek highlights the progress women have made regarding financial independence, while also addressing the wealth gaps that persist.
The Evolution of Women’s Financial Rights: A Timeline
Saving and Spending
1975: The landscape of banking for women changed dramatically with the introduction of the Sex Discrimination Act. Prior to this, women faced significant barriers, including the inability to open a bank account independently. Single women were even required to obtain a father’s signature to secure loans or credit cards.
1982: Women often encountered hurdles when attempting to spend their own money. It was not until 1982 that it became illegal for pubs to refuse service to women, following a landmark case initiated by solicitor Tess Gill and journalist Anna Coote, who were barred from a wine bar simply for standing near their male colleagues.
Mortgages
1975: Women gained the right to apply for mortgages independently due to the Sex Discrimination Act. Before this, the signature of a male counterpart was frequently required.
Equal Pay
1975: The 1970 Equal Pay Act made it illegal to pay women less than men for equivalent work. However, current data from the Office for National Statistics indicates that a gender pay gap of 13.1% still exists in the UK, influenced by various factors including occupation, region, and age.
Retirement
1986: The amended Sex Discrimination Act allowed women to retire on equal terms with men. Despite this progress, a recent report from the Parliamentary Ombudsman revealed failures in the communication of state pension age changes, particularly affecting women born in the 1950s.
Current Situation: The gender pension gap remains a staggering 30%, with women retiring with an average pension of £69,000—£136,000 less than men. Many women take time off work for caregiving, resulting in a significant loss of pension savings, estimated at £39,000 on average.
Maternity Leave
1975: The UK first introduced maternity leave legislation through the Employment Protection Act. Initially, half of working women were ineligible for these benefits, leading to significant inequality in the workplace.
1993: This legislation was expanded to cover all working women, allowing mothers to take up to 52 weeks of maternity leave, with statutory pay available for up to 39 weeks.
However, recent statistics reveal a troubling trend: up to 74,000 women lose their jobs due to pregnancy or maternity leave, marking a 37% increase since 2016. Analysis shows that 12.3% of women experience job loss through constructively dismissed or redundancy during or soon after maternity leave, prompting a surge in demand for support services such as Pregnant Then Screwed.
Joeli Brearley, founder of the charity, emphasizes the worsening scenario for women: “We have long suspected things are getting worse, not better. Our free advice line is ringing off the hook, it has reached a point where we simply cannot cope with demand.”
