The 18th century bank that gave women and children a future | The Story of Money

Priscilla Wakefield was a Quaker, writer and social reformer who believed financial security shouldn’t be reserved for the wealthy. Living in late 18th- and early 19th-century England, she founded the country’s first penny savings bank, giving working women and children a safe place to save. Victoria Bateman, author of Economica: A Global History of Women, Wealth and Power, tells hosts Gillian Tett and Robin Wigglesworth about Wakefield’s life, her ideas and how a simple concept—saving small sums—helped spark a quiet revolution in financial inclusion, with lessons for today. But that didn’t stop Wakefield from running into financial problems of her own. Further reading: Economica: A global history of women, wealth and power, by Victoria Bateman Credits: Cambridge Library Collection, National Portrait Gallery, Disruption Worthies, National Park Service, Hollinger & Rockey, Reflections on the present condition of the female sex; with suggestions for its improvement, To enjoy future episodes, be sure to subscribe to The Story of Money wherever you get your podcasts, also on the show's dedicated YouTube channel here: / @ftthestoryofmoney Hosts: Gillian Tett and Robin Wigglesworth Producers: Lulu Smyth and Laurence Knight Executive Producers: Flo Phillips and Manuela Saragosa Original music: Breen Turner Broadcast engineers: Bianca Wakeman and Petros Giuompasis Podcast Development: Laura Clarke Video editor: Kristen Kenyon and Josh Divney at Podcast Discovery Learn more at www.ft.com/tsom or get in touch at [email protected]. 0:00 - Intro 0:46 - Setting the stage: London in 1798 and financial inequality 2:28 - Priscilla Wakefield creates the first women and children’s bank 4:20 - Why women are missing from economic history 5:40 - Britain’s industrial and financial revolution explained 8:11 - Priscilla Wakefield’s Quaker upbringing and social mission 9:12 - The myth of women as housewives and women’s work opportunities 10:45 - Women locked out of banking and the need for savings 12:26 - Wakefield’s success as a writer and educator 15:24 - Founding the Tottenham Penny Savings Bank 16:20 - How the first women’s savings bank operated 17:37 - Britain’s bond market and the rise of modern finance 19:02 - How Wakefield invested deposits and paid 5% interest 20:02 - Penny savings and the early lessons of financial literacy 21:10 - Wakefield’s charity model and the origins of microfinance 22:18 - The orphan girl who became the bank’s first customer 24:37 - The bank’s rapid success and expansion to men 27:14 - Penny banks spread across Britain and Wakefield’s forgotten legacy 28:54 - Wakefield’s pension scheme and broader reforms for women 31:19 - American pioneers: Maggie L. Walker and Hetty Green 34:19 - Wakefield’s feminist economic writings and women in commerce 37:33 - Modern parallels: women’s financial rights today 38:12 - Family financial troubles and Wakefield’s later struggles 39:31 - Wakefield’s time in a notorious madhouse 41:16 - Her final years and legacy 43:13 - Financial inclusion in developing economies today 45:32 - Lessons from Priscilla Wakefield and women in economic history