Can banks reverse a complicated history with women?
While women play a serious role in the economic landscape — whether via their control of household finances or in their consumer spending habits — they don’t have as much trust in banking institutions as men do. In the United States, this distrust is closely entwined with women’s sociopolitical positioning and experience. Banks that take proactive steps to help women customers navigate their unique challenges are more likely to have a better relationship with them.
While women play a serious role in the economic landscape — whether via their control of household finances or in their consumer spending habits — they don’t have as much trust in banking institutions as men do. In the United States, this distrust is closely entwined with women’s sociopolitical positioning and experience.
It was only in 1963 that the Equal Pay Act, which prohibits same-sex wage discrimination, was enacted. Almost 60 years later, the gender wage gap still exists — and is even more exaggerated for women of color. In 2024, the U.S. celebrated the 50th anniversary of women receiving the right to open a credit card or other lines of credit under their own name without a male signatory. Other laws enacted later around reproduction rights and family law made it more feasible for women to remain in the workforce on their own terms.
Most of these legal, social and political milestones for women occurred recently enough that they are still in living memory, and the problems they intended to solve remain to varying degrees. In fact, women’s financial progress has plateaued since the turn of the century, according to research from the Financial Health Network. Their participation in the workforce has stagnated, the gender wage gap has held at 82 cents on the dollar with a wider gap for women of color — and the wage gap exists in 98 % of occupations.
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