Almost all women who work in financial planning would recommend their role to other women but only 36% of women outside the sector would consider financial planning, according to a recent survey.
The Women in Personal Finance Survey, commissioned by the Women’s Wealth Alliance, found 93% of women in financial planning roles would endorse a career in the sector while 56% of women of who have not worked in similar roles said they would not consider it.
The personal finance sector being perceived as male-dominated was cited as the biggest barrier to more women entering the personal finance sector (84%) while 49% believe there is a lack of education of the sector among women.
Chair of the Women’s Wealth Alliance Vanessa Barnes was sanguine on the overall results but was keen to explore the disconnect between women inside and outside the industry.
“The Women’s Wealth Alliance strongly believes data-led responses are vital to attracting and advancing more women within personal finance,” she said. “This is echoed by the FCA’s latest data request, where it has added questions on percentages of women in specific roles and of female clients, in recognition that we need an advice sector that is representative of the clients it serves.
“Although this research was initially aimed at women in personal finance, it’s really important that the sector acknowledges that this data is not just relevant to the development of women’s careers but shines a light on the huge value of a diverse, healthy and future-fit personal finance profession that can respond to the government’s growth objectives.”
A white paper will be published in the Autumn reviewing the data in-depth, with qualitative research taking place over the summer.
The WWA, a working group of independent professional body the Consumer Duty Alliance, will be appointing a board, as well as engaging with government, the regulator, qualification providers and a range of other working groups across the sector to help develop strategies to attract and advance more women within personal finance careers.
