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
Blockchain. A day doesn’t seem to go by without seeing articles and discussions about the technology. According to PwC executive Seamus Cushley, approximately $1.4B has been invested in blockchain just last year. In Gartner’s recent hype cycle for emerging technologies, blockchain is approaching the peak. It is considered by Gartner as one of the ‘Key platform-enabling technologies to track.’ While there is a lot of ‘hype vs reality’ discussions going on, there is no arguing that blockchain is b...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, discussed the b...
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
"Storpool does only block-level storage so we do one thing extremely well. The growth in data is what drives the move to software-defined technologies in general and software-defined storage," explained Boyan Ivanov, CEO and co-founder at StorPool, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
Is advanced scheduling in Kubernetes achievable?Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, answered these questions and demonstrated techniques for implementing advanced scheduling. For example, using spot instances and co...
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, provided some practical insights on what, how and why when implementing "software-defined" in the datacent...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
The use of containers by developers -- and now increasingly IT operators -- has grown from infatuation to deep and abiding love. But as with any long-term affair, the honeymoon soon leads to needing to live well together ... and maybe even getting some relationship help along the way. And so it goes with container orchestration and automation solutions, which are rapidly emerging as the means to maintain the bliss between rapid container adoption and broad container use among multiple cloud host...
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.
The need for greater agility and scalability necessitated the digital transformation in the form of following equation: monolithic to microservices to serverless architecture (FaaS). To keep up with the cut-throat competition, the organisations need to update their technology stack to make software development their differentiating factor. Thus microservices architecture emerged as a potential method to provide development teams with greater flexibility and other advantages, such as the abili...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory? In her Day 2 Keynote at @DevOpsSummit at 21st Cloud Expo, Aruna Ravichandran, VP, DevOps Solutions Marketing, CA Technologies, was jo...