As we celebrate International Women’s Day today, we’re delighted to get the personal reflections of Rebecca Stein, Head of Tailored Management, Charles Stanley
In this blog, Rebecca highlights just some of the reasons why she believes that changing the status quo, when it comes to boosting gender diversity in financial services, is so important.
One of the major challenges facing virtually every major economy over the next generation is declining fertility rates (the average number of children born per female.)
Most developed economies have had a declining fertility rate over the past 50 years. There are many factors that effect this but the pressure for women to have meaningful careers and to get ahead during their 20’s and 30’s in no doubt one of them.
The replacement level (to maintain the population) for the fertility rate is just over 2 children per female on average and in the UK we are currently around 1.5. There are lots of other large countries where it’s even lower than here in the UK. Notable examples include South Korea, Japan and Italy.
There is growing awareness of this as an issue as it clearly effects the long-term viability of our economic system. Most countries that have tried to implement measures to reverse the trend have failed with few exceptions. Why do I talk about this here in context of women in finance? Well, it’s pretty straightforward.
Changing the status quo
We need strong leadership to ensure that having children can never put you at a disadvantage in your career. During my career in financial services, I have observed notable changes in maternity packages which have become more generous, as well as introduce the option of shared parental leave. This sort of flexibility gives couples a choice and is an encouraging step forward if we are to encourage more women into the workplace – including in financial services.
Can we do more?
By promoting a culture of flexibility and understanding, and by actively promoting maternity pathways where support is provided, employers can empower women to pursue both their professional ambitions and their aspirations for parenthood without feeling compelled to sacrifice one for the other. This approach not only benefits individual employees and their families but also contributes to a more diverse and inclusive workplace. How? By ultimately fostering innovation and driving long-term success for businesses and the broader economy as well as for the profession. We can – and should – do more.
