I grew up in a family where traditional work stereotypes were ignored. My mother was the primary earner. Her mother had been the primary earner when she was growing up. I saw first-hand that being a highly competent female was not enough, even when my mother did become a significant success in her sector. She faced unequal pay (with the publicly stated expectation that she would leave anyway), faced extreme tokenisation (always the ‘only’ and forever rolled out to greet international guests or senior management from other firms) and felt compelled to live a double life in which her three children didn’t actually exist…
She was so busy advocating for herself that the concepts of glass ceilings, societal norms or fighting for gender equality were all very far from her mind.
Roll forward, and we’re nearing the end of Q1 in this century, and while technology allows financial transactions to happen faster than a coffee order, one thing still seems to be lagging: gender diversity in the UK’s financial services industry. Despite the overwhelming evidence of the benefits that bold, talented women bring to the table, the sector hesitates to fully harness their potential. Why is that?
I’ve spoken about this for decades — from BigTech and FinTech forums to transformation panels — and yet, I come back to the same three questions:
- Why aren’t we executing on gender diversity for the benefit of our businesses and our staff?
- Why aren’t we using the labels positively attributed to men in the same way for women (and vice versa)?
And, perhaps more crucially:
- How might we…?
Is Gender Diversity Still a Recruitment Problem?
Many companies tout their diversity initiatives, claiming they have processes in place to recruit more women into the sector. However, a glance at the upper echelons of leadership still reveals a significant imbalance. The question isn’t whether talented women exist — they certainly do — but why aren’t they making it to the top?
Job descriptions are often filled with masculine-coded language, and many recruitment processes still rely heavily on traditional networks that are dominated by men. The result? Bold women who could be driving innovation in the financial services industry are being left out of the conversation from the start. While recruitment remains an issue, it’s only part of the larger puzzle. According to McKinsey, women hold only 25% of senior leadership roles in the financial services industry, a statistic that has barely shifted over the past decade.
The Talent Pipeline Conundrum
We’ve all heard of the “leaky pipeline,” where women leave the industry at increasing rates as they rise through the ranks. Entry-level roles in finance often show a healthy gender balance, but by the time we reach senior management, the number of women plummets. The issue isn’t a lack of ability but rather a persistent glass ceiling.
Bold women — those who speak up, take (appropriate) risks, and drive change — often find themselves in environments that fail to nurture their potential. Worse, they see their peers promoted while they remain stagnant. According to yet another recent FCA report, companies with diverse leadership achieve greater success, yet many fail to act on this knowledge, leaving their talent pipeline broken.
Mums and Returners in Financial Services: A Missed Opportunity
A particular group that faces unique challenges within this broken pipeline is mothers and primary carers. Women who choose to have children frequently find their careers derailed, or at best, paused indefinitely. The MotherBoard’s Reality of Mums in Tech report highlights that over 58% of women consider leaving their jobs after returning from maternity leave. Many feel their career progression stalls, with 54% reporting that having children negatively impacted their professional trajectory.
Moreover, unconscious biases still dominate the narrative. A staggering 40% of women felt their careers were held back during pregnancy, while 47% reported feeling less valued after returning to work. This not only hampers individual career development but also keeps businesses from accessing an invaluable segment of the workforce — bold, capable women who can balance both leadership and motherhood, provided the right support.
Bias or Blind Spots?
Let’s talk about bias. Whether conscious or unconscious, gender bias continues to cast a very long shadow over the sector. Women who are still willing and able to challenge the status quo are often seen as “difficult” or “disruptive” in cultures that prioritize tradition over innovation or prefer acquiescence to the HiPPO in the room. But disruption is precisely what’s needed to stay competitive in today’s rapidly evolving financial landscape, albeit recognising a regulated business has guardrails for a reason!
In fact, a report from the World Economic Forum noted that women are uniquely positioned to revolutionize financial markets by bringing fresh perspectives on sustainability, governance, and innovation. Yet, companies remain hesitant to fully integrate these diverse views, allowing outdated biases or a ‘don’t rock the boat’ mentality to stifle progress.
The Language of Labels: A Hidden Barrier
One of the most subtle but powerful barriers to gender diversity in financial services is the language used to describe men and women in the workplace. While men are often labelled as “assertive” or “decisive,” women displaying the same behaviours are frequently labelled “difficult” or “bossy.” These labels are not just words; they carry significant implications for how individuals are perceived and treated in professional environments.
A study on workplace bias found that men are positively reinforced for leadership traits like confidence and assertiveness, while women exhibiting the same traits are often criticized. This double standard can create a hostile environment for bold women who are simply exercising the qualities that drive success in the industry.
Moreover, the practice of labelling people can reduce them to stereotypes, leaving little room for nuance or individuality. Women, particularly those in leadership roles, face this obstacle regularly. Instead of being celebrated for their innovation and boldness, they are pigeonholed into negative stereotypes that hinder their advancement – you only need to read this recent New York Times article on Kamala Harris to understand the tightrope every woman is asked to walk.
Note – This is not to say that businesses should accept inappropriate behaviour or aggression from any employee, but if they want to truly embrace diversity, they must be conscious of the language they use, ensuring that it uplifts rather than diminishes women’s contributions.
Time for Bold Action
So, what’s the call to action? The message is clear: companies can no longer afford to merely talk about gender diversity — we need to #WalkTheTalk (shoutout to Nadia Edwards-Dashti).
Leaders in financial services must go beyond token efforts and consciously build environments where all women, including mothers, are encouraged to thrive.
As someone who has spent decades advocating for transformation in this space, my advice is simple: the future of finance is diverse, and the sooner businesses realize this, the sooner they will reap the rewards. Bold women are out there – ready and waiting. Are you ready to leap?
Quoting Leda Glyptis (who inspired this post with her #LedaWrites article):
You either make [the choice for active inclusion and diversity] every day of your life, no matter what you look like, for everyone, or you are part of the problem.
So, what’s your next move?
This is not a time for caution—it’s a time for boldness.
2025 can be the year that your company truly embraces gender diversity, not just as a feel-good initiative or singular ‘International Women’s Day’ initiative, but as a strategic imperative.
Take that step: innovate your leadership, invest and engage with bold women, and watch your business soar.
If this is a concern for you, drop us a line. We can accelerate your path to success.