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Closing gender pay gap could unlock £147bn from women in finance

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Closing gender pay gap could unlock £147bn from women in finance


Girls working in monetary providers might unlock as much as £147bn of worth for the UK economic system by 2035 if wages improve and the gender pay hole shrinks, based on a report by the London Inventory Alternate.

Evaluation from the Centre for Economics and Enterprise Analysis on behalf of the UK alternate discovered the contribution from girls within the Metropolis to gross home product has practically tripled from £22.6bn in 1997 to £64bn in 2022 – some 35% of the entire UK finance sector’s gross worth added.

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Adjusting for inflation, this would quantity to a £1.1tn “gender variety dividend”, based on the figures launched on Worldwide Girls’s Day.

LSE chief govt Julia Hoggett stated the close to three-fold improve in worth added over the previous 26 years, which has been pushed by greater wages and productiveness as participation of ladies within the business ramped up, “ought to make each politician working to resolve the UK’s productiveness puzzle sit up and take word”.

READ Risk of pay audits might assist banks shut gender hole after BNP’s landmark battle

The findings come as the federal government unleashes a wave of initiatives together with its Edinburgh Reforms to make the Metropolis extra aggressive and turbocharge development within the UK.

By 2035, the CEBR expects the contribution from girls in finance to develop 75% and exceed £112bn in its baseline case, the place girls’s share of the job market and wages stays fixed however productiveness and costs improve.

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If girls’s wages improve relative to males’s, narrowing the gender pay hole, it expects this determine might develop by £39bn, leading to £147bn for the UK economic system, even when their employment share stays the identical.

“What this report illustrates is how a lot worth add girls create in monetary providers,” Hoggett advised Monetary Information. “Allow us to do extra and we create extra.”

READ What the Metropolis is getting flawed on variety

Regardless of firms investing closely on initiatives to draw extra girls to the Metropolis and diversify their higher ranks, the report exhibits the variety of girls in finance has dwindled.

In absolute phrases, the variety of girls within the business peaked in 1997, when 589,000 had been working within the sector within the UK. By 2022, this quantity had declined by greater than 30% to simply over 400,000.

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Whereas girls’s wages have greater than tripled from £16,000 in 1997 to £50,000 on common final 12 months, they nonetheless earn significantly lower than males, with the typical male finance employee incomes £80,000 in 2022.

Hoggett advised FN that because the business has develop into digitised most of the administrative and clerical roles that are usually dominated by girls have disappeared.

“For those who stroll into most high-street banks these days you aren’t going to see a financial institution of six to eight tellers in entrance of you, you’re going to see probably two to 3 individuals within the department and a complete lot of machines via which you now transact,” she stated.

“An terrible lot of that tech has in all probability been constructed by males, not girls, which strikes me as ironic.”

READ LSE chief Julia Hoggett: ‘Rolling me out for instance of variety is proof we haven’t mounted it but’

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However there are additionally “structural points” holding girls again as properly, Hoggett stated, one of many largest being the belief in society that ladies are primarily chargeable for childcare.

“[In investment banking] you convey individuals in and practice them up via the levels of analyst, affiliate, vice-president and managing director. Simply on the level the place they’re reaching VP degree – round seven years in – and about to deploy all that studying on the markets and their purchasers, for ladies it is vitally typically fairly an vital strategic choice level of their lives about having youngsters,” Hoggett stated.

“We’ve had ‘comply with the solar’ rules for buying and selling books for years. We’ve handed US Treasury and gilt books from London to NY over to Asia and again spherical once more. Why can’t we’ve buying and selling books that comply with the college bell? It’s not past the wit of man. It’s simply that we haven’t historically.”

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To contact the writer of this story with suggestions or information, e-mail Kristen McGachey

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GOP Rep. Andy Ogles faces reelection amid FBI campaign finance probe

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GOP Rep. Andy Ogles faces reelection amid FBI campaign finance probe

Andy Ogles, a freshman Republican from Tennessee, is hoping to retain his seat in the U.S. House of Representatives amid an FBI investigation into alleged discrepancies in his 2022 campaign finances.

As the first-term congressman seeks reelection, he will face a strong challenge from Democrat Maryam Abolfazli, a progressive advocate from Nashville, in a district that has become increasingly competitive following recent redistricting.

Ogles, a member of the conservative House Freedom Caucus, confirmed in August that federal agents had seized his cellphone as part of an ongoing investigation into his campaign’s financial filings.

The inquiry stems from reported inconsistencies in Ogles’ 2022 records, including a $320,000 loan he initially reported making to his campaign.

