Until as late as 1980, women could be refused credit unless they had a male guarantor.
Now: Based on MoneySuperMarket data the average number of credit card enquiries by women, from 2013 to date, is 48%. This peaked at a 50/50 split between both men and women in November 2017.
25-34 is the most popular age to search for a credit card and women within this bracket dominate, by making up an average of 40% of all MSM credit card enquiries from 2013 to date.
Looking at an even younger generation (18-24) women take the lead with an average of 16% of all credit card enquires.
Generally speaking, it appears women below the age of 35 dominate the credit card market, despite not being able to apply for one as little as 43 years ago.
If we take into consideration relationship status, single women are the most likely to take out a credit card, with an average of 52,000 enquiries a month in 2017 peaking at almost 60,000 in January 2018, suggesting that financial independence is on the rise for women.
When looking at loan data, there is a 40/60 split with men leading the way for loan enquiries. But if we look at just the female category, single women dominate again when seeking a loan with 17%.
In the 18-24 category, women make up 18% of all loan enquiries whereas men of this age count for a 15% share. The data for 25-34 year olds shows that both genders make up an equal 38% of searches, making it an equal split, suggesting that gender equality within finance is becoming the norm within new generations.