Men in fintech significantly more positive about gender diversity than women

A new study of fintech shows men significantly more likely to think progress has been made on gender diversity, while another on financial services suggests the rate of promotion of women to senior management level means gender parity will not be achieved in this generation.

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Men are significantly more positive  than women about fintech’s diversity and inclusion performance, which could make it harder to achieve greater equality, a new report has found.

Nevertheless, the study, based on a survey of 240 industry participants, six virtual focus groups and a roundtable of 15 senior executives, found senior executives understand the importance of gender diversity and inclusive cultures.

The research by Innovate Finance and EY found firms founded and led by females reported still have less access to equity and debt funding than those founded and led by males, but they attract a higher proportion of women employees, showing the need for positive role models.

The report also found that female employees say they are less likely than men to negotiate salary and bonuses when joining a new organisation, which the report says contributes to the gender pay gap.

Meanwhile, a report from Fox & Partners has found that women make up less than a quarter of senior level promotions in financial services firms. Of the 5,815 senior level promotions and hires that took place in the financial services sector in the last year, just 1,365 were women (24%), it says.

Despite some progress, Fox & Partners’ partner Catriona Watt suggests that significant cultural changes are required to improve gender diversity within senior levels in the financial services sector. She stated: “The percentage of new senior managers that are women will have to increase dramatically, or it is doubtful that we will reach gender parity at the senior level in this generation.”

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