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 Investment and Savings Industry, particularly in front office and senior roles. By helping DP 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.
As part of the Diversity Project’s 5-Year Goals, see our Socio economic targets below:
- All member firm agree to collect socio-economic diversity data for all of their employees, at point of hire and over time, and to track promotions.
- All member firms to support one or more programmes that focus on socio-economic diversity – note this could be early careers recruitment, but could be an internal talent programme, etc.
- At least 80% of early careers hires to have attended a state run or state-funded school, or received a means-tested bursary covering the cost of their education, for the duration of their secondary education (11-16)
Our 2024 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
To see our full 2024 goals and priorities, click here.
