Women in Finance Charter report shows gradual progress in Luxembourg’s financial sector

The 2025 Luxembourg Women in Finance (WiF) Charter Progress Report highlights gradual improvements in women’s representation across the financial sector, while underscoring persistent challenges in achieving gender balance at the highest leadership levels.

The report, released by the Charter’s founders and the Luxembourg Sustainable Finance Initiative (LSFI), is based on data from 85 signatory organisations representing nearly 31,000 employees — around 42% of Luxembourg’s financial sector workforce.

Women account for 47.1% of the workforce across participating firms, but remain underrepresented in leadership roles. Representation in ExCo and C-suite positions rose to 32.4% in 2025, up from 29.9% the previous year, while senior management representation reached 31.1%.

However, progress has not been uniform. Women’s representation at board level declined from 29.8% to 28.5%, moving further away from the average target of 34.4% set by signatories. Overall, men remain roughly twice as likely as women to hold the most senior leadership positions.

The report also highlights structural dynamics that influence career progression. While women represent nearly half of the workforce, they hold more than seven out of ten part-time roles, a factor that can affect advancement into senior leadership.

At the same time, financial institutions are expanding initiatives aimed at accelerating gender balance. These include leadership development programmes, mentorship schemes, gender pay gap monitoring, flexible working policies and more inclusive recruitment practices.

While the report points to steady progress and growing commitments across the sector, it also emphasises that achieving gender balance in the top decision-making roles of financial institutions remains a long-term challenge.

The full report can be found here.