Employment in financial services is evenly split between men and women, with men accounting for 50.1% of all staff, and women for 49.9%
There are substantial differences in occupational composition and earnings. Women make up the bulk of the sector’s administrative workforce and are least represented in the highest-earning sub-sectors. Women also make up about 90% of the industry's part-time workforce.
Female full-time workers earn about 60% of the average male full-time worker's salary per hour, while female part-time workers earn less than two thirds (64%) of the average male part-time worker's salary per hour.
Employers in high value-added sectors, such as investment banking, are most active in attracting highly skilled women.
Sources: FSSC The Skills Bill: Analysis of skills needs in UK financial services 2007, Where Women Want to Work 2007, ONS Annual Survey of Hours and Earnings 2007 and ONS Labour Force Survey 2001, 2006 and 2007
The financial services sector’s ethnic profile is not dissimilar to that of the wider UK workforce. Across the sector, 8.4% of the workforce is from a black or ethnic minority group (BME), The industry has made progress in creating a diverse workforce, especially in those areas that were most homogeneous. Growth in the BME workforce over the last five years was most significant in the insurance sub-sector (22.2%).
Source: ONS Labour Force Survey 2001 and 2006
Due to its fast-paced and intense environment, the financial services sector has been and to some extent still is a younger industry than most: 26% of all staff are over 45 years of age, compared to 39% across industries. However, as employers, especially in smaller firms, struggle to find sufficient new talent and set up adequate succession strategies, older workers are beginning to make up an ever-larger share of the industry's workforce.
Source: ONS Labour Force Survey 2007