A landmark new study from Queen Mary University of London and the Institute for Employment Studies has confirmed what many in the profession have long suspected: professionals from lower socio-economic backgrounds face a “triple disadvantage”. Meaning, they are less likely to enter elite professions, earn less, and experience poorer conditions, even when performing the same jobs as their peers.

The findings mirror Progress Together’s newly launched 2025 Impact Report, which draws on anonymised workforce data from over 200,000 financial services employees – the largest dataset of its kind anywhere in the world. The message is clear: barriers to progression remain stubborn, and systemic change is overdue.

“Talent is everywhere, but opportunity is not. The financial services sector cannot continue to sideline potential just because it doesn’t come packaged in a familiar way,” said Vincent Keaveny CBE, Chair of Progress Together and Former Lord Mayor of London

Despite rising awareness, the report shows that professionals from working-class or intermediate backgrounds still progress up to 25% slower than peers from more privileged backgrounds. With over a third of the UK’s financial services workforce now represented in its membership, Progress Together is using its growing influence to push for structural reform that rewards potential rather than polish.

The organisation’s reach is widening too, with new members joining from across the UK, beyond the traditional London hub, and a 25% year-on-year rise in employees represented, now totalling 375,000 people.

 
The AI opportunity gap

As automation and AI adoption accelerate, the risk of exclusion is widening. Employees from lower socio-economic backgrounds, particularly those in roles most vulnerable to automation, face being left behind.

Progress Together’s RISE with AI framework aims to counter this by ensuring equitable access to AI-related training, career development, and progression opportunities, preventing technology from becoming yet another barrier to mobility.

Sophie Hulm, CEO of Progress Together said, “When inclusion is done right, it’s not a cost, it’s a competitive advantage. Diverse teams mitigate groupthink and make better decisions. But we need to reward potential, not polish,


Key findings from the 2025 Impact Report

• 375,000 employees are now represented, up 25% on last year
• 92% of members collecting socio-economic background data
• 3 in 4 firms taking action to improve equity of progression
• Expansion beyond London to regional members

With the Chancellor’s Mansion House vision for growth and McKinsey’s warning that stalled social mobility now threatens European competitiveness, Progress Together is calling on government to make socio-economic inclusion central to the UK’s skills and growth agenda.

One of the Key organisations key asks is championing socio-economic inclusion as a proven driver of productivity and skills development.

It also calls for back sector-led initiatives that combine upskilling, equitable AI access, and clear career pathways.

 
By embedding socio-economic inclusion across the growth and skills agenda, the UK can unlock a wealth of currently overlooked talent, helping to close the skills gap, strengthen the talent pipeline, and improve long-term economic performance.