It's very possible that you know a woman who wasn't allowed to get a credit card on her own at one point in her life. 

Answer: 1974 with the passage of the Equal Credit Opportunity Act of 1974, which “prohibits discrimination on the basis of race, color, religion, national origin, sex, marital status, or age in credit transactions.” 

Questions:

• Were you surprised at how recently women were unable to get credit cards on their own (someone who was 18 in 1974 would only be 67 in 2023)? Why or why not?
• Why do you think it took until 1974 for women to apply for a credit card without a co-signer? 
• What do you think has changed since 1974 as it pertains to women's participation in finance? 

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (Bankrate):

"After widespread complaints from women about unfair gender-based lending practices, legislation was introduced and passed into law. In 1974, the Fair Credit Opportunity Act made it illegal for any financial institution to discriminate against applicants based on their religion, race, national origin — and gender. Lenders were no longer able to ask applicants about their marital status, except in states with “community property” laws on the books."

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Looking for more credit resources and activities? Check out the Types of Credit unit!

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About the Author

Ryan Wood

Ryan is the Partnerships and Adoption Manager for Next Gen Personal Finance’s midwest region. He brings his experience as a former teacher, curriculum designer, and sales and marketing professional to state organizations and school districts in supporting the implementation of their personal financial education efforts. He graduated from the University of Wisconsin-Green Bay and earned his teaching credential from Saint Mary’s University in Winona, Minnesota. He proudly taught at two rural high schools in Wisconsin before transitioning to curriculum design at NGPF, and is now excited to be on the front lines in delivering the best possible financial education in the midwest. He and his wife have three beautiful daughters, each of which inspire him to share the impact of being sound financial stewards both at home and as lifelong learners.

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