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Mean gender pay gap in the financial and insurance sector in the UK 2019

Published by F. Norrestad, Nov 16, 2020
This statistic presents the mean gender pay gap in the financial and insurance sector in the United Kingdom (UK) in 2019, by subsector. As of 2019, the mean gender pay gap in the Activities auxiliary to financial services and insurance activities was approximately 31.9 percent. This meant that on average male employed in the financial service activities sector earned almost 32 percent more than a female employee.

Mean gender pay gap of full time employees in the financial and insurance sector in the United Kingdom (UK) in 2019*, by subsector

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Source

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Release date

October 2019

Region

United Kingdom

Survey time period

2019

Supplementary notes

* Gender pay gap (GPG) - calculated as the difference between average hourly earnings (excluding overtime) of men and women as a proportion of average hourly earnings (excluding overtime) of men. For example, a 4% GPG denotes that women earn 4% less, on average, than men. Conversely, a -4% GPG denotes that women earn 4% more, on average, than men.

** Mean - a measure of the average which is derived by summing the values for a given sample, and then dividing the sum by the number of observations (i.e. jobs) in the sample. In earnings distributions, the mean can be disproportionately influenced by a relatively small number of high-paying jobs.

The source provides further information: "ASHE is based on a 1% sample of employee jobs taken from HM Revenue and Customs (HMRC) Pay As You Earn (PAYE) records. Information on earnings and hours is obtained from employers and treated confidentially. ASHE does not cover the self-employed nor does it cover employees not paid during the reference period."
*** Estimates are considered reasonable quality

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