On the eve of International Women's Day, when most countries around the world are honouring the importance of women's equality, the Bank of Montreal (BMO) has released a study that suggests that Canada may still have a ways to go.
The study was administered by the wealth management division of BMO, and presented a mix of data that ultimately showed that while 85% of Canadians feel that the financial sector has made strides addressing gender equality issues over the last twenty years, 87% believe that there is still more that needs to be done.
"While our industry has definitely become more aware of some of the challenges female employees face and continues to address them, the job is by no means done," said Charyl Galpin, co-head of investment firm BMO Nesbitt Burns.
What may appear most alarming is that 62% of women believe that female career opportunities have a glass ceiling that prevents them from advancing their careers as far as men. There is still a common belief that men have more career opportunities than women – in fact, two-thirds of Canadians think so.
"It's incumbent on both men and women to 'be the change' on a daily basis," Galpin said. "Having HR policies which make it easier for women to pursue a career in financial services is an important step, but we all have a role to play in ensuring that gender equality is the norm in all workplaces."
For businesses that want to get involved in supporting women in financial services, Galpin noted that there are organizations worth investing in. For instance, the non-profit group Women in Capital Markets promotes the entry, advancement and development of women in the industry.
When it comes to dealing with clients, 64% of Canadians believe that male clients are treated preferentially, and 81% of women say that when a male-female couple is doing business with a financial professional, the male is viewed as the primary decision maker.
"There's a lot of room for our industry to improve and enhance the way we interact with female clients," said Myra Cridland, head of BMO Harris Private Banking. Nevertheless, 79% of Canadians have a favourable perception of the sector, putting it ahead of the trade and automotive industries, but behind retail and health services.
Cridland said that while it is the equitable thing to do, it might also be good business to be fairer to women. "Women currently control one-third of all wealth in North America – a number growing at a rate of 8% annually."
To support International Women's Day, donate to the Canadian Women's Fund or tweet using the hashtag #IWDBMO.
