This experimental research has been developed to add value to official statistics by linking financial sector figures across domains, to employment and earnings statistics. The results presented in this publication represent initial cross-themed work from these domains of official statistics and are intended to offer insight into Irish financial sector demographics and earnings.
Analysis throughout this chapter relies on full-year equivalent (FYE) methodology being newly and experimentally applied to administrative data on financial sector employment. FYE methodology combines employments held for less than a year by multiple people so that 52 weeks of work equals one person in these results. Care should be taken when interpreting these statistics, keeping this statistical definition of 'person' as one FYE person in mind. Further information on FYE methodology can be found in the Background Notes.
Just over 107,500 people were employed in the financial sector in 2018, measured on the basis of full-year equivalence. More than one third of these were employed by either the Central Bank (S.121) or a deposit taking corporation (S.122). Nearly one fifth worked at insurance corporations (S.128). The remaining 47% worked in the other financial corporations (S.125, S.126, S.127) subsector. This subsector is comprised of companies engaged in leasing, securitisation vehicles, derivative and security dealers, treasury companies, financial auxiliaries, trusts, holding companies, special purpose entities, money lenders and certain types of sovereign wealth funds. Further information on the composition of the institutional sectors referred to in this chapter and throughout the publication can be found in the Background Notes.
| 2018 | |
| Central Bank and Deposit Taking Corporations | 34.0 |
| Other Financial Corporations | 46.6 |
| Insurance Corporations | 19.4 |
| Number of People | |
| Central Bank (S.121) and Deposit Taking Corporations (S.122) | 36.559 |
| Other Financial Corporations (S.125, S.126, S.127) | 50.123 |
| Insurance Corporations (S.128) | 20.833 |
Figure 9.2 shows the number of people employed in the Irish financial sector by subsector in 2018. Combined, the Central Bank of Ireland (S.121) and deposit taking corporations (S.122) employed 36,600 people in 2018. Insurance corporations (S.128) employed 20,800, while the remaining 50,100 were employed in other financial corporations (S.125, S.126, S.127).
| Central Bank (S.121) and Deposit Taking Corporations (S.122) | Other Financial Corporations (S.125, S.126, S.127) | Insurance Corporations (S.128) | |
| 2011 | 41.611 | 34.401 | 18.592 |
| 2012 | 41.860 | 39.470 | 17.918 |
| 2013 | 38.231 | 39.778 | 17.601 |
| 2014 | 37.189 | 42.559 | 19.019 |
| 2015 | 36.886 | 47.689 | 19.364 |
| 2016 | 36.856 | 45.493 | 19.989 |
| 2017 | 36.882 | 46.567 | 20.962 |
| 2018 | 36.559 | 50.123 | 20.833 |
Employment in the financial sector fluctuated somewhat from 2011 to 2018, with numbers generally following an upward trend and rising by over 12,900 during this time period. This overall growth was driven mainly by an increase of 15,700 people in other financial corporations (S.125, S.126, S.127). Numbers working at insurance corporations also grew over the eight year period, rising by 2,200 to 20,800 in 2018. The Central Bank (S.121) and deposit taking corporations (S.122) were the only subsector to show a decrease in employment numbers over this period, dropping from just over 41,600 in 2011 to 36,600 in 2018.
| Central Bank (S.121) and Deposit Taking Corporations (S.122) | Other Financial Corporations (S.125, S.126, S.127) | Insurance Corporations (S.128) | |
| 2011 | 44 | 36.4 | 19.7 |
| 2012 | 42.2 | 39.8 | 18.1 |
| 2013 | 40 | 41.6 | 18.4 |
| 2014 | 37.7 | 43.1 | 19.3 |
| 2015 | 35.5 | 45.9 | 18.6 |
| 2016 | 36 | 44.5 | 19.5 |
| 2017 | 35.3 | 44.6 | 20.1 |
| 2018 | 34 | 46.6 | 19.4 |
Figure 9.4 shows the composition of financial sector employment by subsector shares from 2011 to 2018. In 2011, the Central Bank (S.121) and deposit taking corporations (S.122) accounted for the largest share of employment at 44.0%. This share dropped to 34.0% by 2018. Over the same time period, employment in other financial corporations increased from 36.4% to 46.6%, overtaking the Central Bank (S.121) and deposit taking corporations (S.122) as the largest employer from 2013 onwards. Meanwhile, the share taken up by insurance corporations (S.128) remained stable from 2011 to 2018, fluctuating around 19% of total financial sector employment.
