Why Financial Education Is Every Woman’s Power Tool

This year marks 60 years since women in France gained the legal right to open and manage their own bank accounts. In the United States, it's been 51 years; in Italy and Spain, 50. Germany and the Netherlands introduced similar reforms just a few years earlier. And yet, long before these legal milestones, women were already active participants in the economic system—earning, saving, and contributing to household and national prosperity.

The passage of these laws was a fundamental first step toward economic and familial independence—often part of broader marriage law reforms. But they were only the beginning. True financial empowerment requires more than access: it demands deep, long-term awareness of financial education, planning, and wealth management.

The Numbers Tell One Story. The History Tells Another.

Today, women are making unprecedented strides in education, careers, and leadership. According to McKinsey, women now control over one-third of the world’s wealth, and that share is growing rapidly. In the U.S. alone, female-controlled assets are expected to rise from $18 trillion in 2023 to $34 trillion by 2030.

And yet, despite this progress, many women still face silent gaps: in financial knowledge, confidence, and control. Studies show that women are more likely to defer investment decisions, to leave assets unmanaged, and to stay loyal to financial advisors even when they feel underserved. In corporate leadership, they remain underrepresented in C-suites—especially in finance.

But behind these numbers lies a deeper story: one of delayed access, historical exclusion, and legal barriers that, for most of the last century, kept women financially invisible. Understanding this legacy isn’t about looking back with outrage—it’s about looking forward with clarity.

Until 1974, a woman in the United States could be denied a credit card, mortgage, or loan simply because of her gender. Married women in particular were routinely told to have their husbands co-sign—even if they earned more or had a spotless record.

That changed with the Equal Credit Opportunity Act, a landmark law that finally banned discrimination based on sex or marital status. It was a turning point that made legal financial autonomy a right, not a privilege.

In Europe, the timeline was similar—and in some cases, even later. France didn’t allow married women to open a bank account without a husband’s approval until 1965. In Italy and the UK, key legal reforms came only in 1975.

As noted by Her Half of History, even highly educated, professional women were reduced to secondary legal status the moment they married. Banking, property ownership, and contracts all defaulted to the male.

And this was not ancient history. It was our mothers’ and grandmothers’ reality.

The right to open a bank account was only the beginning. But freedom on paper does not always translate into power in practice.

In the decades following these reforms, a wave of women’s banks and credit unions emerged—not only to offer services, but to educate. The First Women’s Bank of New York, founded in 1975, wasn’t just a financial institution; it was a classroom. It ran investment seminars, career workshops, and created spaces where women could ask questions without judgment.

This spirit of financial education as empowerment remains just as essential today.

As it did back in 1975, Financial Education still matters today.

Despite growing access to wealth, women remain more vulnerable to financial dependence or manipulation, especially in relationships or unbalanced workplaces. This vulnerability isn’t about weakness—it’s about lack of information, preparation, and confidence.

Financial education is not optional—it’s essential for:

Independence

Whether in a relationship or a job, relying entirely on someone else to “handle the money” creates an imbalance. Not understanding, or worse, a kind of laziness in taking into consideration our own wealth, small or big doesn’t mind, might backlash us in bad times.

Knowledge protects from coercion, control, or even unintentional dependence.

Entrepreneurship

It could be an opportunity at every stage of life. But dreaming of starting an owned business, starts with understanding capital, credit, and cash flow. Women-led businesses are still underfunded compared to male-led ones. Financial literacy helps bridge that gap.

Nay confidence

Understanding owned finances unlocks the power to walk away from unfair offers—be it a lowball salary, a toxic job, or an inequitable relationship. Negotiation is possible only from a place of knowledge.

Long-term view

Financial education is not just about today—it’s about protecting the future: retirement, savings, estate planning. Statistically, women live longer and earn less—making strategic planning even more important.

Still some Work Ahead

According to McKinsey, while women are increasingly confident in managing wealth, they still express lower trust in financial advisors and are more likely to seek value-aligned guidance. They also control less than 20% of senior leadership roles in financial services, limiting representation in the very spaces that shape money culture.

So this suggests women don’t just need access to money—they need education, tailored tools, and trusted advisors.

The financial system must evolve to meet women where they are—across life stages, risk appetites, and goals.

Some basic tips might be:

• Track your spending and income — not just monthly, but annually.
• Understand your credit — how it works, how to build it, how it impacts your future.
• Learn the basics of investing — compound interest, diversification, and risk.
• Ask questions at your bank or advisor’s office — no matter how “basic they seem.
• Join a community of women talking about money, investing, or entrepreneurship.

Financial education is not about becoming an expert in markets or taxes. It’s about being able to make decisions with confidence—about life, work, freedom.

The ability to say “I don’t need to stay because I can support myself” or “I will invest in my own idea” is power. It’s not a luxury. It’s, finally, a right!

Author: Roberta Avanzini, VP Strategic Development, PWN Global

References:

McKinsey & Co. https://www.mckinsey.com/industries/financial-services/our-insights/the-new-face-

Her Half of History https://herhalfofhistory.com/2021/06/24/3-4-women-and-credit

Bankrate / Washington Post https://www.bankrate.com/credit-cards/news/history-of-women-and-

Forbes https://www.forbes.com/advisor/banking/when-could-women-open-a-bank-account