200 YEARS OF WOMEN AND FINANCE

200 YEARS OF
WOMEN AND FINANCE
Introduction
01
200 years of women and finance
REVISITING HISTORY: NAPOLEONIC WAR VETERANS
AND THEIR DESCENDANTS
The 200-year milestone offered the ideal opportunity
to take stock of our journey since the Edinburgh coffee
house gathering to devise a plan for making provision
for the Widows and dependants of local men lost in the
Napoleonic wars.
INTRODUCTION
For this reason, we have set out on a ‘Who Do You Think
You Are’-style quest of discovery, working with genealogist
Kirsty Gray to identify some of the men who lost their lives
around the year 1815 when Scottish Widows began. The
objective was to understand more about the women and
families and the challenges they faced, with the hope of
identifying living descendants.
This year marks 200 years since the establishment
of Scottish Widows.
Starting in an Edinburgh coffee house in 1815 to support
the huge number of women left widowed in Scotland after
the Napoleonic Wars, Scottish Widows has always put
women at the front and centre of what we do, providing
reassurance and peace of mind for more than two million
women, and 200 years on, our purpose remains. Our
heritage and unrivalled focus on women is illustrated in
the symbol of our living icon, the cloaked Widow.
‘
WOMEN PUT ASIDE ON AVERAGE
30% LESS A MONTH FOR
RETIREMENT THAN MEN
‘
HELPING WOMEN PLAN EFFECTIVELY FOR THE FUTURE
WOMEN AND FINANCE: THE PRESENT AND FUTURE
In more recent years, we have turned our focus to
supporting women and the unique challenges they face
when it comes to saving for the future and wider finances.
In 2014 we released the 10th Scottish Widows’ Women
and Retirement Report, which gave us a decade of
comparable data, showing how women are preparing for
the future compared to their male counterparts.
As well as looking back, it is important to look at the
present and future for women to see how we can best
support them in our bi-centenary year and beyond.
Throughout the course of Scottish Widows’ 200 years
of history, the outlook for women and their financial
priorities have evolved significantly. We have taken the
pulse of the UK’s female population when it comes to their
finances, looking at everything from notions of financial
independence to the glass ceiling at work and childcare
responsibilities, to gain an insight into what successes
have been achieved and where challenges remain.
While the number of women preparing adequately for
retirement has reached a record high in the past 12
months, the report found that there is still some way to
go to close the gender savings gap. Women put aside
on average 30% less a month for retirement than men,
largely due to barriers such as ongoing differences in
pay, or a greater tendency towards part-time working and
career breaks.
Behavioural factors, such as risk appetite, also have an
important role to play. Calculations produced by Scottish
Widows last year found that the differing ways in which men
and women choose to save – and how the system rewards
and incentivises this behaviour – means that even when
men and women save the same over a 40-year period, men
can end up between £33,000 and £89,000 better off.
02
Unsurprisingly, the Napoleonic Wars had a significant
effect on the economy. Households struggled throughout
Britain as incomes were depressed by heavy taxes and
inflation. Private consumption fell sharply from 83% of
national expenditure in 1788-92, to 72% in 1793-1812 and
as low as 64% in the last years of war.3
The Napoleonic era had an inevitable impact on families,
particularly for women dependent on male family
members. Widows were left to manage their households,
contend with the increasing cost of living and an
uncertain future.
200 YEARS OF
WOMEN AND FINANCE –
SETTING THE SCENE
SCOTTISH WIDOWS: HELPING
WOMEN PREPARE FOR THE FUTURE
Against this backdrop, the idea for Scottish Widows
was first established in 1812 to support the financial
needs of Napoleonic widows in Edinburgh and the
surrounding areas.
1815: THE NAPOLEONIC WARS AND
THE BIRTH OF SCOTTISH WIDOWS
‘
WIDOWS WERE LEFT TO
MANAGE THEIR HOUSEHOLDS,
CONTEND WITH THE INCREASING
COST OF LIVING AND AN
UNCERTAIN FUTURE
The Napoleonic era from 1793 – 1815 brought to battle
the largest armies ever seen in Europe, costing more
European lives than any other conflict before the First
World War. Out of a million men and boys who fought
in the British army and navy, from a population of 14
million, 311,000 died.1
‘
Around 50,000 Scottish volunteers were mobilised
during the Napoleonic Wars. A quarter of the Scottish
male population also served abroad in a military capacity
between 1792 and 1815.2
In March 1812, a group of eminent Scotsmen gathered in
the Royal Exchange Coffee Rooms in Edinburgh to consider
setting up ‘a general fund for securing provisions to widows,
sisters and other females.’
