If there was a chart that ranked gender imbalance in terms of sector, finance would certainly be up there high on the list.
Plagued with negative headlines around pay disparity, lack of representation in executive roles and male domination in the industry generally – it’s perhaps not the best career advert for women considering a career in financial services.
If we look at salaries alone, the latest data released by UK banks shows that the average pay gap ranges between 31 per cent and 61 per cent. A massive disproportion, suggesting more of a gulf than a gap. The different institutions cite several key reasons for the disparity, such as structural issues across the workforce, as fewer women are in leadership positions, which inevitably come with bigger salaries.
Despite the undesirable statistics, we are not here to do a hatchet job on this highly successful sector. We have seen first-hand that there is a deep determination in our great financial institutions to tackle this challenge head on. Many of the UK’s national banks are working tirelessly behind the scenes to fight for gender equality. The battle for women in finance is underway and now is the time to shatter the glass ceiling once and for all.