As it is commonly known, women receive a lot of gender discrimination in the banking sector. S much so that they even receive sarcastic comments like “Don’t their husbands manage your money for you?” which is extremely demotivating and derogative. It is evident that there is very less gender diversity in the industry. But the tides are turning in recent times. This trend is seeing a domino effect as more and more women venture into the industry and even employers are now more open-minded towards it.
Being the gatekeeper to wealth, the financial industry can help bring greater gender diversity and is in a unique position to do so. They can even invest in women-owned businesses and such efforts will have a ripple effect which can bring about a change in different industries as well. A research conducted by Harvard University and Bella Research Group under The Knight Foundation’s commission looked into the gender diversity of the Asset Management Industry. The research yielded poor results as it found that only less than 10% of the Mutual Fund Managers were women and even worse is that they controlled only 1% of the total industry of Assets Under Management (AUM).
Even as women face huge hurdles in excelling in the industry, it is not very tough for women already excelling to change the trend. Choosing female managed funds and investments to support other women is an option. The society needs to also change how it thinks as it always views white men as leaders and everyone else as inferior which is extremely wrong. Even though people believe this discrimination has reduced the truth is that this thinking still prevails in the shadows.