Women in financial services

This year is the 100th anniversary since UK women won the right to vote. But, since then, we have not moved as fast as some other countries to address the differences in how men and women are treated.

It was 1963 when John F Kennedy signed the United States Equal Pay Act, making it illegal to pay men and women different salaries for similar work in the same place.

However, recent research shows that UK women working full-time are still paid less than men in 90% of sectors, with those working in financial and insurance sectors among the worst affected. (Source: UK Commission for Employment and Skills 17 November 2015.)

Theresa May has tried to redress the balance in her last cabinet reshuffle. Of the 13 new politicians on the Government payroll, eight were women and four were black or minority ethnic (BME). She hailed a Government that “looks more like the country it serves”. Surely all industries and boards should look more like the country they help?

Impact on financial services

Financial services is a sector that is traditionally male-dominated, and many people feel that more females are needed.

In financial services, women comprise just 14% of executive committees, even though 66% of new recruits are female. (Source: Daily Telegraph 22 March 2016.)

The Government is trying to support women working in the finance sector by introducing the financial charter that asks companies to pledge to set internal targets for women in senior management, and to publish progress reports.

This is a subject very close to my heart since I run an advice company with all female advisers – although two of our administrators are male.

Studies have shown that women are the main breadwinners in 56% of households across the country. (Source: Real business 7 Jan 2016.)

Surely, women should have the option to have someone of the same gender to advise them?

At Monetary Solutions Ltd, you can book a free initial consultation about any financial matters, so please call us on 020 8655 8488.

Allowances, limits and thresholds correct at the time of writing, but are subject to change in the future. Please confirm the current position before taking any action

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