(Bloomberg) -- The UK’s fintech industry must attract more women to its workforce and create a more inclusive environment in the fight for talent, according to new research that shows the burgeoning sector has less gender diversity than the broader finance industry.
Male workers currently outnumber females 2-to-1 in the UK fintech industry, trade body Innovate Finance and consulting firm EY said in a report, citing Tech Nation, a network for entrepreneurs. Women made up 44% of the wider finance sector’s overall workforce in 2019, according to Catalyst, a nonprofit advocating for more women-friendly workplaces.
The report also said that fintech firms founded and led by females reported having less access to equity and debt funding than those founded and led by males.
Companies should educate school-age and university female students about fintech careers and be open to flexible working arrangements, according to the report. Firms should also regularly benchmark compensation packages and track the gender pay gap to increase transparency.
“In the next decade, we believe UK fintech can -- and must -- become a leader in diversity and gender equality,” said Innovate Finance CEO Janine Hirt and EY partner Anita Kimber.
The report’s recommendations were based on a survey of about 240 industry workers and discussions with focus groups and executives between July and September 2021.
It comes as finance continues to struggle with diversity. Firms have spent years trying to boost the number of non-white, non-male staff in senior positions but progress has been slow.