4 In 10 Women Think Financial Services Is Still A Boys’ Club – Is The Industry Changing Fast Enough?

A recent study conducted by payabl. in collaboration with the European Women Payments Network (EWPN) highlights ongoing gender disparities in the financial services sector. The survey, which included 2,000 UK adults, reveals that 40% of women feel the industry still favors men, while only 28% of men share this view.

Data indicates that a mere 13% of companies have a female CEO, and only 21% of leadership teams consist of at least 50% women. Overall, women hold 30% of management positions. The presence of female role models is seen as influential, with 69% of women stating that visible female leaders in STEM could encourage more women and girls to pursue these careers.

Equitable pay remains a challenge, as fewer than 40% of respondents believe women receive equal pay. Similarly, only 31% feel women receive equivalent financial recognition for their work. Regarding career advancement, 34% of women perceive that male colleagues are promoted more quickly, and over half of women in STEM roles (55%) report facing significant barriers in career progression.

Informal networks also present challenges, with 53% of men believing in equal networking opportunities, compared to just 35% of women. Additionally, more men than women feel comfortable participating in out-of-office activities, like sporting events and networking gatherings. Childcare responsibilities are cited by 29% of women as a barrier to participation.

EWPN ambassadors stress that progress must be measurable and integrated into business practices. Hiring should be talent-based, and leadership accountability is essential. As noted by Ruta Kairyte, EWPN Country Ambassador for Lithuania, discussions should be realigned to demonstrate the business benefits of diversity and equality.

Based on reporting by techround.co.uk.