Barriers to Women's Career Advancement in Financial Services: A Systematic Literature Review

Abstract

This paper analyses existing studies examining barriers women face in advancing their careers within the financial services industry. Understanding these barriers is important because women remain underrepresented in senior leadership roles, constraining both gender equity and the industry's ability to fully utilise available talent. Using a systematic literature review guided by the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) framework, this paper examines peer-reviewed studies published between 1998 and 2024. Twenty studies met the inclusion criteria and were subjected to methodological assessment and thematic analysis. The review identifies six recurring themes that impede women's career progression in financial services: personal characteristics, the role of networks, family support, diversity, inclusiveness, and equity in organisations. Twenty studies were sufficient to support the identification of six key themes, as each theme was consistently represented across multiple studies. The majority of studies investigated the impact of organisational culture and work-life balance on women's career advancement. In contrast, only a quarter of studies explored the role of confidence and motivation, organisational diversity initiatives, or the role of parents and family on women's career progression in the financial services industry. The findings highlight persistent structural and cultural obstacles that continue to limit women's advancement in financial services. Employers and industry stakeholders should address the barriers identified in a coordinated manner. Tackling these barriers can promote gender equity, improve organisational outcomes, and deliver broader societal benefits.