You are here: Home - Investing - Experienced Investor - News -

Gender pay rise gap revealed

0
Written by: Emma Lunn
06/12/2021
Men are both more inclined to ask for a pay rise, and to receive a larger sum when it is granted, according to research by Fidelity International.

The investment company found that men typically receive £733 more than women for each pay rise they are given, seeing an average uplift of £2,017 compared to the average £1,284 rise achieved by women.

The research, based upon a poll of 3,000 UK adults, found that half (50%) of men in the UK have asked for a pay rise within their working lifetime, compared to 37% of women. A quarter (25%) of men had asked for multiple rises, compared to 12% of women.

Fidelity’s findings revealed that along with pay rises, men (43%) are also more likely to have asked for a promotion at some point during their career, compared to women (30%), another route to securing higher earnings.

Women said the main reason they are deterred from asking for a pay rise is because they don’t feel brave enough (36%), while a quarter (25%) are worried their request will be declined. However, one in seven (14%) say their reluctance to ask for a pay rise is their biggest professional regret.

Maike Currie, investment director at Fidelity International, said: “Women have to mind many financial gaps in their life; the gender pay gap, the gender pension gap and now, the gender pay rise gap. They are already at a disadvantage when it comes to their finances, and the reticence to ask employers for a pay rise could mean that women are losing out on the opportunity to reduce this gap as well as strengthening both their short-term financial position and longer-term savings. Not only does a salary increase boost your personal finances, but your workplace pension contributions could receive a boost too.

“It’s a stereotype that men can be more direct in the workplace and more vocal about their financial needs, while women are believed to be less confident about speaking up. We need to challenge these notions, so they don’t become self-perpetuating. Employers too have a significant role to play in narrowing pay rise and promotion gaps, ensuring they encourage a culture where employees are able to discuss their career progression – including pay and benefits – at regular intervals.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Privacy Preference Center

Necessary

Advertising

Analytics

Other