Newsweek has contacted Ogles’ office for comment via email.

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U.S. Rep. Andy Ogles speaks to supporters after being declared the winner in his Republican primary race, Aug. 1, 2024, in Franklin, Tennessee. He is hoping to fend off Democratic opponent Maryam Abolfazli in Tennessee…


Mark Humphrey/AP, file

What is Andy Ogles Accused Of?

Ogles later amended his filings, lowering the figure to $20,000, and explained that the larger amount had been a pledge, not an actual loan, which he claimed was mistakenly included in the reports.

In addition to the phone seizure, FBI agents obtained a warrant to access Ogles’ personal email account.

However, according to court documents, investigators have yet to review the contents of the account.

Ogles has publicly stated that he is fully cooperating with the investigation and believes the discrepancies were the result of honest errors.

Why is Nashville Left-Leaning?

The scrutiny follows an ethics complaint filed in January 2023 by the Campaign Legal Center, which raised concerns about potential violations related to his personal and campaign finances.

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Democratic congressional candidate Maryam Abolfazli
Democratic congressional candidate Maryam Abolfazli greets voters on primary election day, Aug. 1, 2024, at the Christ Church Nashville polling place in Nashville, Tennessee. Abolfazli is from Nashville and started Rise and Shine TN, a…


Jonathan Matisse/AP, file

The nonprofit, which advocates for transparency in political funding, compared Ogles’ situation to that of embattled New York Rep. George Santos, who has faced numerous investigations into his own campaign finances.

Ogles represents Tennessee’s 5th District, a Republican-leaning area that includes a portion of the liberal-leaning city of Nashville and stretches through five more conservative counties.

Although the district remains solidly Republican, the influence of Nashville’s progressive voters, combined with shifting national political dynamics, has created a potentially more competitive race than in the past.

In the 2022 election, Ogles won the seat by more than 13 percentage points, a result bolstered by the Republican-led redrawing of the state’s congressional districts after the 2020 census.

Lawmakers split Nashville into three separate districts, forcing longtime Democratic Rep. Jim Cooper into retirement and shifting the state’s congressional delegation to an overwhelming GOP majority.

Ogles’ district now includes part of the newly drawn 5th District, which spans from the Democratic stronghold of Nashville through more conservative rural counties. The redistricting was seen as a strategic move by Republicans to strengthen their hold on the state’s congressional seats.

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Ogles faces a tough challenge from Maryam Abolfazli, a Nashville-based nonprofit leader and activist.

Who is Maryam Abolfazli?

Abolfazli, the founder of Rise and Shine TN, has been a vocal advocate for stronger gun control in the wake of the tragic shooting at the Covenant School in Nashville in March 2023, which left six people dead, including three children.

Since entering Congress, Ogles has become known for his vocal opposition to the Biden administration and his alignment with the most conservative factions of the Republican Party.

Beyond his financial controversies, Ogles has faced criticism for past statements about his educational background.

After a news outlet questioned his claim of holding an international relations degree, Ogles admitted to overstating his credentials, saying he was “mistaken” about his academic history.

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Ogles, a former mayor of Maury County and state director for the conservative group Americans for Prosperity, remains a staunch defender of conservative policies.

He has filed multiple articles of impeachment against President Joe Biden and Vice President Kamala Harris, citing their administration’s policies on border security, the economy, and other issues.

Following Biden’s announcement that he would not seek reelection in 2024, Ogles introduced new articles of impeachment targeting Harris.

As the race in Tennessee’s 5th District heats up, Ogles’ ability to navigate the FBI investigation, manage his financial controversies, and hold onto his conservative base will be key to his chances of securing a second term.

This article contains additional reporting from The Associated Press

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Stock market today: Asian shares are mixed after Wall Street drifts ahead of US Election Day

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Stock market today: Asian shares are mixed after Wall Street drifts ahead of US Election Day

NEW YORK (AP) — Shares were mixed in Asia early Tuesday after U.S. stock indexes drifted lower a day ahead of the U.S. presidential election.

This week will bring various potential flashpoints, among them Election Day in the United States. But the results may not be known for some time as officials count all the votes, and that could bring sharp swings since markets hate uncertainty.

U.S. futures were virtually unchanged early Tuesday.

Adding to the potential for volatility, the Federal Reserve will also be meeting on interest rates later this week. The widespread expectation is for it to cut its main interest rate for a second straight time.

Investors also hope the Chinese government may announce stimulus for the world’s second-largest economy.