Employment in the Irish financial sector in 2018 was comprised of roughly even numbers of men and women, with men accounting for 53,300 and women accounting for 53,700.
| 2018 | |
| Men | 49.8 |
| Women | 50.2 |
| Men (left axis) | Women (left axis) | Women as % of Total Employed (right axis) | |
| 2011 | 42.087 | 51.678 | 55.1143816989282 |
| 2012 | 45.096 | 53.277 | 54.1581531517795 |
| 2013 | 44.478 | 50.112 | 52.9781160799239 |
| 2014 | 46.729 | 50.938 | 52.15477080283 |
| 2015 | 49.886 | 53.273 | 51.6416405742592 |
| 2016 | 49.414 | 52.119 | 51.3320792254735 |
| 2017 | 51.007 | 52.753 | 50.8413646877409 |
| 2018 | 53.260 | 53.728 | 50.2187161176954 |
Employment in the financial sector was split relatively evenly between men and women for all years from 2011 to 2018. Absolute numbers of both men and women rose from 2011 to 2018, with numbers of men rising by 11,200 and numbers of women rising by 2,100. The number of women as a percentage of the total number of people employed in the financial sector steadily fell over the eight year time period. In 2009, women accounted for 55.1% of the financial sector workforce. By 2018, that number had decreased by 4.9 percentage points to 50.2%.
| Men | Women | |
| Central Bank (S.121) and Deposit Taking Corporations (S.122) | 15.506 | 20.915 |
| Other Financial Corporations (S.125, S.126, S.127) | 26.603 | 23.318 |
| Insurance Corporations (S.128) | 11.148 | 9.493 |
The number of people employed in each subsector is shown broken down according to gender in Figure 9.7. The combined figures for Central Bank (S.121) and deposit taking corporations (S.122) show that this was the sole sector to employ more women than men in 2018, with women accounting for 57.4% of the workforce. Insurance corporations (S.128) and other financial corporations (S.125, S.126, S.127) both employed more men than women, with women accounting for 46.0% and 46.7% of the workforce in those subsectors respectively.
| Number of People | |
| Under 20 | 0.410 |
| 20-29 | 17.663 |
| 30-39 | 35.566 |
| 40-49 | 26.936 |
| 50-59 | 15.138 |
| 60 and over | 11.137 |
Figure 9.8 shows the number of people employed in the financial sector in 2018 broken down by age range. Over 35,600 people aged between 30 and 39 worked in the financial sector in 2018, making this age range the most common. Just over 50% of the total financial sector workforce were aged under 40, while 10.4% were aged 60 and over.
| Men | Women | |
| Under 20 | 0.190 | 0.219 |
| 20-29 | 9.061 | 8.602 |
| 30-39 | 16.423 | 19.143 |
| 40-49 | 12.925 | 14.011 |
| 50-59 | 7.526 | 7.612 |
| 60 and over | 7.040 | 4.097 |
The number of men and women employed in each age bracket is shown in Figure 9.9. Roughly equal numbers of men and women under the age of 20 worked in the financial sector in 2018. Men made up the majority of 20-29 year-olds in the sector in 2018, while women outnumbered men between the ages of 30 and 49. There were roughly equal numbers of men and women aged 50-59, with women making up 50.3% of people in that age group. There were significantly more men than women aged 60 and over in 2018. Of the 11,100 people in that age category in 2018, 7,000 (63.2%) were men and 4,100 (36.8%) were women.
| Average Annual Earnings | |
| Central Bank (S.121) and Deposit Taking Corporations (S.122) | 60.0117385278296 |
| Other Financial Corporations (S.125, S.126, S.127) | 65.6100068521004 |
| Insurance Corporations (S.128) | 54.2882989749727 |
In 2018, other financial corporations (S.125, S.126, S.127) had the highest average annual earnings at €65,600. The Central Bank (S.121) and deposit taking corporations (S.122) had average annual earnings of €60,000 while that of insurance corporations (S. 128) stood at €54,300.
