It is widely known that there are many industries today in which women are still falling far behind men in terms of taking top professional roles. One of these industries is the financial sector; while the volume of new recruits is almost equal across genders, this sector is one which is heavily dominated by men as you look further up the corporate ladder.
Less than 10% of global senior roles in private equity are currently held by women and less than 5% are partners in venture capital films. Some more statistics for women in finance in the UK can be seen in the embedded infographic.
With so few women making it up the ranks, Women’s World Banking has begun researching the reasons behind this. The UN’s Sustainable Development Goals, which are targeted for 2030, include the economic empowerment of women through greater inclusion in leading financial positions.
Jeremy Cole, Red Rose co-founder, works within the financial sector and has a keen professional interest in the role of women in finance; he recently established Bixie, a new Fintech start-up – with Jerry Cole serving as Director – that is on a mission to empower women to know and grow their worth.
Determinants of Women’s Financial Inclusion
Income, education and age have been identified by Women’s World Banking as the leading determinants in female financial inclusion around the world. The rise in digital channels has altered the landscape in recent years.
Previously, physical proximity to a banking location would have been a leading factor. Today, internet access precludes the requirement to be geographically close to a bank to access financial services.
The short video attachment looks at the current state of the digital gender gap.
Determinants of Women’s Economic Empowerment
There are many external influencers on women’s economic empowerment around the world. Women’s World Banking focused on the three main areas of influence: policy interventions, social norms and infrastructure.
In terms of policy interventions, it was found that women’s economic empowerment is directly linked to factors such as childcare provision and land rights.
In terms of social norms, attitudes towards violence and labour force participation in relation to the female half of the population have severely limited female economic empowerment.
Infrastructure is improving, with even some of the very poorest communities in the world now having access to electricity. Electrification plays a key role in empowering women economically.
The PDF attachment to this post looks at some expert advice for women looking to make it to the top in the financial sector.
