Employees from lower socioeconomic backgrounds take an average of 16% longer to progress from middle management to senior leadership roles in financial services than colleagues from more advantaged backgrounds, according to new research from Progress Together.
The findings, published alongside the launch of the organisation's Accelerated Progress Programme (APP), suggest the progression gap equates to almost two years. In client facing roles, the gap rises to 39%, or more than three years.
The research draws on workforce data covering more than 210,000 employees across 40 financial services firms. It also found that representation from lower socio economic backgrounds declines as seniority increases, falling from around one third of junior employees to 26% at senior leadership level.
In response, Progress Together has launched APP, a cross firm leadership development programme designed to support high-performing employees from lower socioeconomic backgrounds and strengthen leadership pipelines across the sector, with mentoring and sponsorship.
APP was piloted during 2024 and 2025 with support from Nationwide, Paragon Bank, Coventry Building Society and Yorkshire Building Society.
The programme has been developed by Progress Together and will be delivered by Illume Executive Consulting.
Sophie Hulm, CEO of Progress Together, said: "Our research has consistently shown that talented people from lower socioeconomic backgrounds take longer to reach senior leadership in financial services. That's not just frustrating for individuals. It means firms are missing out on talent they already have.
"We've spent years helping organisations understand the challenge through data and insight. APP is about taking the next step and doing something practical about it. What excites me most is that this isn't a programme built by one organisation for one organisation. It's firms coming together to invest in talent collectively, sharing experience, opening networks and creating opportunities that might not otherwise exist."
Lynn McManus, chief people officer at Nationwide, said: "The Accelerated Progress Programme is about unlocking potential and widening access to opportunity. We’re proud to support the programme as it aligns with our commitment to creating an inclusive financial services sector".
Joanna Lindley, director of memberships and programmes at Progress Together, added: "Leadership potential exists across every background, but progression opportunities are not always experienced equally. APP has been designed around three critical drivers of progression: talented individuals, meaningful mentoring and effective sponsorship."