| Average Annual Earnings for Men | Average Annual Earnings for Women | |
| Central Bank (S.121) and Deposit Taking Corporations (S.122) | 72.9799979958624 | 50.442020787326 |
| Other Financial Corporations (S.125, S.126, S.127) | 79.7729942347606 | 49.7148850809963 |
| Insurance Corporations (S.128) | 62.9590345200629 | 44.5907348570142 |
The average annual earnings for men were higher than that for women in every subsector of the Irish financial sector in 2018, as shown in Figure 9.11. In other financial corporations (S.125, S.126, S.127) men earned on average €79,800 in 2018, while women earned on average €49,700. In other words, the average earnings for a woman working in the other financial corporations subsector were 62.3% of that for a man, constituting the largest difference in annual average earnings of the three subsectors. In the Central Bank (S.121) and deposit taking corporations (S.122), the average annual earnings for men were €73,000 while average annual earnings for women were €22,600 lower at €50,400. Insurance corporations (S.128) had the lowest difference between average annual earnings for men and women. In 2018, the average annual earnings for women working in that subsector were €44,600, 70.8% of the average annual earnings for men, at €63,000.
| Central Bank (S.121) and Deposit Taking Corporations (S.122) | Other Financial Corporations (S.125, S.126, S.127) | Insurance Corporations (S.128) | |
| 2011 | 54.2827641203102 | 57.0123893601909 | 55.8899866376811 |
| 2012 | 54.306351276907 | 55.7940225053723 | 56.8859191648 |
| 2013 | 54.3054702900074 | 57.1866952527981 | 55.6085656010753 |
| 2014 | 55.0006490091258 | 57.5828161709903 | 55.2861985077878 |
| 2015 | 55.5034595396169 | 59.0688466012359 | 54.6818929341963 |
| 2016 | 55.5997593905032 | 61.7519125710052 | 54.2647481270444 |
| 2017 | 57.4718703849816 | 63.5511910249962 | 54.8465494936129 |
| 2018 | 60.0117385278296 | 65.6100068521004 | 54.2882989749727 |
Figure 9.12 shows the average annual earnings for each subsector from 2011 to 2018. The average annual earnings of all three subsectors, while showing some fluctuation, all remained within a tight range from €54,300 to €57,200 from 2011 to 2013. From 2014 to 2018, the average annual earnings for the three subsectors diverged. Over that five year period, the average annual earnings for people employed in insurance corporations (S.128) dropped from €55,300 to €54,300, while the average annual earnings for those working for the Central Bank (S.121) and deposit taking corporations (S.122) rose from €55,000 to €60,000. The sharpest rise in annual average earnings from 2014 to 2018 was for people employed in other financial corporations (S.125, S.126, S.127), with average annual earnings increasing from €57,600 to €65,600.
| Average Annual Earnings | |
| Under 20 | 14.3093840206186 |
| 20-29 | 34.8896860893597 |
| 30-39 | 56.7790927225398 |
| 40-49 | 80.8530871827506 |
| 50-59 | 83.8657650459027 |
| 60 and over | 42.704388075098 |
The average annual earnings in the Irish financial sector increased with age for all those aged under 60 in 2018, as shown by Figure 9.13. The highest annual average earnings was for those aged 50-59, at €83,900. Those aged 60 or over earned significantly less than those aged between 50 and 59, at €42,700 on average.
Note: Average annual earnings figures presented in Figure 9.13 and throughout this publication are calculated on a full-year equivalence basis. This methodology groups those people who worked less than 52 weeks per year so that 52 weeks of work are equal to one person in our results. Importantly, details on the number of hours worked per week are not provided by P35L data. For this reason, care must be taken when interpreting these statistics as numbers employed in each age bracket contain a mix of full-time and part-time workers, the ratio of which is unknown. For instance, it is possible that the low average annual earnings of those aged under 20 is due to a large proportion of these people working few hours per week.
