New Survey from Money20/20 and Visa Examines Gender Diversity and Inclusivity in Finance

LAS VEGAS, Oct. 22, 2018 /PRNewswire/ -- Money20/20 and Visa today announced the results of an industry-wide survey used to gain a greater understanding of gender dynamics and perceptions across companies within the Financial Services ecosystem.

This research is part of the newly-launched Money20/20 program, Rise-Up. The survey is the first part of an annual initiative that sets to track over time whether the industry's talk of change is actually resulting in a more inclusive environment. As the exclusive sponsor of the program, Visa looks forward to continuing its commitment to expanding its diversity and inclusion efforts, particularly by empowering and advancing the careers of all women leaders.

The survey polled 751 professionals, mainly mid-to senior-level, in the Financial Services industry in the United States, with respondents sharing their attitudes towards gender diversity and inclusivity in the workplace. Results showed that although it is widely recognized that companies with more diversity and gender equality outperform those with less, women in Financial Services believe that the current state of gender equality in the industry still has a long way to go. Additionally, they are less likely than men to believe change at senior levels is going to happen quickly.

The survey found that women and men share views on what the key gender equity issues in the workplace are, including leadership and pay equality, but they differ in their views on the extent of the issues and how they can be remedied.

• 76 percent of respondents – both men and women – agree that there are more men than women at senior levels in their organization (VP level and higher), but while 68 percent of male respondents believe the number of women at senior levels will increase in the next 2-3 years, only 45 percent of women feel as positive.
• Women believe that, for more women to reach top leadership positions, more needs to be done to diversify the talent pipeline. More than half of male respondents believe that not enough women are applying to the top leadership positions.
• While the majority of men surveyed (69 percent) said they feel that women and men are paid equally for the same job within their organization, only 28 percent of women say they feel this way.
• Maternity leave and caregiving are areas of divisiveness. Just 62 percent of the female respondents to the survey said they feel confident they will be welcomed back following maternity leave, and 88 percent said believe a woman's career trajectory is more negatively impacted by family obligations than their male colleagues'.
• When asked what it will take to change the status quo, both men and women said they feel strongly that men should play a role in promoting gender equality in the workplace; men are significantly more comfortable than women in raising issues or concerns related to gender inequality, with many women not wanting to be labeled as complainers or potentially facing negative consequences.
• Despite half of respondents saying that they are aware of diversity and inclusion initiatives within their organizations, 36 percent of women said they do not feel promotion and advancement of women is a priority for their employer.

The opportunity for companies that embrace inclusion is clear. McKinsey & Co¹ found that the organizations that are leading the charge and are within the top quartile for gender diversity are 21 percent more likely to experience above-average profitability than those in the bottom quartile.

Respondents to the Visa and Money20/20 survey believed that some of the most impactful changes to improve inequality would be to increase awareness and set goals, address the gender pay gap, set quotas to ensure an equal leadership team and board, and provide mentoring programs to guide women into senior roles.

Money20/20 and Visa are proud to help facilitate this conversation and work toward meaningful change through the Rise Up program. Survey results will be published on us.money2020.com/rise-up following the conclusion of Money20/20 USA event and Rise Up program.

Advancing diversity and inclusion is also a strategic imperative at Visa, rooted in the company's belief in the value of individual differences, experiences and capabilities contributing to the success of the business. Acceptance for everyone, everywhere, is not only Visa's brand promise, it's the foundation of its culture.  Championing inclusion is not only about making a better Visa or Money20/20, it's about making a better world.

¹ Delivering Through Diversity, McKinsey & Company, January 2018.

SOURCE Money20/20