International Women’s Day (IWD) is a global movement that celebrates the achievements of women and advocates for advancing gender equality. This year’s theme, “Give to Gain”, is a call to action. It reminds us that progress happens when individuals, organisations and communities give. This isn’t limited to donations; it could be giving knowledge, resources, visibility or training in the pursuit of gender equality.
In the fin-tech industry, one of the most powerful things we can give is access. As an accessible e-money provider, we recognise that not everyone can open a traditional bank account. Whether it be due to lack of documentation, poor credit history or financial difficulties, we believe no one should be denied access to financial services.
And this conversation is particularly important for women. Although the global gender gap in account ownership has narrowed to just four percentage points, significant gaps remain in low and middle-income countries. And in the UK alone, over 12 million women are in financially vulnerable circumstances, with 50% in this category having less than £500 in savings. Research by National Numeracy also shows that women are almost three times less confident managing financial decisions than men.
Without accessible banking alternatives or financial tools, these barriers can limit confidence, opportunity and independence. This blog discusses four barriers to financial inclusion that some women in the UK face- and why creating accessible options benefit everyone.
Four Barriers Women in the UK Face to Financial Inclusion
Documentation Requirements
In the UK, proof of address and proof of identity are typically required to open a traditional bank account. While this may seem straightforward, it can present challenges for many women.
For example, women experiencing domestic abuse may leave home without documentation. A study by Women’s Aid in 2019 found that a third of domestic abuse survivors had to give up their home after leaving the relationship, resulting in homelessness. Lack of stable addresses and lost documentation can cause significant barriers to opening financial products.
Women for Refugee Women highlight the barriers refugee and asylum-seeking women face when trying to find safety in the UK. Many arrive with little to no documentation, limited English skills and no access to stable housing or financial support. Without proof of address, formal identification or a UK financial footprint, accessing basic services can be a challenge- let alone opening a traditional bank account. In this case, accessible financial options are not simply about convenience, it is about allowing women to rebuild their lives and move forward with confidence.
Credit History and Financial Setbacks
Many traditional current accounts involve credit checks or internal risk scoring. This may act as a barrier to many women in the UK.
Research by Scottish Widows found that women are 12 times more likely than men to take a career break for caregiving. This often results in lower earnings, missed pension contributions and reduced lifetime wealth.
And the impact on banking? Women with unstable financial backgrounds may have thin credit files or lower credit scores, which could reduce eligibility for certain accounts or financial products.
Economic Abuse
Economic abuse is now formally recognised in UK law under the Domestic Abuse Act (2021). It includes restricting a partner’s access to money, bank accounts or financial information.
And this disproportionately affects women. Research by Surviving Economic Abuse reveals that one in seven UK women- equivalent to 4.1 million women- experienced economic abuse in 2025. As a result, survivors may have no bank account in their name, have coerced debt or lack financial records.
Traditional bank accounts are not always designed with these circumstances in mind, creating additional hurdles at a time of vulnerability.
Lower Financial Confidence and Institutional Bias
Research by National Numeracy found that women are almost three times less confident managing financial decisions than men. But, why?
For women who have experiences poverty, abuse or migration-related trauma, complex application processes can seem overwhelming- particularly when access to basic services was challenging.
It’s also important to point out the institutional bias that continues to operate as a barrier. Dr Ylva Baeckström, Senior Lecturer in Finance at King’s Business School, explains that “women were not born to be less confident investors- instead, they were socialised to become this less confident about making financial decisions.” Baeckström references the inequality that has and continues to impact the financial realm- for example, the longer timeline for women to be able to create bank accounts in their own name.
Why Financial Access Benefits Everyone
When women experience less barriers to financial inclusion, everyone benefits. Greater financial independence leads to increased participation in the economy and improved long-term stability for families.
For example, research by McKinsey & Company shows that advancing women’s economic participation can significantly boost national GDP. Plus, improving financial independence reduces reliance on emergency support services.
When financial systems are designed to include more people, everyone benefits.
About Suits Me
At Suits Me, accessibility is the foundation of how we operate.
We recognise that traditional banking does not work for everyone- particularly those affected by the barriers discussed in this blog post.
That’s why we provide a straightforward e-money account design
