We’ve talked about the gender imbalance in financial services for years. And while there’s been progress, the pace is glacial.
The latest Women in Personal Finance Survey, commissioned by the Women’s Wealth Alliance and conducted by YouGov, offers a timely reminder that we still have a long way to go, but also that the solutions are within reach.
The survey paints a largely positive picture of the sector for women who are already in it. Among the 540 respondents, 88% said their roles offered good job flexibility and 82% felt they had a healthy work-life balance. Encouragingly, 80% saw opportunities to develop in their current roles and 71% said they had no plans to leave the industry.
A staggering 84% of respondents said the biggest barrier to entry is the view that financial services is a male-dominated industry
These are strong indicators that financial services can be a great place for women to build lasting and fulfilling careers. But they also highlight a troubling disconnect: if the sector is so supportive, why aren’t more women joining?
Perception vs reality
The answer lies in perception. A staggering 84% of respondents said the biggest barrier to entry is the view that financial services is a male-dominated industry. Nearly half cited a lack of education or awareness among women about the sector, and 47% said women simply don’t see finance as a career for them.
This perception gap is particularly stark in financial planning. While 93% of women who’ve worked in the role would recommend it to others, more than half of those surveyed outside the role said they would not consider it.
Diversity is vital for the industry to challenge the outdated stereotypes. Financial advice is not just for older men in suits
That’s a huge, missed opportunity. Financial planning is a rewarding, people-focused profession that offers flexibility, autonomy and the chance to make a real difference in clients’ lives. But if women don’t see themselves reflected in the industry, or perhaps don’t even know the role exists, they’re unlikely to pursue it.
Representation matters
This is something I feel strongly about. I’ve spoken before about the importance of representation in the industry. Generally, people prefer to take advice from someone they can relate to, that they feel they can trust. And we know, thanks to previous surveys, that there is a distrust of financial advice among women, particularly in those aged over 55.
Diversity is vital for the industry to thrive and challenge the outdated stereotypes. Financial advice is not just for older men in suits; it’s for anyone who wants to help people achieve better financial outcomes and that includes women of all ages and backgrounds.
Amanda Cassidy: Volatility is inevitable, but panic doesn’t have to be
We need to show that. We need to make female role models more visible, highlight the breadth of career paths available and actively engage with schools, universities and career services to educate young people, especially girls and young women, about all the opportunities in financial services. We need to do a better job of showcasing the full spectrum of opportunities.
Turning data into action
The Women’s Wealth Alliance is taking steps to address these issues, including publishing a White Paper this autumn and engaging with regulators, qualification providers and government. Its data-led approach aligns with the FCA’s recent moves to track gender representation in advice firms, a promising sign that change is being taken seriously at the top.
But real progress will require more than policy. It demands cultural change, role-modelling, active mentorship and a commitment from firms to challenge bias and build inclusive environments.
This isn’t an issue of fairness or equal opportunities. It’s about building a profession that reflects the clients we serve
Education has a huge part to play here to encourage and attract more women into the profession, especially when it comes to reaching those who haven’t yet considered financial services as a career.
A future-fit profession
While important, this isn’t an issue of fairness or equal opportunities. It’s about building a profession that reflects the clients we serve. Women make up half the population and increasingly control more wealth. If our advice sector doesn’t reflect that, we risk missing the mark and missing the market.
We also risk missing out on talent. The survey shows that once women enter the sector, they thrive. They feel supported, they see opportunities and they want to stay.
That’s a powerful endorsement, and one we should be shouting from the rooftops.
Amanda Cassidy is managing director of Quilter Financial Advisers
