Around 23 million adults would consider ditching their bank over gender pay gap, says survey

New research suggests that around 23 million people would consider ditching their bank if it has a large gender pay gap.

Sarah Pennells, founder of SavvyWoman
Sarah Pennells, founder of SavvyWoman

More than half of women (51 per cent) who responded to the study said a large gender pay gap would make them likely to switch compared with over a third (37 per cent) of men.

Altogether, around four in ten (44 per cent) of adults who have a bank account said they were likely to switch their bank in protest at gender pay inequalities.

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The research, which was carried out on more than 2,000 UK adults for finance website SavvyWoman by Opinium Research, found that younger people are more likely to switch providers because a company pays women less than men.

The study found that 57 per cent of 18 to 34 year olds who have a bank account are likely to switch their bank, compared with 36 per cent of adults aged 55 or over.

Sarah Pennells, founder of SavvyWoman, says: “Some banks have got a gender pay gap of over 40 per cent - even up to 60 per cent depending on how you measure it.

“It’s only now that banks, insurers and investment companies are being forced to go public on this that we can see just how male dominated they are at the top. And while many financial firms have produced slick reports showing how they’re tackling the issue,

“I think they’ll get the message loud and clear if their customers switch to providers with a smaller gender pay gap.”

SavvyWoman is encouraging people to tweet using #switchforthepaygap, when they switch their financial provider because of a large gender pay gap.