Financial and Insurance Services
In the Financial and Insurance Services industry, men have median hourly earnings of $55.24, and women have median hourly earnings of $38.56. The gender pay gap within this industry is 30.2 percent.
Women’s work tends to be concentrated in certain industries. Nearly 60% of all working women are in four top industries: Healthcare and Social Services; Retail Trade and Accommodation; Professional, Scientific, Technical, Administrative and Support Services; and Education and Training. Women also make up most of the workers in industries such as Public Administration and Safety, and Financial Services.
Men’s work is less concentrated, with around half of men working the four main industries of Construction; Professional, Scientific, Technical, Administrative and Support Services; Retail Trade and Accommodation; and Manufacturing.
The gender pay gaps within industries aren’t necessarily smaller when most of the workers in that industry are women. In fact, many of these industries have a gender pay gap greater than the national figure (currently 8.6%).
Women working in most of the higher-paying industries have a lower (or even negative) gender pay gap compared with all men – but it is in these same higher-paid sectors where women are experiencing some of the highest gender pay gaps within the industry itself, for example in Financial Services where the gap is 30 percent.
Studies of male-dominated industries (industries where women make up 25 percent or less of the workforce) show that these industries are generally higher-paid than female-dominated ones. Women working in these industries face additional challenges such as higher levels of stress, pervasive stereotypes and societal expectations. Women lack mentoring and career development opportunities in some of these industries, and may experience higher levels of sexual harassment.