Women overwhelmingly back financial planning careers, survey shows

A large majority of women working in personal finance say they feel supported and satisfied in their roles, according to initial findings from a new survey by the Women’s Wealth Alliance.

The Women in Personal Finance survey, carried out independently by YouGov and supported by IBOSS, LV=, Royal London and Quilter, found 93% of women currently or previously working in financial planning would recommend the role to other women.

The research, commissioned by the Women’s Wealth Alliance (WWA), a working group of the Consumer Duty Alliance, reveals a broadly positive picture of women’s experience across the sector, with high scores for job flexibility, work-life balance and career development.

Among the more than 500 women surveyed, 88% of those currently working in the sector said their role offers a fair amount or great deal of flexibility.

Most (82%) said they enjoy a good work-life balance, while 80% reported a strong sense of opportunity to progress in their current role.

Nearly three-quarters (71%) said they have no plans to leave the sector.

Support in the workplace also scored highly, with 86% saying they feel or felt supported by their colleagues, 79% by their company or firm, and 74% by their manager.

When asked what would most help them develop their careers further, 51% said access to coaching or mentoring, while 38% wanted management or leadership courses and 37% pointed to technical skills training.

While women inside the profession report a positive experience, awareness and perception of financial planning as a career option remain a concern.

Although 93% of those who have worked in financial planning would recommend it, just 36% of women who have never held such a role said they would consider it in future. More than half (56%) said they would not.

The survey also explored the barriers stopping more women from entering the sector.

The most commonly cited reason was the perception that it is male dominated (84%), followed by a lack of awareness or education about the sector (49%) and a belief that finance is simply not a career for them (47%).

Although the majority of respondents shared positive experiences, some reported challenges, including feeling overlooked in favour of male colleagues, limited flexibility around childcare and instances of harassment.

The WWA said these experiences, while concerning, appeared to be in the minority based on the responses received.

Vanessa Barnes, chair of the Women’s Wealth Alliance and a Chartered Financial Planner, said: “We are really pleased to see such positive overall results, in terms of how women across a wide range of roles experience the personal finance sector as a great place to succeed and feel supported in their careers.

“This is particularly evidenced by the strong endorsement of the financial planning role for women. Yet over half of those outside this role said they would not consider it, so it will be interesting to explore this disconnect in more detail.”

Barnes added that data-led responses are essential to attract and retain more women in the profession.

She welcomed the Financial Conduct Authority’s inclusion of new questions around the number of women in key roles and among client bases in its latest data request.

“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,” she said.

The full survey can be downloaded here.