As we celebrate International Women’s Day today and the role of Women in Finance across the UK, Allegra Ianiri, MainStreet Partners, reflects on gender diversity and stereotyping and why she feels we still have more to accomplish if we are to enjoy a truly diverse profession.
During my master’s degree, I interned at the Global Institute for Women’s Leadership (GIWL), a research institute dedicated to advancing gender equality and particularly committed to furthering women’s path to success and leadership in the workplace. One of my research projects at GIWL focused on gender stereotypes, and some of the issues that emerged during my research, unfortunately remain relevant poignant in the financial services industry today.
Gender stereotypes affect individuals from childhood onwards, serving as cognitive frameworks that shape behaviours and preferences, ultimately influencing career trajectories. From a young age, societal norms significantly shape perceptions of gender roles, impacting the educational and career paths individuals choose. Unfortunately, these norms often perpetuate harmful stereotypes. For instance, the prevailing belief that girls are less proficient in scientific subjects is evidenced by statistics showing that 70% of individuals in 34 countries associate science more with males than with females. Consequently, this belief leads to gender-based specialization, with only 18% of girls in tertiary education pursuing STEM (Science, Technology, Engineering, and Mathematics) studies, compared to 35% of boys.
Similarly, societal norms reinforce the stereotype that men naturally thrive in demanding and competitive environments, widening the confidence gap between genders. Research conducted by Bian et al. (2017) illustrates this phenomenon, showing that as early as six years old, boys are significantly more likely (65%) than girls (48%) to perceive their gender as “really, really smart” when confronted with challenges. This disparity in confidence persists into adulthood, with studies revealing that women often underestimate their abilities and anticipate poorer test performance. Additionally, women commonly seek promotions only when they fulfil 100% of the qualifications, while men do so when they meet just 50% of the requirements.
Insights from behavioural economics experiments, such as those conducted by Gneezy, Leonard, and List (2009), underscore that such behaviours are shaped by the patriarchal fabric of society rather than inherent gender predispositions. To counter stereotypes related to intellectual abilities and career aspirations, it is essential to expose individuals to role models who defy traditional gender norms – successful female CEOs such as Mary Barra of General Motors, or Adena T. Friedman, Chair and CEO of Nasdaq, for example – from a young age. Such exposure significantly impacts young women’s confidence and ambitions, especially in male-dominated sectors. Additionally, it can inspire young men to respect and value their female counterparts, fostering a culture of equality and mutual respect.
As a young woman starting her career in the financial field, I am fortunate enough to work for a company that promotes the values of gender equality as pillars of productivity and development but I also, directly witness the industry’s ongoing lack of inclusivity and diversity, particularly in terms of career progression. Although strides have been made in increasing female representation in senior roles, fuelled by greater awareness and advocacy against workplace gender inequality, there remains more to accomplish. Dismantling systemic barriers and combating stereotypes remain crucial for achieving lasting gender equality in finance.
Establishing robust women’s networks and mentorship programmes within the industry is key in this regard. These initiatives create a supportive environment where women can exchange experiences, seek guidance, and seize opportunities for professional development. Not only do they empower current female professionals, but they also pave the way for breaking stereotypes and inspiring future generations, giving hope to all the little girls who aspire and deserve the opportunity to dream big.
