Research into how women are taking control of their finances in the 21st Century by MoneySuperMarket discovered 47% of women were the primary breadwinner and were solely responsible for the household bills.
It discovered women had made 44% of mortgage enquiries so far this year and those aged 25 to 34 accounted for 40% of all credit card enquiries for the past five years.
In fact, single women were the most likely to take out a credit card, responsible for 52,000 enquiries a month in 2017, and peaking at 60,000 in January 2018. What’s more, nearly two thirds of women hold a credit card in their own name.
When it came to savings, women were marginally more likely than men to hold an account in their own name. The study revealed 70% of women had accounts compared to 67% of men.
Meanwhile 81% of women had personal current accounts, a figure which increased to 90% in London. And in the 18 to 25 age bracket the ratio of men and women taking out mortgages looked like it was beginning to close with men accounting for 52% and women 48% of enquiries in 2018.
A spokesperson for MoneySuperMarket said: “The research shows that, as few as 50 years ago, credit cards were mainly owned and used by men, with women predominantly struggling to secure any form of credit unless they had a signature of a male guarantor.
“However, this couldn’t be further from today’s truth.”
The spokesperson added: “Before the introduction of the Sex Discrimination Act 1975, women were unable to take out a mortgage without a male guarantor. Since then, more women have begun to own properties – 78,987 women have enquired for a mortgage so far in 2018, making up 44% of all mortgage enquiries this year.”
It also emerged from the research that more women were becoming self-employed, with the number taking out business insurance rising by 42% from 2015 to 2017.
When looking in more detail, MoneySuperMarket found 41% of those taking out business insurance for pubs were women, a figure which went up to 50% for shops.