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Japan’s Nikkei 225 index gained 1.3% to 38,552.67, reopening after a holiday on Monday.

South Korea’s Kospi fell 0.7% to 2,569.75, while the S&P/ASX 200 in Australia dropped 0.6% to 8,117.30.

The Standing Committee of China’s National People’s Congress is meeting this week, and analysts say the government may endorse major spending initiatives to boost economic growth amid troubles for the country’s real-estate industry.

The official Xinhua News Agency reported that the lawmakers had reviewed legislation to raise ceilings on local government debt to replace existing hidden debts, part of a process to arrange debt swaps to help resolve the financial woes brought on by the pandemic and by a collapse in the property market in recent years.

Hong Kong’s Hang Seng was up 0.1% at 20,597.30 and the Shanghai Composite index picked up 0.4% to 3,323.26.

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On Monday, the S&P 500 slipped 0.3% to 5,712.69, remaining near its record set last month. The Dow Jones Industrial Average fell 0.6% to 41,794.60, while the Nasdaq composite slipped 0.3% to 18,179.98.

Intel fell 2.9%, and chemical producer Dow sank 2.1% in their first trading since getting notified they’ll no longer be included in the Dow Jones Industrial Average. Warren Buffett’s Berkshire Hathaway dropped 2.2% and was one of the heaviest weights on the market after reporting a drop in operating profit for the latest quarter.

But the majority of stocks within the S&P 500 rose, including a 2.8% gain for Fox after it reported a stronger profit than expected.

The hope that’s propelled U.S. stock indexes to records recently is that the U.S. economy can remain resilient and avoid a long-feared recession, in part because of the coming cuts to rates expected from the Fed.

The broad U.S. stock market has historically risen regardless of which party wins the White House. And in 2020, U.S. stocks climbed immediately after Election Day and kept going even after former President Donald Trump refused to concede and challenged the results, creating plenty of uncertainty. A large part of that rally was due to excitement about the potential for a vaccine for COVID-19, which had just shut down the global economy.

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University of Phoenix and Goalsetter Launch Financial Wellness Webinar Series

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University of Phoenix and Goalsetter Launch Financial Wellness Webinar Series

Virtual, free series features Goalsetter’s award-winning curriculum along with guest speakers to support financial wellness

PHOENIX, November 04, 2024–(BUSINESS WIRE)–University of Phoenix is pleased to announce a new webinar series with Goalsetter, an award-winning financial education platform dedicated to helping individuals and families achieve financial wellness through engaging and practical resources. The ten-part series will launch with a discussion on “Managing Credit Card Debt and Fostering Good Credit Habits,” on Tuesday, November 19, at 12 p.m. MST. Featuring Tanya Van Court, Founder and CEO of Goalsetter, Kevin Soehner, Senior VP of Operations for iGrad®, and moderated by Chris Conway, Director of Financial Literacy at University of Phoenix, the discussion will focus on building good credit habits, understanding interest rates, and how credit can impact personal finance decisions. Throughout the series, participants will gain valuable insights and practical strategies to manage their finances and plan for a secure financial future, as well as have the opportunity to engage in a Q&A session during each webinar.

“At University of Phoenix, we are committed to equipping our students with the knowledge and tools necessary for financial success,” shares Director of Financial Literacy at the University, Chris Conway. “Our collaboration with Goalsetter aligns with our mission to empower students not only in their academic and career pursuits but also in their financial lives by helping them save time and money. This webinar series is designed to provide practical strategies and insights that can help learners make informed financial decisions.”

Each month during the series, University of Phoenix and Goalsetter will offer webinars focused on key strategies for financial wellness:

  • November: Managing Credit Card Debt and Fostering Good Credit Habits

  • December: Paying for School and Scholarships

  • January: The Art and Science of Effective Budgeting

  • February: Stop Overspending: 5 Tips

  • March: Yes! You Can Save Money: Little Actions that Add Up

  • April: Emergency Funds are Critical; How to Create Them, Even If You Think You Canʼt

  • May: Why Credit Scores are Important and How to Improve Them

  • June: How to Plan for Your Eventual Retirement

  • July: Investing in Your Families’ Future

  • August: How to Set Your Kids Up for Future Financial Success

“Our mission is to empower every individual with the financial knowledge they need to secure a strong financial future,” says Van Court. “By working with the University of Phoenix, we are bringing our award-winning financial education tools to a larger audience, helping individuals and families gain the practical skills to make informed financial choices. Together, we aim to create a pathway toward financial freedom that’s accessible, engaging, and transformative.”

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