Women shortchanged by £32m a year in financial services

The gender pay gap in the financial services sector is continuing to widen, a new survey suggests.

Research by recruitment consultancy Robert Half Finance & Accounting  reveals that women earned, on average, £11,660 less than their male counterparts. This represents a jump of £2,000 from the previous year’s figures.

When measured across the total number of women in finance, put at 2,720 by the National Statistics Labour Market Survey, the figure comes to £31.7m.

The survey attracted responses from 1,181 finance professionals across the UK.

David Jones, managing director of Robert Half Finance & Accounting, said: “While the number of women in management roles is increasing, these figures suggest there remains an inadvertent discrimination in setting male and female salaries.

“Companies must examine why female workers are not reaching higher pay brackets. In some instances it may be that women are being financially penalised for taking time out of work to care for children or elderly relatives. Managers must recognise diversity and provide flexible working options that accommodate the needs of both men and women.”

The survey also reveals that year-on-year increases continue to be higher for men. The survey shows that while both men’s and women’s salaries are increasing; the rate of increase for men is proportionally higher at 5.79%, compared to only 2.08% for women.

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