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Business News

Pay divide puts women 20% adrift


Women working in the UK financial services industry earned about 20 per cent less than their male colleagues last year, it emerged today. 

After taking into account experience, qualifications and different occupations within the industry, the average base salary picked up by female professions was about £14,800 lower than men’s, according to eFinancialCareers.

The disparity does not seem to have hit job satisfaction, with 43 per cent of women claiming they were happy with their base salary, slightly more than men at 40 per cent. However, 42 per cent of women said they were willing to change jobs with better prospects the main motivation for moving. 

James Bennett, global managing director at eFinancialCareers, said: “We would all like to think that the gender pay gap in financial services is narrowing. But male-female income disparity seems to persist.”

Experts said the figures were a reminder of the progress that still needed to be made. Lady Judge, one of the City’s best-known female directors, said: “I’m very surprised and disappointed to hear about these figures — especially given all of the serious work that is being done to smooth the way for women to have successful careers in the financial services industry.

“I’m hopeful the problem will be addressed very soon and that these figures will serve to highlight the work that still needs to be done.”