Lack of will for financial services to close gender gap

It is “morally corrupt” that financial services continues to maintain the highest gender pay gap, according to the Finance Sector Union, at 21.2%.

There had been a small decline of 0.7% during the COVID-19 pandemic but it remained above 20%, rising to 27.5% when bonuses and other discretionary pay was included.

The organisation said women had been disproportionately affected in the pandemic as they had lost more jobs and more hours than men while others had stepped up at their own personal risk to provide essential work in retail banks.  

This was on top of existing gender imbalances such as smaller superannuation balances for women and smaller bonuses.

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There was also minimal impetus by companies to close the gap with 6% fewer companies reporting that they were taking action, compared to previous surveys.

Julia Angrisano, national secretary for the Finance Sector Union, said: “Closing the pay gap is not difficult. It is a matter of having the will, establishing priorities, and making a plan.

“It is morally corrupt that the finance industry, with their very deep pockets keeps winning the prize for the largest gender pay gap. Our economy can’t wait until 2050 for the pay gap to close, we need employers to step up and do the right thing for their workers, and the economy.”

The figures follows news last week that four asset managers had failed to achieve the 30% target of female directors on their company boards.