Employees from lower socio-economic backgrounds in UK financial services are waiting nearly two years longer to reach senior roles than their more privileged peers, new research has found.
Data from Progress Together, in collaboration with the Bridge Group at the Bank of England, shows that socio-economic background remains the strongest predictor of who reaches leadership positions in the sector.
The global study, covering 210,000 employees across 40 firms, reveals that those from lower-income backgrounds take 16 percent longer to progress into senior roles. Senior leadership remains dominated by privileged groups, with diverse talent pipelines stalling before the top.
By contrast, men from higher socio-economic backgrounds are 3.4 times more likely to reach senior roles than women from lower backgrounds. In more than half of firms, no senior leaders come from both an ethnic minority and lower socio-economic background, while London accounts for over half of senior jobs, blocking regional mobility.
Vincent Keaveny, chair of Progress Together and Former Lord Mayor of London, said: “Financial services is a powerhouse of the UK economy, but its future competitiveness depends on whether we unlock talent from every background. Right now, too much potential is being wasted: that is not just unjust – it is economically self-defeating. We must ensure socio-economic inclusion is a central driver of growth. If we miss it, we risk entrenching old patterns that hold back both people and productivity.”
Jenny Baskerville, chief executive of the Bridge Group, said: “This year’s dataset shows progress is too slow, regional gaps persist, and privilege still dominates the top jobs. Successful, performance-driven firms will be those turning data into action – embedding accountability, evidence-backed interventions, and inclusion as levers for growth. At this critical juncture for the sector, the time for accelerating action on socio-economic inclusion is now.”
Progress Together is urging government, regulators and employers to embed socio-economic diversity in growth, regulation and recruitment strategies.
