A disproportionate number of senior roles in our industry are occupied by those from wealthy backgrounds.
The Bridge Group’s report ‘Who Gets Ahead and How’ shows that across the economy, 52% of UK CEOs come from professional backgrounds – as defined by parental occupation at age 14. In financial services, this figure rises to 89%, putting the industry significantly out of touch with the communities it serves. This compares to 37% of the UK’s working population.
As data collection grows, so will our understanding of the extent of the problem. However, we know for certain that by failing to address socio-economic diversity and social mobility, our industry risks missing out on the valuable perspectives and potential of a vast section of the society it seeks to serve.
Socio-economic diversity is lacking in the finance industry, particularly in front office and senior roles. By helping Inclusion in Finance’s member firms to tackle social mobility and address the benefits of less visible aspects of diversity, we aim to make the industry more inclusive and more considered when valuing and harnessing diverse talent.
Our objectives are:
1/ DATA – Make meaningful progress in increasing the number of member firms collecting socio-economic data
2/ REWARDS OF COGNITIVE DIVERSITY – Increase awareness of the benefits of increasing socio cognitive diversity to drive innovation, investment strategies and better outcomes
3/ ALLYSHIP – Increase awareness of the importance of allyship and intersectionality in our member organisations
