Why Women Must Take Control of Their Financial Future – Now

According to the UBS Women & Wealth Report (2023), women control 32% of global wealth, and yet we are 80% more likely than men to end up in poverty in retirement.

Let that sink in. 80% more likely to end up in poverty in retirement!

Despite holding almost a third of the world’s wealth, women are still significantly more vulnerable to financial insecurity later in life. It’s not because we’re not capable. It’s not because we are not good with money.

It’s because we’ve been taught, directly and indirectly, that money is not our domain. And it’s because we have been kept out of the game for centuries.

We've been kept out of financial conversations. We’ve been told saving is for us, but investing is for men. We’ve been praised for being careful, but rarely supported in being confident.

A brief history of financial independence – and why we’re still behind

Women having control over money is a very recent development in most parts of the world. The idea that we can freely open bank accounts, invest, or build wealth independently hasn’t been around for very long.

• United States: It wasn’t until 1974 – just over 50 years ago – that the Equal Credit Opportunity Act was passed, allowing women to open bank accounts, apply for credit cards and loans without a husband or male co-signer. Before that, many banks legally refused single, widowed or divorced women the right to manage their own money.

• United Kingdom: In the UK, women were technically allowed to open bank accounts earlier, but real independence only came in 1975, when the Sex Discrimination Act made it illegal for banks and financial institutions to deny women services simply for being women. Even then, many women were only allowed joint accounts with their husbands.

• France: French women only gained the right to open a bank account and work without their husband’s permission in 1965, before then, married women were considered legally dependent on their husbands.

Even today, some countries still restrict women’s financial autonomy. For example, in Saudi Arabia, women can now open bank accounts without male permission (since 2018), but broader financial and legal limitations remain in practice, especially for unmarried women or those in conservative households.

In some parts of the world, cultural and legal barriers still make it nearly impossible for women to manage or invest money independently, even if it’s not explicitly illegal.

And when it comes to investing, the timeline is even more recent. In most countries, the right for women to invest independently (without a male co-signer or guardian) only became normalised in the late 20th century, often in the 1980s and 1990s, as financial markets opened up and gender equality laws slowly caught up.

For example, before 1958, married women in West Germany were legally considered subordinate to their husbands under the German Civil Code (Bürgerliches Gesetzbuch – BGB), which dated back to 1900. Married women needed their husband’s permission to work, manage their own money, or enter into contracts, including investments.

In 1958, the Gleichberechtigungsgesetz (Equal Rights Act) was passed. It removed the clause that gave husbands the legal authority over their wives’ finances and employment.

This reform:

• Gave married women full legal capacity to manage their own money

• Allowed women to open bank accounts, sign contracts, and invest independently

• Removed the husband’s legal right to terminate his wife’s employment

It was a landmark moment for German women, though, as in many countries, social and financial norms lagged behind, and investment access was still largely male-dominated through the 60s and 70s.

Now let’s look at a quick timeline from my home country, Ireland..

1932: Marriage Bar Introduced
Women forced to resign from civil service jobs upon marriage, severely limiting financial independence.

1973: Marriage Bar Removed
Women could finally continue careers after marriage, enabling financial independence. 41 years later!

1976: Family Home Protection Act
Made it illegal for spouses to sell or mortgage the family home without mutual consent. It was one of the first pieces of legislation that recognised women’s legal right to financial and property security within a marriage.

1977: Employment Equality Act
Outlawed gender discrimination in employment and financial services, opening access to credit and banking. It opened the door for more women to earn, apply for credit, and be treated as financially independent adults.

Late 1970s–1980s: Independent Financial Access
Women gradually allowed to independently open bank accounts, access credit, and invest without male co-signatures.

1996: Domestic Violence Act
While not strictly financial, this gave women greater protection and autonomy within abusive relationships, a key step in enabling financial independence and control over personal assets. According to a 2019 Surviving Economic Abuse, 95% of women who experience domestic abuse report experiencing economic abuse.

2020s – Ongoing Challenges
Despite legal equality, gender wealth gaps persist, with women facing lower investment rates and pension security.

This history matters. Access to banking and financial markets and support for women is recent and fragile.

We are not behind through lack of interest or ability, we’ve simply been excluded.

And now, we are rewriting the story.

This is exactly why I do what I do.

This is why my work matters so deeply to me.

Because this isn’t just about money and being wealthly, it’s about freedom, autonomy, choice and safety.

When women have financial clarity, we make better decisions.
When women have our own income, we have options.
When we invest, we grow wealth, for ourselves, our families, our communities. Did you know multiple studies and sources suggest that women reinvest approximately 90% of their earned income into their families. This is in stark contrast to men, who are reported to spend only 30-40% of their income on their families

And most importantly – when we take control of our financial lives, we are no longer waiting to be rescued. We become the safety net. For ourselves and for others.

If we want to change that 80% statistic, it starts here, with financial education, mindset shifts and real conversations. Not just about saving money, but about growing it. Not just about budgeting, but about building wealth. Not just about surviving, but about thriving.

You are not too late.
You are not too far behind.
You are not bad with money, you’ve just never been given the right tools, the right language or the right space to learn.

Let’s change that.
Together.

If you're tired of feeling unsure or disconnected from your money, and being made to feel it’s your fault or you are incapable? You're not alone! And you don’t have to figure it out by yourself.

Book a free discovery call and let’s talk about how you can start building real financial independence.
Join a workshop, start investing, or simply get clarity on your numbers, all in a safe, supportive space.

If you like learning on your own terms, sign up for one of my digital courses
Or explore how we can work together at www.consciousfinancecoaching.com

You deserve wealth.
You deserve choice.
And it starts with saying yes to yourself.💫