Gender pay gap in the financial sector in the United Kingdom (UK) - Statistics & Facts

As of April 2017, new legislation came in that meant all companies residing in the United Kingdom (UK) with 250 or more employees had to provide specific data in a bid for transparency in regards to the gender pay gap in their respective organizations. The aim of this new regulation was not only to push larger companies towards gender equality but perhaps shame specific organizations into closing the gender pay gap. In no sector is the need for positive and equal change more prevalent than in finance, which has the largest median pay gap of any sector with an embarrassing 31 percent.

The financial services industry employs approximately 405 thousand full and part-time female workers as compared to nearly 450 thousand men. As far as the population goes this is already a bad start as women outnumber men in the UK. So why was it that in 2017 the mean weekly gross earning of a woman was just over half of that of a male employee in the same industry?

Large banks are now required by law to publish their median and mean gender pay gaps, the proportion of men and women in each quartile of the pay structure as well as pay gaps in any bonuses paid out during the year in question. The gender pay gap is not to be confused with equal pay, but instead looks at all roles at all levels of an organization, rather than comparing pay received by men and women for the same role.

The figures overall paint a dark picture of the financial sector for equality and there is certainly room for vast improvement with women at HSBC bank plc earning a mean amount of 41 pence hourly for every one British pound a man makes. With that being said there still may be hope on the horizon. Major banks across the UK are setting themselves targets for the near future to close the gender gap at the very top of their organizations where the change is most drastically needed. For example, as of February 2018, Santander bank plc had only a 35 percent share of women in the top quartile of their company. They have set themselves the target of reaching 50 percent for women in senior management by 2021.

Interesting statistics

In the following 5 chapters, you will quickly find the 29 most important statistics relating to "Gender pay gap in UK financial sector".

Gender pay gap in banking in the United Kingdom (UK)

Dossier on the topic

All important statistics are prepared by our experts – available for direct download as PPT & PDF!

Important key figures

The most important key figures provide you with a compact summary of the topic of "Gender pay gap in UK financial sector" and take you straight to the corresponding statistics.

Gender gaps in bonuses

Gender distribution in the top quartile of leading UK banks

How much women earn at leading UK banks

Infographics on the topic

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