In 1815, The Scottish Widows’ Fund and Life Assurance
Society – Scotland’s first mutual life office – opened
for business. By 1817, Scottish Widows had become
strong enough to purchase it’s first office for its sole use
in St David’s Street.
1 In These Times: Living in Britain through Napoleon’s Wars,
1793-1815 by Jenny Uglow
2http://www.napoleon-series.org/research/society/c_scottishidentity.html
3 Source: The Domestic Impact of the Napoleonic Wars. Sarah Richardson,
University of Warwick
Scottish Widows' prospectus
2
3
Sex Discrimination
Act becomes law
KEY MILESTONES FOR
WOMEN 1815 – 2015
Women allowed
on floor of stock
exchange
Employment Protection
Act, establishing
maternity leave
1973
Since Scottish Widows opened its doors on Princes
Street in Edinburgh almost 200 years ago, the world
has changed significantly for women. Throughout
the course of the past two centuries, significant
milestones have paved the way for female
emancipation. As a result, the experiences of
women in contemporary Britain are very different
from those of 200 years ago.
1823
John Stuart Mill jailed
for distributing pamphlets
on birth control
1970
1867
1870
London National
Society for Women’s
Suffrage founded
Married Women’s Property
Act - allowed married women
to be the legal owners of the
money they earned and to
inherit property
THE SUFFRAGETTE MOVEMENT
The London Society for Women’s
Suffrage was formed in 1867,
and after years of public and
political struggle in 1928 the
Equal Franchise Act was formed.
Women’s voting age was lowered
to 21 and property qualifications
were reduced to the same as
men. It was an extension of the
1918 Representation of People
Act, which had granted married
women over the age of 30 the
right to vote.
FIRST AND SECOND WORLD
WARS SEE INCREASED
NUMBERS OF WOMEN
ENTERING THE WORKFORCE
In 1914, a quarter of women
were in work, but earning less
than their male counterparts.
Between 1914 and 1918 two
million women replaced men in
the labour market.
1965
1964
Two million women
replaced men in the
labour market
during WWI
Women over the age
of 30 gain the vote, as
long as they are married,
or a member of local
government register
Law of Property Act
allows husbands
and wives to inherit
property equally
Equal Pay
Act 1970
Barbara Minister
appointed Minister of
Transport - First female
minister of state
Economic boom gave
young women the
opportunity to build
up a career
THE SEX DISCRIMINATION ACT
The Sex Discrimination
Act protected both women
and men on grounds of
sex or marital status. The
Employment Protection Act,
introduced in the same year,
established maternity leave
and made it illegal to dismiss
someone on the grounds that
they were pregnant.
1914
1918
1922
National Provincial
becomes first clearing
bank to remove
marriage ban on female
staff: others follow suit
over the decade
1928
Equal Franchise
Act - women gain full
suffrage, equal to men
4
1975
1950
Margaret Thatcher
becomes first
female PM
1979
Women can apply
for loan or credit in
their own name
1980
Lady Susan Rice,
First woman head of
a UK clearing bank,
Lloyds TSB Scotland
2000
WOMEN IN THE
WORKFORCE TODAY
Women now make up almost
half the workforce in the UK. It
is predicted that the number
of women on FTSE 100 boards
will reach the target of 25% by
the end of 2015.
1929
First election takes
place in which women
are allowed to vote
5
2014
Women now make up
47% of workforce
Napoleonic veterans and their descendants
Napoleonic veterans and their descendants
Mary’s marriage certificate
03
FAMILY HISTORY:
CAREER-DRIVEN FEMALE SUFFRAGETTE
ACHIEVES PUBLIC RECOGNITION FOR
SCIENTIFIC WRITING
War veteran Sir William George Fairfax was a ViceAdmiral in the Royal Navy and enjoyed a successful
career, primarily residing in Fife. His most notable
service was as Admiral Adam Duncan’s flag captain
on board VMS Venerable during the Battle of
Camperdown on 11th October 1797. He was knighted
for his outstanding service and made a Rear Admiral
in 1801. He died aged 74 in Edinburgh.
