Forgotten female pioneers defied the odds and societal expectations.
It was a chilly Boxing Day afternoon and the city of Liverpool crackled with expectation. On the day of the match 53,000 fans would file into Goodison Park with an estimated 15,000 people turned away at the gates.
The game itself wasn’t a Merseyside derby between the city of Liverpool’s two renowned men’s teams. In fact, it wasn’t a men’s game at all. Nor was it a modern-day Women’s Super League fixture. Incredibly, the year was 1920 and the game was a women’s charity match between the legendary Dick, Kerr Ladies and the spirited St Helens Ladies.
By the end of the First World War, the women’s game was booming. Until that is, the Football Association (FA) felt impelled to express the strong opinion that “the game of football is quite unsuitable for females and should not be encouraged.” The resulting FA ruling – a ban denying women access to any FA affiliated facilities – effectively set the women’s game back by half a century.
The rise of the women’s game in the early part of the 20th century threatened not just the ascendancy of men’s football but challenged cultural norms and long-held beliefs about women’s role in society. The sport was “too rough” and women “were not built for such violent exercise.”
The parallels between sport and finance – as far as gender equality is concerned – are inescapable.
Investing was another male-dominated arena beset by prejudice and gender bias. Indeed, it wasn’t until the Married Women’s Property Act was passed in the UK in 1870 that married women could even legally own the money they earned, including property, investments, and inheritance.
Progress for women in the late 19th and early 20th century was glacial. The prevailing belief was that women should focus on domestic responsibilities. Educational opportunities were limited, and financial literacy was scarce. But as with football, female pioneers railed against the status quo.
Indeed forgotten female investors defied the odds and societal expectations to become successful in their own right. One such early adopter was Fanny Cockerell. Born in 1834 to a prominent and wealthy family, she amassed a fortune thanks to a diverse portfolio of railway stocks and various industrial enterprises. Cockerill, every inch the progressive, then put her money to work in support of philanthropic causes, advancing women’s rights and education.
Cockerill, and others like her, were the inspiring exceptions that proved the rule. Be it finance or football – women weren’t welcome in the boys’ club.
The path to progress
Fast forward to the present day and women’s football is going through a period of extraordinary growth – no longer forced to live in the shadow of its male counterpart. In the last few years, the world has witnessed a remarkable transformation no better demonstrated than when Arsenal set a new WSL attendance record of 60,160 on 17th February 2024 – selling out the Emirates Stadium for the first time at a WSL match.
This recent surge in popularity isn’t just about the game itself; it’s about smashing glass ceilings. And few would argue that the success of the Lionesses has not been pivotal in breaking down barriers and empowering the next generation of players and fans.
But to reduce the progress of women’s football in the UK to the success and popularity of one team is to miss the point. Over the last decade, the women’s game has systematically nurtured talent, tackled representation, and invested in infrastructure to create the conditions for growth in diversity and inclusion.
Academies, coaching programs, and scouting networks have identified and nurtured talent. Those undeniable talents have then inspired the next generation. With role models like Megan Rapinoe, and Leah Williamson, to name but two stars of the global game, providing young girls and women with athletes they can look up to and emulate. What’s more, the influence of the new generation of role models extends far beyond the pitch. Furthermore, bold investments in the right infrastructure – quality pitches and stadiums from the grassroots to the professional level – have delivered better gameplay which in turn has helped attract more fans and better sponsorship.
For our part, at eToro we’re proud to have played a small role in supporting the growth of the women’s game. Our partnership deals with Arsenal, West Ham, Crystal Palace and Everton is just one of the ways we can put our money where our mouth is and provide vital investment that will help drive up wages, improve facilities and fund further success and growth of the women’s game.
Of course, there is a significant road yet to run. Indeed, Former England international Karen Carney’s recent review of the women’s game called for further wide-ranging reform at the elite and grassroots level of domestic football. Nevertheless, the dramatic rise of the women’s game provides an interesting and relevant template for other male-dominated fields like investing.
The opportunity ahead
The latest research suggests that men are almost twice as likely to invest than women – and notably this holds true whether you look at Stocks and Shares ISAs (30% vs 17%), SIPPs (19% vs 8%) or General Investment Accounts (16% vs 9%).
In short, women invest much less than men. What does that look like in pounds and pence? A staggering amount is the answer. Investment research house Boring Money recently found the gender investment gap had rose by £54billion to £567bn between January 2023 and January 2024. Men have invested a little over £1tn versus £450bn for women*
Just 19 per cent of women aged 25 to 44 were investors in January 2024 compared to 34 per cent of men. The gap is even more alarming for 18-24 year olds, where 9 per cent of women invest compared to 22 per cent of men.
It needn’t be this way. There are a number of factors underpinning the gender investment gap. Undoubtedly lower average rates of pay is one – but there are other issues. Women engage less with investment providers than men, lack confidence and, in general, have an aversion to risk-taking.
Which leads us to ask what can finance learn from women’s football? At eToro, we’d argue there are three key lessons:
- Focus on capability and confidence: Like football, investing requires resources to build skills and confidence. Tailored, practical guidance can help first-time female investors overcome doubts and take the first step.
- Representation Matters. Successful female footballers have helped inspire the next generation. Visibility matters just as much in the investment world. Prominent female investors like Abigail Johnson, or Cathie Wood—show that finance isn’t gender-exclusive. Their stories inspire women to engage with investment portfolios, break stereotypes, and aim for financial independence. For our part, the eToro platform is about more than technology……it’s about community. The social aspect of the platform means that successful female investors like Heloise Greef, Neza Molk and Mimo Ho are highly visible allowing them to inspire the next generation by sharing their wisdom and experience.
- Invest in infrastructure. In women’s football, investment in world-class grassroots and elite-level facilities have underpinned the growth of the game. Similarly, friendly investment platforms like eToro mean that you don’t need to come armed with knowledge and wealth to get going. You can learn at your own pace and adopt an investment approach that aligns with your risk appetite.
Taking your next step
Taking the first step is often the hardest. Our advice to anyone interested in exploring the benefits of investing is to start by investing in building your own knowledge and consequently build confidence and capability on your terms:
- Sign up for a course. eToro courses are tailored for all skill levels, whether you are a complete novice, or work in finance you’ll find a course that meets your needs
- Start learning from people like you. Popular investors on eToro frequently share their expertise and wisdom. You can learn about their investment strategies, explore their track record and performance and even copy their trades
- Try risk-free trading. Learn about the markets and hone your trading skills at your own pace, with zero risk using the eToro demo account. Then, when you’re ready, you can easily switch to real investing.
eToro is a proud sponsor of both men’s and women’s Arsenal FC, Crystal Palace FC, Everton FC and West Ham FC.