5 important financial planning tips for women, 50 years after the Sex Discrimination Act
Just 50 years ago, the government passed a life-changing Act that transformed women’s financial opportunities. Find out five financial planning tips to mark this anniversary.
In 1975, the lives of UK women changed forever.
The Sex Discrimination Act came into law, which – among many things – allowed women to take out a mortgage and open a bank account without a male guarantor.
What’s more, in the same year, the Equal Pay Act 1970 came into full force after a five-year implementation period.
The freedoms these Acts have afforded women are often taken for granted today, but just 50 short years ago, women and men led vastly unequal financial lives.
In 2025, women and men have equal legal rights to earn, borrow, save, invest, and spend money. Yet despite having equality on paper, many women still find themselves on an uneven playing field with their male peers. Plus, the contemporary financial landscape is rather different to that of the 1970s, and many women bear the brunt of today’s challenges.
Keep reading to discover five important financial planning tips for women who want to achieve their goals in today’s world.
1. Stay alert to scammers, and report one if it happens to you
Scams are all over the news at the moment – and for good reason.
Research published by Wise indicates that two-thirds of British citizens have been targeted by scammers at some point. Yet, interestingly, certain demographics are more likely to stay silent about being targeted due to shame, embarrassment, and scepticism getting in the way.
The study revealed that certain types of scams hurt women most prominently, and many are reluctant to speak out. In particular, women are more likely to stay silent about romance scams, through which fraudsters manipulate victims into giving them money by forming an online “relationship” with them.
As a woman navigating your finances in a world of tech, make sure you’re vigilant to the advances of scammers. And, if you are the victim of a scam, remember to speak up – tell your bank, a close loved one, and your financial planner, who can help you with any recourse.
2. Build your investing knowledge and get started
More and more women have begun investing, according to a Female Invest report.
As of 2021, 67% of women were investing their money, compared to 44% in 2018.
Although this is great news, only 33% of women would consider themselves “investors” and, according to US data, 34% of women invest compared to 67% of men.
If you’re averse to the idea of investing, remember to take a data-led approach. Building your knowledge and understanding the why behind investing could improve your confidence and prompt you to get started.
For example, as Schroders reports, historical market data indicates that over a 20-year period or more, US equities have grown faster than the rate of inflation 100% of the time. Whereas, cash savings only outpaced inflation 65% of the time.
In short, if you choose not to invest today, your money could be worth less in a few decades’ time.
Although the world of investing can seem intimidating if you are new to it, taking the time to educate yourself on its concepts and start building your portfolio could be a game-changer for your future.
3. Tackle the gender pension gap with consistent contributions
In 2024, NOW: Pensions produced a report that indicated a stark gap between the average pension savings of men and women.
It states that:
- Women retire with an average pension pot worth £69,000
- Men retire with an average pot of £205,000
- Career gaps to raise children, among other commitments, are a large contributor to this inequality.
Whatever stage of life you are in, it’s important to pay attention to your pension and assess whether it is set up to support you in later life.
As an example, if you are about to start a family, it could be worth continuing to pay into your pension while you aren’t working, if possible. Your partner, spouse, or parents may be able to pay in on your behalf, keeping your pot growing consistently.
If you have already had children, or have taken a career break for other commitments like education or elderly relative care, you may now have a pension worth less than your male peers. As such, it’s worth assessing whether you can afford to increase your contributions from now until you retire. Doing so, and claiming as much tax relief on contributions as you can, could significantly increase the value of your pot.
Or if you are already retired and are worried about outliving your pension, it may be constructive to seek professional guidance.
Read more: How is your pension invested, and does it matter?
4. Talk to your partner or spouse about money
If you have a partner, civil partner, or spouse, remember to remain joined up with regards to your financial behaviours and goals.
Even if you earn different amounts, together you can form a financial plan that supports your future goals. It’s worth discussing:
- When you would like to retire
- Where you would like to live long-term
- The kind of lifestyle you would prefer to have
- How you’d like to help your children financially, if you have them.
Of course, not everybody is married or with a partner. If you are single, you are in full control of your future plans, leaving you with plenty of space to make decisions on your own terms.
On the other hand, you may need to save more to achieve a comfortable retirement than if you were in a partnership. The 2025 Retirement Living Standards suggest that one person would need around £43,100 a year to live comfortably in retirement, as opposed to a couple, who would need just over £60,000.
Although these are estimations based on national averages, you could find it beneficial to consider how your marital status may play into your financial future and plan ahead.
5. Create a bespoke plan that truly matches your goals
Working with a financial planner could help you to gain control of your finances and make decisions with confidence.
If you’re a woman searching to achieve financial freedom and peace of mind, our financial planners can tailor solutions towards your goals. Using cashflow modelling software, we can help you visualise your future.
Email us at hale@kelland.co.uk, or call 0161 929 8838.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
All information is correct at the time of writing and is subject to change in the future.
The Financial Conduct Authority does not regulate estate planning, cashflow planning, or tax planning.
A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.
The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.
The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.
Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.