NAPOLEONIC VETERANS
AND THEIR DESCENDANTS:
WOMEN THROUGH HISTORY
Upon his death in 1813, he left estate valued at just over
£136. The equivalent value in today’s currency varies,
dependent on different factors, but its economic power
would be worth almost £414,000. However, he was also in
possession of stocks and shares which were valued at just
over £631 on the day of his death – an amount which would
hold economic power of almost £2million.
We’ve seen in the previous chapter how
much life has changed for women since
Scottish Widows was established back in
the 1800s. But how did this affect real
people? Working with genealogist Kirsty
Gray, we have managed to track down
families of those individuals that Scottish
Widows was originally set up to support –
families of the Napoleonic War veterans.
he died, and she returned to Scotland. In 1812
she married her second husband (another distant
cousin) Captain William Somerville who, unlike his
predecessor, supported Mary’s academic aspirations.
In 1869 her scientific writings achieved public acclaim
and she was awarded the prestigious Victoria Medal
of the Royal Geographical Society. Significantly,
this was just two years after the London Society for
Women’s Suffrage formed in 1867. Interestingly, four
years before her death at age 91, Mary signed John
Stuart Mill’s unsuccessful petition for female suffrage.
At this time Mary was living in Italy, where she later
died, along with her two daughters. Mary is buried
in her namesake at Oxford University’s Somerville
College, where she is commemorated by a statue.
YET, THERE WAS ALSO A SUCCESSFUL
BUT PROMISCUOUS SON FROM MARY’S
FIRST MARRIAGE…
When Mary was married to her first husband, Captain
Samuel Greig, she had a son who was born in 1805.
The National Trust is in possession of an oil on canvas
portrait of Sir William, painted by Sir Martin Archer
Shee, PRA, and held at Charlecote Park in Warwickshire.
Various papers and correspondence belonging to Sir
William is held by the Bodleian Library in Oxford.
He was named Woronzow Greig, after the Russian
Ambassador in London who had appointed his father.
Like his mother and grandfather, he was notable in his
career. He was a solicitor and scientist who was made
a Fellow of the Society in 1833 and appointed Clerk of
the Peace for Surrey County in 1849. He married Agnes
Graham in 1837, but she was unable to bear children.
It was later discovered that while he was studying at
Cambridge University he had an illegitimate daughter –
Jane Ernestine Rowland. Records suggest that Jane lived
with her mother Jane Catherine Widmayez (who was
believed to be Swiss) and her husband.
AMBITION INHERITED BY HIS CAREER-DRIVEN
DAUGHTER, MARY FAIRFAX
LIVING DESCENDANT TRACED, AND LIVING IN JERSEY
One of his nine children, Mary Fairfax (born in 1780),
inherited her father’s flair for success and was keen to
pursue an academic career in astronomy and mathematics.
In 1852, Jane Rowland married Henry White and had five
children. Their fourth child, Katherine Eugenie White,
married John William Thompson in 1884. Their youngest
son, Henry John R Thompson was born in 1890 and
married Olive Webb. They had a daughter, Rae Thompson
Webb, who was born in 1936 in Jersey. One of her sons,
Nick Pallot is still currently living in Jersey.
In 1804 she married her distant cousin, Captain Samuel
Greig, who was the Russian Consul in London. He was
disapproving of women with academic ambitions and the
relationship was unhappy. After three years of marriage
Mary’s baptism certificate
6
7
Napoleonic veterans and their descendants
FAMILY HISTORY:
MANAGING A HOUSEHOLD OF NINE CHILDREN
Captain Thomas Hewan held the rank of Captain
in the 4th Regiment of Foot, and then later served
in the Angus-Shire Fencible Regiment of Infantry
during the Napoleonic Wars. Although we don’t
know Captain Hewan’s exact age, we can assume
that, due to him having married in 1764, he would
have been at least in his early 60s at the time of
his death. Already holding the rank of Captain, he
would have been a prime candidate to serve with
the auxiliary forces in later life.
