NUMBER OF WOMEN AMONG TOP EARNERS IN UK FINANCE HAS DECLINED SINCE PANDEMIC

Tue 28 May 2024:

Research from the London School of Economics and Political Science (LSE) has found that the proportion of women among the top earners in the UK’s financial and professional services sector has decreased since the COVID-19 pandemic. Between the first quarter of 2020 and the second quarter of 2023, women constituted 19.4 percent of the top 1 percent of earners, down from 19.7 percent in the three years leading up to the first quarter of 2020.

“The lack of progression of women to the most senior roles in financial and professional services is a major factor contributing to the gender pay gap,” said Grace Lordan, an associate professor at the LSE.

“We are going backwards but I am not surprised. For progress to be made, there needs to be a bigger shift towards recognising that diversity is good for business.”

Additionally, salary data from 21 top financial firms, reviewed by Reuters last month, revealed that women earn on average 28.8 percent less than men.

However, the LSE study, which used the government’s quarterly Labour Force Survey, also indicated an improvement for women within the top 10 percent of earners. Between the first quarter of 2020 and the second quarter of 2023, women represented 28.3 percent of this group, a 2.5 percent increase compared to the three-year period before the first quarter of 2020.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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