Evolving roles: Women in finance through the ages

Women are at the forefront of the changing financial world. It was hard for them to break into the industry as there were inherently no finance-related jobs that employers were willing to get them. In the late 1890s and 1900s, women first entered the financial world by getting jobs as clerks and secretaries. However, this came with many challenges.

The journey of women in finance began with small steps. Janet Hogarth was one of the first female clerks at the Bank of England in 1894. Although this was an impressive achievement at that time, she was required to use a separate entrance from her male colleagues and had to resign if she got married, hence highlighting the significant barriers to entry that she faced.

Muriel Siebert became the first woman to become a member of the New York Stock Exchange in 1967, after getting a loan from the Chase Manhattan bank. This achievement was monumental! Despite this, she was still not able to go in person to the stock exchange, and instead had to have a proxy, a male broker, step in for her, highlighting the persisting gender stereotypes at that time. Her determination paved the way for herself but also for other women aspiring to enter the finance world. This may also have had a knock on effect on other countries.

In 1973, women were allowed into the London Stock Exchange. This was a critical moment that led to even more significant changes. In the late 1900s, there were various legislative changes in the UK that made it easier for women to access roles in business. The Equal Pay Act (1970) and Equal Credit Opportunity Act (1975) were pivotal in dealing with gender discrimination at the workplace, granting women more autonomy and agency. Because of these changes, women were able to slowly climb up the corporate ladder.

However, women have not yet fully penetrated the finance sector. In 2023, UK women in finance and insurance earned just over 70% of their male colleagues' average weekly gross pay. And in that same year, only 32.2% of women were in senior leadership positions across different sectors.

It seems women are still facing barriers in entering the finance sector. Maybe in 2026, these figures will look different.