FAMILY HISTORY:
SCANDAL AND PUBLIC DIVORCE
GREAT GRANDDAUGHTER IS
CAUGHT UP IN PUBLIC SCANDAL
Major Thomas Clarkson Moncrief held the rank of
Major of Berwickshire Regiment; he did not have
a ‘clean’ military record. In 1807, proceedings of
the General Court Martial were held in his name for
‘outrage committed in the mess-room’, for which he
was ‘severely’ reprimanded.
In 1848 Edwin Forrest began to suspect his wife
of infidelity, and she made the same accusations
against him. This led to a very public and messy
divorce, which gained considerable media attention
because of Forrest’s celebrity.
Captain Moncrief was married and had one daughter
– Catherine Clarkson Moncrief. She is believed to
be the Widow of Captain Henry Norton, who served
in the Royal Scots Regiment Infantry, and the sole
executor of her father’s estate. They had one child,
Catherine Moncrief Norton who was born in 1798.
The divorce was finally awarded in February 1852,
which paid Catherine $3,000 a year for life (the
equivalent of $87,500 today), and she later received
$100,000 from his estate when he died in 1872.
children – three of the 12 died in infancy. William
was Rector at Ballinlanders, County Limerick from
1847-1860.
William and Catherine later moved to County
Durham in 1860. He then died in 1863 leaving
her widowed until her death in 1881. The ministry
tradition prevailed, and two of Catherine’s sons
followed in their father’s footsteps.
One of her sons, Thomas Archdall, held office
for Justice for Peace, and was also the honorary
Canon of Durham in 1914. Thomas married Mary
Alexander in 1873 and they had nine children.
The youngest child, Ruby, died shortly before
her fifth birthday.
Of the 10 children, we were able to trace one
daughter, Louisa Hewan. According to records,
she married Reverend William Archdall in Dublin
in 1799. Louisa and her husband had at least 10
children in quick succession.
CAPTAIN THOMAS’ GRANDDAUGHTER
BORE 12 CHILDREN
Thomas and Mary Archdall’s fifth child, Mary,
married David Dewar in 1909 and they had three
sons Alan, Hewan and Mervyn. Alan Dewar, who
was born in 1911, married Winifred Thorpe in 1946
and they had two sons. Interestingly, Alan worked
as a tea planter and often travelled overseas with
his wife and children, as far afield as Tanzania.
One of their daughters, Catherine, also married a
Reverend William Archdall (William Rowley), and
was in charge of running a household with nine
LIVING DESCENDANTS TRACED
Catherine Moncrief Norton (the only granddaughter
of Thomas Clarkson Moncrief) married John Sinclair
at Canongate, Edinburgh on 2 May 1816, and had
four children. Mr Sinclair became a successful
drummer in the militia and later a well-known
singer, who toured the U.S. in the early 1830s.
Both Alan and Winifred’s children are still alive,
and one of these children has also had a child of his
own, making her Captain Thomas Hewan’s greatgranddaughter five times over.
$3,000
was paid to Catherine a year for life
PASTURES NEW: MONCRIEF’S GREAT
GRANDDAUGHTER MOVES TO NEW YORK
The oldest of the Sinclair’s children, Catherine, is
the most notable. At the age of 19 she attended a
performance of The Gladiator, meeting the thenpopular American actor, Edwin Forrest, who starred
as Spartacus. In June 1837, they were married in
Covent Garden, and shortly after, the newly-wed
Forrest couple moved to New York. They had four
children, all of whom died in infancy.
Catherine Forrest began acting in London, Australia
and America, and gained notable attention largely
due to her status as the former Mrs Forrest. Records
show that she never remarried and ended up living
with her sister and then nephew, before dying from
cerebral embolism in 1891.
8
These stories demonstrate how the situation for women
has evolved over the course of history. Although some
of the themes raised (careers, the impact of divorce and
caring for children) are relevant to today’s society, it is
clear that the experiences of women in contemporary
Britain are vastly different from 200 years ago.
9
Women and their finances today
05
WOMEN AND THEIR
FINANCES TODAY
Having looked back over 200 years of women
and their finances, in this next chapter we take
a temperature check of women’s attitudes in
2015 –their hopes and expectations and where
the biggest challenges lie.
