Research from EY and Innovate Finance has highlighted ‘barriers’ in the FinTech sector with female leaders being overlooked for senior positions within the industry.
The report, formed from the 120 finalists on the Women in Fintech Powerlist, highlighted that over one in four female leaders believed that unclear progression opportunities for promotions and a lack of recognition were holding back progress for the sector.
EY’s analysis indicated that the gender pay gap in the FinTech industry is as high as 22% with 17% of respondents from the Powerlist calling for regulation of the gender pay gap to help close the difference.
“The FinTech industry makes a huge contribution to the UK economy, creating jobs and driving innovation. With such a bright future ahead, tackling the gender pay gap and improving access to career opportunities should be a top priority for business leaders,” said Sheila Flavell CBE, Chief Operating Officer of FDM Group. “Key to addressing this issue is to broaden career and training programmes as well as working harder to retain female talent. By building a stronger, more diverse workforce, the FinTech industry will be better placed to represent the customers it serves for the long term.”