Sarah Thompson, Managing Director at Mortgage Scout

There are significant strides being made towards gender equality in the specialist finance industry – but also much of the journey still lies ahead.

The finance sector has historically been male-dominated, but recent statistics offer a glimmer of hope and a call to action for further progress. According to Statista, the share of female CEO positions in FTSE 100 companies in the UK is just 9%, and executive directors are 16.4%. The figures improve significantly for non-executive directors and board members at 46.4% and 40.5% respectively.

The increasing visibility of women in senior roles within organisations like Leader Romans Group (LRG), where 61% of the workforce are women, exemplifies the gradual shift towards a more balanced and inclusive environment. However, there is still an ongoing need to ensure this trend continues and accelerates.

In 2019, MP Penny Mordaunt published a paper called “Gender Equality at Every Stage: a Roadmap for Change”, in which she stated: “In the UK today, women are, on average, more likely to enter the workforce with higher qualifications than men, but earn less per hour. They are more likely to take on unpaid work, three times as likely to be working part-time and likely to save less into their private pensions”. Five years on from the publication of this paper, and we still see the same challenges for women.

So, what is the answer? Targeted recruitment, inclusive hiring practices, mentorship programmes, leadership training, and flexible working arrangements are just a few strategies that can help women’s career progression. Additionally, advocating for equal pay and opportunities and introducing supportive policies for women at different life stages are fundamental to creating a more equitable workplace.

Navigating a male-dominated industry remains a challenge for many women. Yet, by ensuring equality in job roles and descriptions, asserting the right to challenge disparities, and overcoming imposter syndrome, women can establish themselves as invaluable assets to their organisations. The role of mentorship and showcasing successful women as role models in senior positions — and not just in traditionally female board member roles such as marketing and HR — is essential to inspire and guide the next generation of female leaders.

Creating an inclusive society within the specialist finance industry requires a conscious effort to invest in women’s empowerment. This involves not only providing opportunities for professional development, but also recognising and celebrating the unique perspectives women bring to the workplace. As we see from the statistics, there is progress, but much work remains to be done to achieve true gender equality at the highest levels.