Women are rewriting the narrative of financial dynamics within families, particularly in the UK. According to recent research by Charles Stanley, 49% of female business owners are the sole or primary breadwinners in their families. This marks a significant shift in traditional gender roles, yet it also highlights the weighty responsibility women continue to carry – both financially and emotionally.

The data reveals that a quarter (25%) of female business owners are the sole breadwinners, while another 24% are the primary contributors. In contrast, 26% share financial responsibilities equally with their partners, and only 14% report that their partners are the sole or primary breadwinners.

This shift reflects the broader progress women are making in entrepreneurship. In 2022 alone, UK women established over 150,000 new businesses – more than double the number in 2018. Yet, despite these achievements, only 1 in 3 entrepreneurs in the UK is female, leaving a gender gap equivalent to 1.1 million missing businesses.

Female Breadwinners Balancing Success and Responsibility

While women are proud of their roles as breadwinners (53%), the added responsibility is not without its challenges. Feelings of exhaustion (16%), pressure (16%), anxiety (14%), and even guilt (5%) are common, according to the Charles Stanley report.

This aligns with research conducted by Bright Horizons Family Solutions, which underscores the ‘mental load’ many working mothers carry. A staggering 86% of working mothers report handling all household and family responsibilities alongside their professional roles. This includes planning children’s schedules, cooking, cleaning, and managing extracurricular activities. The result? Burnout and a lack of self-care.

One working mum shared her experience: “My weekends were filled with grading papers, cleaning, meal prep, and squeezing in family time. Sleeping was difficult. My head would rest on the pillow, but the to-do list kept my eyes wide open.”

The Emotional Burden of the Female Breadwinner Role

Being a breadwinner is not just about bringing home a pay check – it also entails emotional labour. Women not only manage their family’s financial future but also carry the weight of ensuring everything runs smoothly at home. Despite their financial contributions, societal expectations around caregiving remain disproportionately skewed toward women.

The Bright Horizons study also found that 72% of mothers feel it is their responsibility to stay on top of their children’s schedules, and 63% have missed work to care for a sick child. In contrast, fathers expressed a desire to take on more family responsibilities but reported feeling judged at work for doing so.

Female Breadwinners Turning to Financial Advice

The Charles Stanley study revealed key differences in how women approach financial decision-making, depending on whether it pertains to personal or professional finances.

For personal matters, women most commonly turn to their partners (42%), followed by financial advisers (27%) and parents (26%). In contrast, for professional financial decisions, women in business rely more heavily on financial advisers (37%), accountants (32%), and business partners (18%). These findings highlight the critical need for tailored financial advice and support systems to help women effectively navigate their dual roles in personal and professional spheres.

Commenting on the research, Financial Planner at Charles Stanley, Mia Kahrimanovic said: “Female breadwinners in the family demonstrate a real shift of dynamics when it comes to thinking about family financial affairs. The more ‘traditional’ view of how earnings and roles are balanced between partners is outdated, and more women are not only becoming more financially independent, but also taking the lead when it comes to supporting the family financially. Particularly when we think that women make up 49% of the workforce, this shift also highlights the importance of engaging women in financial advice and planning.

“This shift in dynamic is not just reserved for business owners though. Women across the country are playing a bigger role when it comes to financial decisions and independence, which will have a significant impact on how the next generation views their finances. To support them, it’s vital that we have systems in place to help women get what they want and need to meet their financial aspirations.”

Kahrimanovic emphasises the need for robust support systems, including government policies such as expanded childcare and access to financial planning services, to ensure women can achieve their professional and personal goals.

She added: “Whether societally, such as the Chancellor’s Budget expanding the amount of government funded childcare available to encourage women to stay and return to work, or financially, via financial advisers and wealth managers, these will all play an important part for women to ensure they have the right planning in place to meet their professional and personal goals.”

Closing the Gender Gap

Women are undoubtedly making strides in breaking barriers in the workplace and as entrepreneurs. However, the burden of household responsibilities and the ‘mental load’ of caregiving remain disproportionately on their shoulders.

To truly close the gender gap, both in the workplace and at home, societal norms must evolve. Employers can play a critical role by normalising family flexibility and encouraging shared responsibilities between parents. Partners, too, must step up to balance the scales within the household.

As more women step into breadwinner roles, their success should not come at the cost of their wellbeing. True equality means sharing not only financial burdens but also the emotional and logistical responsibilities of running a household. This generation of women is proving that they can do it all – but it’s high time they didn’t have to.