Intelligent Advisor
Industry Needs to Step Up Opportunities for Women

Industry Needs to Step Up Opportunities for Women

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The financial services industry still has a woman problem, even as a new generation is entering the industry. According to a recent PricewaterhouseCoopers survey, half of millennial women felt that promotions in the financial services industry are biased toward men.

Among female millennial employees, career progression was listed as the most important attribute in an employer. And yet a third of those surveyed cited a lack of growth opportunities as the primary reason they left their last job.

Meanwhile, only about 20 percent of millennial guys thought promotions are bias towards men, which PwC says suggests an unconscious bias. Overall, millennial women in financial services see a deep disconnect between intentions and actions, with nearly three quarters feeling that, despite talk of the importance of diversity, realistic opportunities are not equally accessible for all.

After opportunities for advancement, millennial women cite pay as the second-most important aspect in an employer, followed by good benefit packages. Interestingly, 72 percent of female millennials in financial services earn the same or more if they are in a dual-income relationship. 

PwC surveyed 600 millennial women (born between 1980 and 1995) from around the world working in financial services, which includes banking, capital markets, insurance and asset management firms. 

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