Lack of will for financial services to close gender gap

Julia Angrisano covid-19 Finance Sector Union gender gap

27 November 2020
| By Laura Dew |
image
image
expand image

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.

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

3 days ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 week ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 5 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

3 weeks ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

6 days 4 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

5 days 7 hours ago