Progress Together has called for a rethink of how the UK Government and the UK financial services sector approaches technology and workforce equity, submitting formal evidence to two major government and industry inquiries.
The submissions, directed at the Financial Services Skills Commission (FSSC) and the Government’s Financial Inclusion Strategy (FIS), argue that the sector’s digital transformation is at risk of entrenching existing inequalities. Drawing on Progress Together’s landmark 2025 “Performance not Privilege” data study and “Rise with AI” published in collaboration with Accenture, Progress Together highlights that while AI could contribute £163 billion to the UK economy by 2038, the benefits are not being shared across all socio-economic groups.
Focussing on the widening digital divide in response to the FSSC call out, Progress Together emphasised that while 83% of firms are piloting Generative AI, employees from lower socio-economic backgrounds are significantly less likely to have access to these tools or the training required to use them. Our evidence suggests that without targeted intervention, there will be an increasing mobility gap. Furthermore, “human skills” such as empathy and judgment will be the true differentiators in an AI-driven market, yet training budgets currently favour senior executives over frontline staff.
The submission to the Financial Inclusion Strategy (FIS) makes a direct link between workforce diversity and consumer outcomes. Progress Together argues that financial inclusion cannot be achieved solely through product design if the people creating those products do not reflect the society they serve. In implementing the recommendations included in the submissions, the sector can unlock a projected 30% productivity boost while building a more resilient, inclusive financial system.
