Half of female British business leaders are the sole or primary breadwinner in their household
Women are increasingly creating their own wealth, so much so that they are taking the role of the family breadwinner. Half (49%) of female business owners are either the sole or primary breadwinner in their family, according to research from wealth manager Charles Stanley.
25% of female business owners say they are the sole breadwinner in their family, and 24% say they are the primary breadwinner. This compares to 40% who say they either contribute with their partner equally (26%), or their partner is the sole (4%) or primary (10%) breadwinner.
While this shows a shift in the traditional earning dynamic, women are making headway in owning and running a new business. In 2022, women in the UK established over 150,000 new companies – more than twice as many as in 2018. However, there is still some way to go in terms of encouraging female entrepreneurship. Only 1 in 3 UK entrepreneurs is female, a gender gap equivalent to 1.1 million missing businesses.
As part of thinking about their family’s financial dynamic, women have also considered how their role will impact their children. More than two fifths (42%) of female business owners who have children say they will financially support them through their adult lives. Nearly a third (31%) say their finances will be entirely separate from their children’s, and 17% do expect their children to financially support them through their adult lives.
Being a family breadwinner, whether the sole or primary contributor, also comes with emotional responsibility and pressure. Most women are proud of their family’s financial dynamic (53%) and 38% feel responsible. But many also feel tired (16%), under pressure (16%), anxious (14%), conflicted (8%), and guilty (5%) when thinking about their family’s financial dynamic.
When needing to discuss finances, the research also revealed differences in how women approach money from a personal and professional perspective. Women tend to turn to their partners first when it comes to any conversations or decisions about personal finances, while financial advisers are a source of support when it comes to business finances, highlighting how women are clearly separating personal finances from professional ones.
