Women are breaking down the barriers and achieving great success across a variety of fields. The sad truth is that there are still a many women in finance. It may not change soon but it will be a long time before that happens.
According to Deloitte Insights that by 2030 the number of financial sector employees will be female. This begs the question “Why are so few women working in financial services?” There are a variety of theories. We wanted to know more from an expert. Farnoush Farnoush, a highly skilled finance professional passionate about women empowerment was our interviewee.
How many women are in finance?
Farnoush Farsiar In the U.S., women make up 57 percent of all workers, but they hold just 24 percent of financial jobs. This is expected to increase to 28% over the next 10 years increasing from 24% in 2021 – but still way below parity..
It’s not just a problem that women face. Farnoush Farsiar said that diversity is a problem for economic growth. “Diverse leaders have better results than teams that do not offer a broad range of viewpoints,” Farsiar said. “So it’s critical to have females in these positions. Farnoush Farsiar It’s also essential for the country as a whole.
There are many reasons women aren’t able to be represented in the financial industry. One theory is that the financial sector is very male-dominated, competitive and difficult for women to get into. Another theory is that parents and their peers dissuade women from taking on career paths in finance.
Farsiar believes that the root of the issue lies in the way women are treated at a young age. “Women are taught at an early age that they need to be risk-takers and not caretakers. “We’re taught to play it safe, not to risk our lives. This isn’t the best way to go about a career in finance.
It’s not enough that women are socialized as caretakers. Farnoush Farsiar They’re also socialized as people-pleasers. Farsiar claimed that women were taught to behave politely. “But you need to be able advocate for your own ideas regarding finance. You must be able and willing to advocate for yourself.
https://timebusinessnews.com/brexit-benefited-uk-financial-market-says-farnoush-farsiar/ Farsiar asks where are the females in finance?
At the highest levels of the financial industry women are disproportionately underrepresented. According to a 2016-17 study conducted by Pew. And they hold just 11.5 percent of the executive positions at financial companies.
This disparity has real-world consequences for women in finance. Women are less likely than their male counterparts will be promoted and they are also more likely leave the industry.
The best part is that that the rise in women who hold the top positions is slow but steady. Farnoush Farsiar believes this partly due to the #womenshould movement which raised awareness of the dearth of diversity. Farsiar says she believes that the #MeToo movement has had a similar impact. Women are now starting to defend their rights and demanding changes.
Financial Access Barriers for Women
There are numerous obstacles that hinder women from entering financial services. A lack of role models for women is one of the greatest barriers to women pursuing finance. Finance women are typically the only female employees in their field, which can prove to be lonely.
Farsiar admitted that it can be scary to be the sole female present in the room. “You feel as if you’re being expected to be flawless all the time, and you mustn’t make a mistake.”
https://suite.endole.co.uk/insight/people/23756008-ms-farnoush-farsiar Another obstacle is the traditional men’s club mentality which still exists in many financial firms. It is a belief that men are better than women and men should promote one another.
Farsiar admits “there’s lots of truth to that,” he says. “I’ve seen it happen firsthand. Even if the woman has more qualifications, men will still recommend other people.
This”old boys’ club” mentality can lead to harassment and discrimination. Females in the finance industry are often subjected to demeaning comments and unwelcome advances from male counterparts.
Farnoush Farsiar declares “It’s certainly an issue.” “Women in Finance are often considered to be objects. Farnoush Farsiar It’s tough to get ahead when you’re treated in this manner.”
The other issue is the inability to find flexible work schedules. Women are more likely to take on family responsibilities like caring for parents who are elderly and children. To manage their family and work schedules they’ll require flexible work arrangements.
“Finance is a very demanding profession, and it’s not easy to manage the demands of your job with other obligations. Women are often forced to make a choice between their careers and family.
This makes it very difficult for women in the financial sector to attain high-ranking post. There are however some initiatives that can help in overcoming this.
Farnoush Farsiar Thinks There’s a bright future for women in Finance
There are many reasons to be optimistic regarding the future of the financial sector. There are numerous initiatives that aim to increase the number of women working in the finance sector and to help them reach higher positions.
One of these initiatives is the Women Entrepreneurs Finance Initiative (We-Fi) It is which is a collaboration between the World Bank Group and 14 governments. We-Fi offers financial assistance and financing to women-owned companies in emerging countries.
“This is a great initiative since it gives women access to the resources they need to start and grow their companies,” Farsiar said. “It can also help women create networks and networks with other women who are successful.”
Another initiative is the Women in Finance Charter. The initiative was initiated by the U.K. government in 2016. Financial companies have pledged to gender diversity through the Women in Finance Charter.
Farsiar hails “The Women in Finance Charter as a significant step in the right direction.” “It’s encouraging financial companies to take action on gender diversity and is making a difference.”
Women in Finance Charter and We-Fi are helping women to achieve higher-level post. This is good news, for both women and the financial industry.