Almost half of women feel their age impacts their promotion prospects
Gender inequality in the workplace is an ongoing issue across most industries and while some stats show that financial services is doing better than others at board level, there are still biases and unfair policies.
Pay inequality is a well-documented injustice, but other factors can also negatively impact women in the workplace including ageism, as highlighted in a new global survey from Toronto-based Women of Influence+ which found that 80% of respondents have faced age-related discrimination in their careers.
Having to face additional barriers includes having to try to appear ‘the right age’ for the job - whether that’s older or younger – known as the ‘pink tax’ and half of poll participants reported unfair treatment in promotion processes, limiting their ability to progress to higher paid roles.
"Women are never the right age. We are either 'going to get pregnant' or 'too old'," stated one respondent, which Women of Influence+ highlights as a societal tendency to place undue expectations on women.
More than four in ten (41%) of those who took part in the poll said they had faced age-based discrimination within the first decade of their careers, but 56% said they encountered it after 21 years in their career.
Most respondents said that ageism and sexism are intertwined with 70% saying that age discrimination disproportionately affects women, with an additional bias for racialized women.
These issues lead to stress, a lack of sense of belonging at work, and dissatisfaction with employers.
Canadian financial services firms still have barriers or perceptions that limit the inflow of women into the industry. A report last year by ISS Market Intelligence revealed that women represented 18% of advisors in Canada’s full-service brokerage channel in 2022 – a positive but nevertheless small step forward from 15% in 2015.
"The findings of our survey are a call to action — it's time for systemic change," said Dr. Rumeet Billan, CEO, Women of Influence+. "We must collectively work towards creating environments where age does not define capability or limit opportunity. Our commitment at Women of Influence+ is to continue advocating for and supporting these necessary changes."
How to tackle workplace ageism
The report suggests several ways that employers can address the issue of gender-based ageism in the workplace.
These include:
- Raising awareness and providing training and education
- Implement preventative policies and hold people accountable
- Develop reciprocal mentorship programs
- Focus on competencies over age when recruiting and hiring
- Include ageism as a part of DEI strategy, initiatives, and programs
"Nearly 80% of women encountering ageism in the workplace is not just a statistic; it's a clear indication that we are facing a pervasive and systemic issue," concluded Dr. Billan. "Our survey sheds light on the hidden barriers many self-identifying women face, that not only hinder their career progression but also impact their confidence and well-being."
