Anna Lane
President & CEO of Women in Banking & Finance
Join us in celebrating International Women’s Day 2024 and exploring the vital role of mentorship in UK finance. Help empower women for equality and success.
On International Women’s Day 2024, themed ‘Inspire Inclusion,’ we highlight mentorship’s vital role in advancing women’s careers in UK’s financial sector. It’s a day to celebrate progress, acknowledge remaining hurdles and unite to drive gender equality.
Slow diversity progress in finance
The financial sector, a linchpin of the UK’s economy, contributing £275 billion and ranking as the fifth largest sector in 2023, is gradually awakening to the untapped potential of women. Despite some progress in gender diversity at the leadership level, the pace of change is frustratingly slow. The ‘broken rung’ metaphor still aptly describes the barrier to women’s advancement into leadership, highlighting the need for targeted support and development initiatives.
Empowering women in finance
Women in Banking and Finance (WIBF) leads the way, fostering connections and unlocking women’s potential in finance. Its mentoring programme, powered by dedicated volunteers, embodies the principle of ‘Together: Power and Progress.’ This initiative facilitates personal and professional growth and fosters a supportive and empowering culture — essential for navigating the intricate landscape of financial services.
A supportive mentor guides mentees through
industry challenges, advocates for them and
unlocks otherwise inaccessible opportunities.
Why mentorship is vital for women
Mentorship stands out as a cornerstone for career development within finance, as evidenced by research and the experiences of numerous women in WIBF. A supportive mentor guides mentees through industry challenges, advocates for them and unlocks otherwise inaccessible opportunities.
This one-to-one relationship, founded on trust and mutual respect, is crucial for addressing the ‘leaky pipeline’ phenomenon, where talented women prematurely exit their career paths.
However, gender parity extends beyond mentorship, encompassing a broader commitment to fostering inclusive environments that value women’s contributions and recognise their leadership potential. The ongoing gender pay gap and systemic biases that devalue women’s capabilities underscore the challenges that still lie ahead.
United for finance gender equity
This International Women’s Day 2024, the question remains: how can we collectively dismantle barriers and enhance equity in finance? Through united actions: advocacy, mentorship and policies promoting women’s leadership and addressing gender inequality’s roots.
While we celebrate gender equality progress in the UK financial services sector, we must also recommit to the enduring struggle for inclusion and equity. Initiatives — including WIBF’s mentoring programme and the collective endeavours of individuals and organisations — inspire inclusion and drive significant change. Mentorship, with a persistent focus on breaking down systemic barriers, will help ensure that women not only progress but thrive in the financial services industry.