UK finance sector mocks gender equality

by Gill Montia

Story link: UK finance sector mocks gender equality

A report from the Equality and Human Rights Commission claims that women working in the UK financial services industry earn up to 60% less than men.

According to research, the number of men and women employed in the sector is roughly equal but the pay gap between genders is more than twice the national average.

In addition, when it comes to annual incentive pay for full-time workers the gap widens to 79%.

The discrepancy is at its worst for women working in fund management, stockbroking and futures trading.

The report also reveals that 70% of men employed in financial services earned over £29,400 in 2007/8; for women the situation is reversed with 70% earning less than £29,500.

Other highlights of the study include a claim that only 28% of people working in professional occupations in the finance sector are women, compared with 42% in the economy as a whole.

Furthermore, 11% of senior managers are women, compared with 28% in the economy as a whole.

The Commission’s chairman, Trevor Phillips, has called the statistics “shocking” and warns that the industry is losing out on women’s talents.

He adds that this is “something we can ill afford in these troubled times”.