The hidden cost of losing women in tech: £3.5 Billion a year
news published date 29 July 2025A powerful new report from Oliver Wyman and WeAreTechWomen has put hard numbers behind a challenge many in the industry already feel: the tech sector is losing women at an alarming rate — and it’s costing the UK economy between £2 billion and £3.5 billion every year.
The 2025 Lovelace Report, named after pioneering computer scientist Ada Lovelace, explores the staggering cost of female attrition in tech. It’s a rallying cry to overhaul the outdated structures that push women out of the industry – not because of personal choices, but because of systemic failure.
The report’s findings resonate deeply with our Women in Tech network, many of whom are mid- to senior-level professionals navigating the same challenges uncovered in the research.
Why women are leaving and what it’s really costing us
Each year, up to 60,000 women leave tech roles in the UK. Around 45% exit the sector entirely, while the rest cycle between employers. These exits aren’t just talent losses – they translate into productivity gaps, onboarding costs, and missed innovation. The total price tag? Up to £3.5 billion annually.
Critically, the report debunks the long-standing myth that caregiving is the main reason women leave tech. In reality, only 3% cite caring responsibilities as their top concern. The real issues are much harder to ignore:
- Lack of career progression
- Pay that doesn’t match contribution
- Limited access to high-visibility projects
- An absence of role models and sponsorship
Over 70% of women surveyed had undertaken extra training or leadership development, but most still find advancement “very difficult.” This mismatch between ambition and opportunity is creating what the report calls the “sticky middle” – a point in mid-career where women become most likely to stall or leave altogether.
The pyramid model is broken
The Lovelace Report challenges the outdated “pyramid” model of career progression – a linear, hierarchical path that simply doesn’t reflect how women grow, lead, or add value. Instead, it calls for bold redesigns of how companies allocate opportunity, define success, and sponsor talent.
Top recommendations include:
- Tracking stagnation and intervening before women disengage
- Fair distribution of high-impact work, based on skills not visibility
- Clear, bias-free career maps with pay linked to progression
- Strategic sponsorship, not just mentoring
These actions aren’t about “fixing women”, they are about fixing the system.
Why this matters for financial services too
Although the focus of the report is the UK tech sector, the themes are highly relevant for financial services, especially as digital transformation and AI continue to reshape our industry. At WIBF, we see many of the same pressures across our membership. That’s why our Women in Tech network is so vital: it offers a space for women to connect, access support, and gain visibility across the sector.
As one respondent in the report put it:
“Women invest time and money in training, but it doesn’t help to get leadership roles.”
At WIBF, we believe in changing that, through mentorship, sponsorship, community, and long-term culture change.
Elly McLoughlin, co-chair of the WIBF Women in Tech Network said; “This report reinforces just how vital our work is to grow and support the WIBF Women in Tech network. Creating inclusive spaces where women in tech can thrive isn’t just the right thing to do – it’s a commercial imperative that strengthens businesses and drives economic growth.”
What next?
The 2025 Lovelace Report ends with a clear call to action: “This isn’t a side project. It’s core to future growth.” For companies in finance and tech alike, the challenge is to redesign the systems that shape careers — and not just for women, but for a more inclusive, future-fit industry.
You can download and read the full Lovelace Report from Oliver Wyman and WeAreTechWomen here