Since time immemorial, women have been disadvantaged when it comes to wealth in a patriarchal society. It wasn't until 1974, with the passage of the Equal Credit Opportunity Act, that women in the US were allowed to open their own bank accounts without restrictions. Prior to that, banks often required married women to get their husband's signatures and refused to serve unmarried women.
While many things have changed, many also haven't. Today, 94% of women believe that their economic power is being underestimated, according to the Ellevest Women and Wealth Survey 2024. This same study also found that there is a so-called Feminization of Wealth, with women being the primary beneficiaries of The Great Wealth Transfer, as the Silent Generation and Baby Boomers retire and pass over to their spouses (typically women) and down to their heirs: Gen X, Millennials, and Gen Z. By 2030, American women will manage at least $30 trillion, exceeding the entire US GDP for 2023.
