39% of female financial services staff believe they receive a fair salary

Pay increase-pay gap

Less than one in four (39%) of female employee respondents in financial services believe that they receive a fair salary for the work they are doing, according to research by the Association of Accounting Technicians (AAT).

Its survey of 1,001 male employees and 1,000 female employees working in finance roles or the financial services sector, also found that almost half (49%) of male respondents feel that their salary is fair remuneration for the job they perform.

The research also found that:

  • 18% of female respondents have asked for a pay rise over the last 12 months, compared to 26% of male respondents.
  • Almost half (47%) of male respondents have received a pay rise in the last year, compared to 40% of female respondents.
  • More than a quarter (28%) of male respondents want to earn a further £10,000 or more on top of their annual salary, compared to 14% of female respondents.
  • On average, female respondents feel they should be receiving £6,854 a year on top of their current salary, and male respondents believe they deserve an extra £11,964 a year on average.
  • Less than two-thirds (61%) of male respondents believe men and women performing the same job in their organisation are paid equally. This compares to 47% of female respondents.
  • More than half (58%) of respondents think that the key reason why men and women are not paid equally for doing the same job is because men have historically been paid more, 32% believe that it is because the majority of those deciding on salary increases are men, and 28% cite a persistent ‘old boys’ mentality.

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Olivia Hill, chief HR officer at AAT, said: “These latest figures suggest that men working in finance are far more positive about their worth and value in the workplace, and subsequently are more confident of asking for a pay rise, which many are receiving.

“Women need to feel more empowered to redress the balance and ensure they are receiving fair recompense for the hours they put in at the office. The finance sector needs to consider equality and diversity in more depth if it is to continue to attract the best talent.”