Driving Social Mobility in Financial Services: What more needs to be done?

12 June is Social Mobility Day, a day to reflect on how we can create a fairer and more inclusive financial services sector. At WIBF, we know that while talent is everywhere, opportunity is not – and that’s why this article aims to help organisations take action.

Financial services have long been perceived as an exclusive industry, where access and progression often depend on personal networks, educational background, and financial means. But that’s changing. Across the industry, organisations are increasingly recognising the business benefits of building a socio-economically diverse workforce and the steps they need to take to make it happen.

Here’s a look at some of the progress so far, and what more needs to be done to shift mindsets and make real change.

Progress and Initiatives Driving Social Mobility

While barriers persist, various initiatives are helping to level the playing field by widening access, changing recruitment practices, and raising awareness.

Early Engagement Through Schools and Universities

Social mobility starts with providing young people from disadvantaged backgrounds with early exposure to financial careers. Several programmes work to bridge this gap by offering mentorship, skills training, and financial literacy education at the school and university levels:

• Career Ready connects young people with employers through mentoring, paid internships, and masterclasses to prepare them for professional careers.
• The EY Foundation supports young people from low-income backgrounds through employability training, paid work experience, and mentoring to enhance career prospects.
• Future Asset introduces schoolgirls in Scotland to careers in investment management through educational workshops and mentoring.
• Making the Leap provides personal development training and access to professional networks to help young people overcome barriers to employment.
• Tech She Can works to inspire and educate girls and women about technology careers, ensuring a diverse talent pipeline for fintech and other financial services roles.

By starting at the school level, these initiatives help young people from underrepresented backgrounds build the skills, confidence, and networks needed to enter financial services.

Widening Access Through Apprenticeships and Alternative Pathways

Many firms have introduced apprenticeships as an alternative to traditional graduate recruitment, providing opportunities for individuals who may not have attended top-tier universities. Programmes such as Lloyds Banking Group and HSBC’s apprenticeship schemes offer young people the chance to enter financial services without the high costs of university education, making the industry more accessible to a wider pool of candidates.

Blind Recruitment and Socioeconomic Data Collection

Blind recruitment, where personal details such as names and educational institutions are removed from applications, is becoming more common. This approach reduces bias in hiring decisions and ensures candidates are judged on their skills and potential rather than their background. Additionally, many firms are now collecting socioeconomic data to monitor and improve diversity within their workforce.

Internship and Mentoring Programmes

Work experience is a crucial stepping stone into financial services, yet many internships have traditionally been unpaid and difficult to access for those without industry connections. Programmes like the 10,000 Black Interns Initiative and Career Ready are actively working to provide structured and accessible opportunities for underrepresented groups. Mentoring schemes, where junior employees from lower socioeconomic backgrounds are paired with senior leaders, also play a key role in career progression.

Regional Hiring and Remote Work

Expanding recruitment beyond traditional financial hubs such as London and New York can help diversify the industry. Firms establishing offices in cities like Birmingham, Manchester, and Leeds can tap into new talent pools and reduce the financial burden of relocating to expensive urban centres. The shift towards remote work further enhances accessibility, allowing individuals to build careers in finance regardless of their geographic location.

Raising Awareness and Changing Perceptions

Many young people from disadvantaged backgrounds may not even consider careers in financial services due to a lack of exposure or the perception that the industry is not ‘for them.’ Organisations such as the Making The Leap and Future Asset work to introduce students to financial careers early on, helping to broaden aspirations and increase awareness of available opportunities.

What More Needs to Be Done?

Despite these positive steps, more work is needed to ensure financial services become a sector where talent and hard work truly determine success. The following key areas require further attention:

1. Embedding Socioeconomic Diversity Into DE&I Strategies

While many firms have Diversity, Equity, and Inclusion (DE&I) policies focused on gender and ethnicity, socioeconomic background is often overlooked. To drive meaningful change, financial institutions must embed social mobility into their broader DE&I strategies, set measurable targets, and actively track progress in recruiting and promoting individuals from lower socioeconomic backgrounds.

2. Reforming Work Experience and Networking Opportunities

Although paid internships have become more common, financial services firms must continue expanding outreach programmes to ensure that work experience opportunities are accessible to those without industry connections. Virtual networking events, digital mentorship platforms, and open days specifically targeted at students from disadvantaged backgrounds can help level the playing field.

3. Addressing Workplace Culture

Once individuals from lower socioeconomic backgrounds enter financial services, cultural barriers can still hinder their success. Workplace norms often reflect middle- and upper-class experiences, which can alienate employees from different backgrounds. Firms must actively foster inclusive leadership, create employee resource groups focused on socioeconomic diversity, and ensure that all employees feel valued and supported.

4. Promoting Long-Term Career Progression

Accessing a role in financial services is just the first step, ensuring career progression is equally important. Firms should provide tailored support, including leadership training, sponsorship programmes, and career coaching for employees from lower socioeconomic backgrounds. Transparency in promotion processes and proactive measures to address bias will help create a fairer pathway to leadership roles.

5. Government and Industry Collaboration

Financial services firms cannot solve social mobility challenges alone. Stronger collaboration between businesses, schools, universities, and policymakers is essential. Increased government funding for apprenticeships, tax incentives for firms investing in social mobility initiatives, and enhanced careers education in schools can help drive systemic change.

Conclusion

Social mobility in financial services has improved in recent years, but significant work remains to create a truly meritocratic industry. While initiatives such as apprenticeships, blind recruitment, and mentoring programmes are making an impact, deeper cultural and structural changes are necessary to ensure fair access and career progression for all.

By embedding social mobility into DE&I strategies, expanding outreach, and ensuring that employees from all backgrounds have equal opportunities to succeed, financial services firms can unlock untapped talent and build a more inclusive and dynamic industry for future generations.

You can read more about the Social Mobility initiatives that WIBF supports here.