To paint a complete picture of women’s attitudes
and expectations towards their finances in Britain
today, we have gathered insights from more than
2,000 women aged 18 and above, including
barriers to work, financial emancipation and
balancing finances within relationships.
TODAY’S WOMEN INSIST ON
FINANCIAL INDEPENDENCE
Women and their finances today
THE STATE OF RELATIONSHIP
FINANCES TODAY
79%
10
WHO IS RESPONSIBLE FOR MANAGING THE HOUSEHOLD FINANCES?
Women aged...
Me
My partner/spouse
39%
My partner/spouse and I share
equal responsibility
My partner and I share responsibility
My parents
18-24
25-34
35-44
45-54
55-64
65+
43%
53%
65%
66%
63%
67%
5%
7%
6%
5%
4%
3%
14%
23%
24%
24%
27%
23%
5%
7%
3%
4%
6%
7%
28%
6%
1%
1%
0%
0%
My partner and I have only
separate bank accounts
28%
51%
of women are exclusively
responsible for funding
household expenses
37%
of women said their mothers
were responsible for managing
the household finances when
they were growing up
My partner and I have separate bank
accounts as well as a joint bank
account, but this is only used for paying
housing and childcare costs and bills
TODAY’S MAIN BREADWINNERS
Perhaps one of the most striking aspects in terms
of how women’s finances have moved on over the
past 200 years is the fierce insistence
of women to retain their independence over their
own money.
This desire for independence is perhaps
unsurprising when it comes to the dominance
that women now have when it comes to running
the household finances. Almost two thirds (62%)
of women say they have exclusive responsibility
for managing the organisation of day-to-day
household expenditure, compared to just 5% who
said their partner had exclusive responsibility, and
24% who said they share responsibility equally
with their partner.
of women in a relationship felt
they would be able to manage
their finances independently if
they split with their partner
THE AGE OF FINANCIAL INDEPENDENCE
MANAGING HOUSEHOLD EXPENSES
30%
My partner and I have only
a joint bank account, which
we use for everything
19%
17%
of women say they are
the main breadwinner
in the household
52%
of women said they chose to
keep their finances separate in
case the relationship failed
11
of women think their
partner or spouse is
the household’s main
breadwinner
Women and their finances today
Women and their finances today
LOOKING TO THE FINANCIAL FUTURE
THE AGE OF FINANCIAL INDEPENDENCE
At what age did you feel financially independent from your parents?
7%
17%
56%
of women in a relationship
say they are relying on their
partner to make provisions for
their financial future
of women in a relationship have
separate pension plans but they
and their partner are both aware
of each other’s plans
make joint decisions on all
aspects of their financial
future with their partner
17% 34% 39%
Under 18
18-20
21-30
2%
1%
31-40
41+
THE MOMENT OF FINANCIAL INDEPENDENCE
The research showed financial attitudes and habits are not just shaped by partners and
current living situations. Most people’s relationship with money is first learned from their
parents before they become responsible for their own finances.
INDEPENDENCE TRIGGERS
At what life milestone did you
become financially independent?
FINANCIAL LESSONS
18%
9%
Getting my first job
28%
Getting married
20%
Buying my own home
15%
Renting my own home
10%
Turning eighteen
4%
Having a child
2%
Buying my first car
2%
Paying off debt
1%
Twice as many women said it was their mother who taught
them to manage their finances, as opposed to their father
12
13
Women and their finances today
Women and their finances today
DAY-TO-DAY LIVING COSTS INHIBIT FUTURE FINANCIAL PLANNING
FUNDING CHILDCARE
The majority (58%) of women say day-to-day financial pressures – “cost of living”, prevent them
from saving as much as they would like to for the future. And while 42% of women cite home
ownership as the mark of financial independence, a third do not own their own home.
Over a quarter of married women with children under 18 are responsible
for funding childcare, compared to fewer than one in 10 men.
