A new survey by the Women’s Wealth Alliance has laid bare the barriers that prevent more women entering the personal finance sector, despite strong support for the industry from female financial planners.
The ‘Women in Personal Finance’ survey found 93% of women surveyed who are currently or have previously been in the financial planning role would recommend it to other women, however, only 36% of women said they would consider it in the future.
This is despite female financial planners highlighting high levels of career support, development and flexibility across the sector.
More than eight in 10 (86%) women who are currently working in, or have previously worked in personal finance roles said they felt supported by their colleagues, while 79% said they felt supported by the company they worked for and 74% by their manager.
Furthermore, 88% of women surveyed currently working in the personal finance sector reported that there is a great deal/fair amount of job flexibility in their role and similarly, the majority (82%) think that they have a good work-life balance.
Four in five (80%) women also said there was opportunity to progress within their current role and 71% said they have no plans to leave the personal finance sector.
However, the survey found that this positive outlook does not extend to those working outside the industry, with 56% stating that they would not consider financial planning in their future career.
The belief that personal finance is seen as a male dominated sector was cited as the biggest barrier preventing more women from entering the sector (84%), followed by a lack of education/knowledge of the sector amongst women (49%). A similar proportion (47%) also said women do not think a career in finance is for them.
Vanessa Barnes, chair of the Women’s Wealth Alliance, said: “We are really pleased to see such positive overall results, in terms of how women across a wide range of roles experience the personal finance sector as a great place to succeed and feel supported in their careers.
“This is particularly evidenced by the strong endorsement of the financial planning role for women, yet over half of those outside this role said they would not consider it, so it will be interesting to explore this disconnect in more detail.”
Barnes said data-led responses are vital to attracting and advancing more women within personal finance.
“Although this research was initially aimed at women in personal finance, it’s really important that the sector acknowledges that this data is not just relevant to the development of women’s careers but shines a light on the huge value of a diverse, healthy and future-fit personal finance profession that can respond to the Government’s growth objectives,” she added.
A White Paper will be published in the autumn, offering an in-depth review of the data and qualitative research taking place over the summer, including case studies and mapping out future workstreams and recommendations.
The WWA will also be appointing a board, as well as engaging with government, the regulator, qualification providers and a range of other working groups across the sector to help develop meaningful strategies to attract and advance more women within personal finance careers.
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