Industry still a 'bastion of male dominance'

  • feed
  • Google+
by |
Despite widespread calls to improve the participation of women in financial services, only 35% of  workers in the sector believe their firm has a gender diversity program in place, 

An eFinancialCareers Diversity Survey which polled  309 employed finance professionals living in Australia found that the demand for gender diversity programs is as strong as ever, with nearly two thirds (64%) of financial services workers believing gender discrimination exists within the industry.

Women were even more definite, with 84% saying gender discrimination does occur, and nearly 39% claiming they have experienced it personally in the past. Nine per cent say they currently feel discriminated against.

eFinanceCareers managing director Asia Pacific, George McFerran, says gender discrimination is still a very real issue for financial services.

“If firms want to attract women in greater numbers, they can’t continue in this way. Women are clearly saying they want to see gender diversity programs in place, and those programs are seen as very attractive in an employer.”

Male-female income disparity still appears to be rife in Australia’s financial services, with 56% agreeing there is a gender gap in income in the industry.

McFerran says that, considering the contribution women make to financial services, these results show too many Australian firms are "missing a trick" communicating clear gender diversity policies to their workers and potential employees.

“Financial services have traditionally been a bastion of male dominance, so it’s essential for firms to have clear, established gender diversity policies in place for the entire industry to move forward and become a more attractive proposition for women to work in.”
  • Carlos on 12/01/2013 6:39:19 PM

    There are two sides to this story. Charging people with low cridet higher rates enables companies to charge people with better cridet lower rates. Since there is a statistical relationship between poor cridet and accidents, it makes sense to charge more. There are companies that do not run cridet. You can ask when you get a quote. Those companies are a bad deal to people with good cridet, but a good deal to people with bad cridet (or any of the other factors). Actuaries, who figure out how to set up risk pools in insurance, have to strike a balance between polocies that enable companies to differentiate between different types of drivers and polocies that will drive to many people away. As a result, different companies set up different risk pools. This is why insurance rates differ so drastically from company to company. I once asked for several quotes and found out the my premium would be 400$ higher at some places. This is because of risk pooling.In the end, I like existing policy because it means that good deals are out there. Under a pure driving record system, insurance rates would be similiar accross the board. This would make it eaiser to shop for insurance, but harder to find good deals.

Australian Broker forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Name (required)
Comment (required)
By submitting, I agree to the Terms & Conditions