PROPORTION OF WOMEN WHO DON’T OWN THEIR OWN HOME
THAT ARE WORRIED THEY WILL NEVER GET ON THE PROPERTY LADDER
62%
60%
35%
23%
11%
18-24
25-34
35-44
45-54
55-64
26%
3%
Over a quarter of married women
with children under 18 are
responsible for funding childcare
compared to fewer than
one in 10 men
of married women contribute
between 25% - 50% of their
salary towards childcare
65+
FINANCIAL SUPPORT OF CHILDREN ADVANCING INTO ADULTHOOD
RESPONSIBILITY FOR CHILDCARE AND ITS COSTS
Perhaps even more of a concern for women is the fact that supporting children
financially is not a job that ends when they become adults.
Despite women making huge steps towards financial independence, many of their
traditional roles as mothers and housewives remain much the same. Almost half
(44%) of married mothers discussed and agreed with their husbands to take a
backseat in their career to provide childcare.
THE COST OF SUPPORTING CHILDREN
BALANCING CHILDREN AND CAREER PROGRESSION
39%
37%
26%
5%
14
of women say having children has
not impacted their career
52%
47%
of mothers are concerned
they will be supporting
their children until
they are 30
of mothers would be
willing to support their
children as long as
they need help
44%
32%
believe that having children negatively
affected their career progression
of women believe having children has
reduced their financial independence
of women with dependent
children are concerned
they will be unable to
save for the future
believe there is a glass ceiling in
the workplace
15
worry they will need to
dip into their retirement
savings to financially
support children
Conclusion
CONCLUSION
THE 200 YEARS FOLLOWING THE ESTABLISHMENT OF SCOTTISH
WIDOWS HAVE BROUGHT CHALLENGES, BUT ALSO SEEN REAL
ADVANCES FOR WOMEN AND THEIR FINANCES.
Women have asserted their right for
financial independence, forcing legislative
change and adapting their role within the
family. Comparing the situation of our
three case studies with the 2,000 women
we surveyed today highlights the depth of
this journey.
Mary Fairfax’s ambitious pursuit of a
career despite disapproval is clearly an
exceptional case, and reflects the beginning
of the women’s rights movement.
However, although women today have
greater choice and flexibility, there is still
further to go before financial equality is
fully achieved – particularly at work. Our
research highlights that 52% of women still
say their partner is the main breadwinner.
Our research demonstrates that today
women are more financially secure and
independent from their partners. The
traditional role of women in childcare,
although still significant, has also evolved.
Catherine Archdall’s nine children would
have bound her to family life. Today
women pursue careers alongside family
life, are responsible for income, and
contribute financially to childcare costs.
As we look to the future, women are
faced with new sets of challenges –
including an ageing population, the
rising cost of living and dependence
of children through to adulthood.
In this uncertain environment, Scottish
Widows remains committed to providing
support to ensure women and families
are saving and planning towards a secure
future for the next 200 years and beyond.
‘
TODAY WOMEN ARE
MORE FINANCIALLY
SECURE AND INDEPENDENT
FROM THEIR PARTNERS
The comparison between the financial position of women 200 years ago and
today, highlighted in the report, is fascinating. There are many things that women,
like me, take for granted; such as going out to work and the ability to own property
in our own name. Yet the right to own property was only granted after a long fight.
And it wasn’t until the mid 1970s that women were able to take out a mortgage
solely in their name. Before then, an application had to be countersigned by a man!
One hundred years ago, when Scottish Widows was marking its centenary, most
women didn’t work, whereas today, the majority do. However, while women are
active at all levels in the workplace, equality of earnings is proving elusive –
something that has a knock-on effect on a woman’s ability to save and invest for
her future.
Our commitment to supporting women is at the heart of everything we do - not
only at Scottish Widows, but also as part of Lloyds Banking Group. With our
Helping Britain Prosper plan, we have made a commitment to seeing women
succeed and, more specifically, to have 40% of our senior roles held by women
by 2020. As women now make up 50% of the UK workforce, we must continue
to support and champion the development of women in the workplace. Only
through this can we ensure that progress can continue , and that women are
saving and planning towards a secure future for the next 200 years and beyond.
Sarah Pennells
Editor
Savvywoman.co.uk
52%
of women still say their partner
is the main breadwinner
‘
Photo by Simon Brown
16
17
Scottish Widows plc. registered in Scotland No 199549. Registered office in the United Kingdom at 69 Morrison Street, Edinburgh, EH3 8YF. Telephone0131 655 6000.
Authorised by the Prudential Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register member 191517.

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