How did historical trends impact women’s involvement in financial markets? Evidence from women shareholders in Spain (1918-1948)

Women’s financial independence is essential for fostering equality. Despite recent progress in narrowing the gender gap in access to finance, a notable imbalance persists, even in advanced economies. Exploring the roots and persistence of the wealth gap demands a long-term perspective. However, limited access to historical data hampers such investigations. We have assembled a unique dataset encompassing over 34,000 shareholders from Spanish commercial banks (1918-1948) to scrutinize how women capitalized on investment opportunities. Our findings reinforce the theory that women’s involvement in financial markets reflects a deeper, long-term phenomenon linked with institutional evolution and modernization. The data provide evidence that women viewed investment in stocks as a means to attain wellbeing and that they embraced financial risk, guided by profitability. Family networks significantly enhanced women’s portfolios, empowering their financial agency. The paper underscores the significance of accounting for historical and cultural elements in understanding women’s investment practices.