NEW YORK, Sept. 19, 2014 /PRNewswire-iReach/ -- New York Sept. 19, 2014 /PRNewswire/ Financial services often make headlines for claims of racism in hiring, pay and promotion practices. But according to the most recent eFinancialCareers survey, age and gender discrimination are perceived to be bigger issues on Wall Street.

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The eFinancialCareers Diversity Survey found that of the nearly 900 U.S.-based respondents, 82% say they work in a very or somewhat diverse environment, 72% believe their senior management team is committed to diversity in the workplace. Yet half say they have experienced or witnessed some kind of discrimination. The most cited types of discrimination are age and gender, followed by ethnicity.

Perceived age discrimination is especially prevalent on Wall Street, according to the survey, which was conducted in the summer of 2014. Of those aged 50 years and older, 60% have felt discouraged from applying to a position on the grounds of their age, and 7 in 10 (69%) would be "very concerned" their age would be an obstacle in finding a new job, compared with just 1 in 10 of their colleagues aged 40 and younger. And that 40-year mark is significant. Fear of job security more than triples from 9% for those under age 40 to 32% for those aged 41 to 50.

Gender discrimination on Wall Street is similarly felt to exist. While 8 in 10 bankers surveyed (79%) believe women are equally represented at junior levels at their current employer, this figure drops to 5 in 10 (53%) for senior positions – and a full 31% of women surveyed say they have been discriminated against because of their gender – compared with just 8% of men. Even more disheartening is that more than half of all respondents (58%) believe the situation at senior levels will remain the same. The lack of optimism is not surprising as more than 8 in 10 (82%) say their company does not have explicit gender diversity targets.

Not surprising, gender discrimination is felt in both pay and career progression.

While 61% of all respondents say that men are paid more than women in equivalent financial services positions, 88% women find this to be true. Yet nearly two thirds of women (64%) believe men are better at negotiating a raise or promotion. This is not just perception. According to eFinancialCareers Compensation survey published earlier this year, the gender income gap in the U.S. financial services stands at 19%.

So what can companies do to correct these figures? Survey respondents' most cited practices to boost more women into senior positions include more flexible working arrangements and mentoring programs, followed by cultural change. Further, 92% of survey respondents say they believe that employees should be protected against age discrimination, so it behooves employers to explore their own practices, and commit to a public policy against ageism.

About the Survey

The eFinancialCareers Diversity Survey was conducted between July and August 2014. eFinancialCareers polled nearly 5,000 finance professionals globally (UK, U.S., Singapore, Hong Kong, Australia, France, Germany and the Middle East), of which 1,509 are based and work in the UK. Respondents were asked about diversity and discrimination in the workplace.

About eFinancialCareers

eFinancialCareers, a Dice Holdings Inc. service, is the world's leading financial services careers website, and the place to go for financial careers and talent.

eFinancialCareers provides finance professionals with the latest job opportunities, career information and invaluable industry insights they need to maximise their potential. The site connects them to roles within many of the world's most respected financial organisations.

Through its recruitment solutions eFinancialCareers provides financial services recruiters a vital competitive edge by enabling them to source the highly qualified professionals they need to achieve their strategic ambitions - quickly and efficiently.

eFinancialCareers offers local websites in 19 markets across North America, Europe, Asia-Pacific, and the financial centres of the Middle East. www.efinancialcareers.com

Contacts:

Anne Bourgeois

T: 02079977910

M: 07758253117

E: abourgeois@efinancialcareers.com

Jeevan Sandhu

T: 02079977964

E: jsandhu@efinancialcareers.com

Media Contact: Anne Bourgeois, eFinancialCareers, 011442079977910, abourgeois@efinancialcareers.com

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SOURCE eFinancialCareers