Welcome!

News Feed Item

BMO Women's Day Study: Canadians Feel That the Financial Services Industry Has Made Progress in Addressing Women's Issues-But More Work Needs to Be Done

- Eighty-five per cent of Canadians feel the financial sector has made strides addressing gender equity issues in the last 20 years

TORONTO, ONTARIO -- (Marketwired) -- 03/07/14 -- Editors note: There is a photo associated with this press release.

While Canadians feel that the financial services sector has come a long way in the last 20 years in how it treats female employees and clients, addressing gender equity issues still needs to be a priority for the industry. This sentiment was found in the results of a new study from Wealth Management at BMO, released to mark International Women's Day on March 8.

The study found that 83 per cent of Canadians (including 79 per cent of women) feel that the financial services sector has become more equitable in the way it treats female employees compared to their male counterparts in the last 20 years.

Further, 85 per cent (83 per cent women) think that the industry is doing a better job of treating female clients more equitably over this same period.

However, despite this general perception that the financial services industry is making progress on gender related issues, the study found that Canadians believe more efforts are needed.

Women and Careers in Financial Services

With respect to female employees in financial services, the study found:


--  Fifty-five per cent of Canadians (62 per cent women) feel that there is
    still a 'glass ceiling' that hinders women from advancing their careers
    beyond a certain point.
--  Two-thirds of Canadians (two-thirds of women) said that men have more
    career opportunities than their female counterparts.
--  Eighty-seven per cent (89 per cent women) believe that the sector should
    be doing more to help female employees achieve a better work/home life
    balance.

"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, BMO Nesbitt Burns. "It's incumbent on both men and women to 'be the change' on a daily basis. 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 equity is the norm in all workplaces."

Ms. Galpin noted that BMO Nesbitt Burns has a number of initiatives in place to encourage and support women in financial services. The firm is an active member of Women in Capital Markets, a non-profit organization that promotes the entry, advancement and development of women in the capital markets industry. Additionally, BMO Nesbitt Burns is a sponsor of the Women of Influence Luncheon Series, featuring high profile speakers who provide career advice within an environment for professional women to network, learn and grow.

Financial Services and Female Clients

Survey respondents were also asked questions related to how they felt female clients were treated by the financial industry:


--  Sixty-four per cent of Canadians (70 per cent women) believe that male
    clients are treated in a preferential way over female clients by the
    financial services industry.
--  Further, 67 per cent (74 per cent women) feel that men are taken more
    seriously by the sector.
--  Seventy-nine per cent of Canadians (81 per cent women) believe that,
    when a male-female couple meets with a financial professional, the
    employee tends to view the male client as the primary decision maker.

When asked about the financial services industry's treatment of women, 79 per cent of Canadians said they have a favourable perception of the sector. Financial services ranks behind the retail (88 per cent) and health services (89 per cent) industries, but ahead of the trade (42 per cent) and automotive (39 per cent) industries.

"There's lots of room for our industry to improve and enhance the way we interact with female clients," noted Myra Cridland, Head, BMO Harris Private Banking. "Not only is it the equitable and right thing to do, it also makes good business sense. Women currently control one-third of all wealth in North America - a number growing at a rate of eight per cent annually."

To support International Women's Day, BMO will be donating $2 to the Canadian Women's Foundation for each tweet and retweet of the #IWDBMO hashtag, up to a maximum of $10,000.

The survey was conducted online by Pollara with a sample of 1,009 Canadians from February 21 to February 24, 2014.

Get the latest BMO press releases via Twitter by following @BMOmedia

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $593 billion as at January 31, 2014, and more than 45,000 employees, BMO Financial Group provides a broad range of personal and commercial banking, wealth management and investment banking products and solutions.

To view the photo associated with this press release, please visit the following link: www.marketwire.com/library/20140306-bmo2014iwd800.jpg.

Contacts:
Media contacts:
Amanda Robinson, Toronto
416-867-3996
[email protected]

Valerie Doucet, Montreal
514-877-8224
[email protected]

Laurie Grant, Vancouver
604-665-7596
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Day 2 Keynote at 17th Cloud Expo, Sandy Ca...
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and micro services. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your contain...
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Information technology (IT) advances are transforming the way we innovate in business, thereby disrupting the old guard and their predictable status-quo. It’s creating global market turbulence. Industries are converging, and new opportunities and threats are emerging, like never before. So, how are savvy chief information officers (CIOs) leading this transition? Back in 2015, the IBM Institute for Business Value conducted a market study that included the findings from over 1,800 CIO interviews ...
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, introduced the technologies required for implementing these idea...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, represent...
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...