| Average Annual Earnings for Men (left axis) | Average Annual Earnings for Women (left axis) | Average Annual Earnings for Women as % of Average Annual Earnings for Men (right axis) | |
| Under 20 | 14.9005193370166 | 13.7924975845411 | 92.5638715845097 |
| 20-29 | 36.8599892400807 | 32.8083405162207 | 89.00800350898 |
| 30-39 | 65.9055761849286 | 48.9587901539431 | 74.2862637549312 |
| 40-49 | 101.925297606008 | 61.5158413119931 | 60.353850081245 |
| 50-59 | 112.066881826936 | 56.2979977138246 | 50.2360704572516 |
| 60 and over | 51.4417129993451 | 27.8221848856665 | 54.0848724964129 |
Men, on average, earned more than women in every age bracket in the Irish financial sector in 2018. Furthermore, the gap between average annual earnings for men and women consistently widened along with age for those aged under 60. Average annual earnings for women as a percentage of that for men stood at 92.6% for those under 20, dropping to 74.3% for those between 30 and 39, and down to 50.2% for those aged between 50 and 59. The greatest difference between the average annual earnings for men and women in 2018 is seen among those aged from 50 to 59. Within this age range, men employed in the financial sector earned, on average, €112,000 in 2018, compared to €56,300 earned by the average woman.
| Average Annual Earnings for Men (left axis) | Average Annual Earnings for Women (left axis) | Average Annual Earnings (left axis) | Average Annual Earnings for Women as % of Average Annual Earnings for Men (right axis) | |
| 2011 | 70.3661252838313 | 43.6824215087813 | 55.5796950576757 | 62.078764934949 |
| 2012 | 68.9878547047111 | 44.1446111192918 | 55.3523204454966 | 63.9889605326099 |
| 2013 | 68.6982597563778 | 44.6983751261861 | 55.7338634454452 | 65.064785170248 |
| 2014 | 68.9070297909598 | 44.8621581399052 | 56.1608032619566 | 65.105343062967 |
| 2015 | 69.7288733655777 | 45.3537224709042 | 56.9863863752156 | 65.0429589377153 |
| 2016 | 70.9638339456587 | 46.1548595665756 | 58.0813101224759 | 65.0399745903232 |
| 2017 | 72.5480340920526 | 47.5003739360367 | 59.6878645028639 | 65.4743778112111 |
| 2018 | 74.4284913367535 | 49.1378588784692 | 61.5879399566963 | 66.0202269264653 |
Figure 9.15 shows the average annual earnings for men and women, as well as the overall average annual earnings, from 2011 to 2018. The overall average annual earnings in the financial sector stood at €61,600 in 2018, up 9.7% from €55,600 in 2011. The average annual earnings for men were higher than the average annual earnings for women by at least €24,000 in each year of the time period. The average annual earnings for women as a percentage of the average earnings for men rose by 3.9 percentage points over the eight year time period, from 62.1% in 2011 to 66.0% in 2018.
| Men | Women | |
| Under 10,000 euro | 5.913 | 5.239 |
| 10,000 euro - 10,999 euro | 4.401 | 5.620 |
| 20,000 euro - 29,999 euro | 5.595 | 9.118 |
| 30,000 euro - 39,999 euro | 6.884 | 9.940 |
| 40,000 euro - 49,999 euro | 5.838 | 7.511 |
| 50,000 euro - 59,999 euro | 4.574 | 5.001 |
| 60,000 euro - 69,999 euro | 3.720 | 3.462 |
| 70,000 euro - 79,999 euro | 3.075 | 2.219 |
| 80,000 euro - 89,999 euro | 2.508 | 1.519 |
| 90,000 euro - 99,999 euro | 1.981 | 1.042 |
| 100,000 euro - 109,999 euro | 1.465 | 0.716 |
| 110,000 euro - 119,999 euro | 1.161 | 0.530 |
| 120,000 euro - 129,999 euro | 0.962 | 0.393 |
| 130,000 euro - 139,999 euro | 0.730 | 0.257 |
| 140,000 euro - 149,999 euro | 0.650 | 0.200 |
| 150,000 euro - 174,999 euro | 1.022 | 0.337 |
| 175,000 euro - 199,999 euro | 0.679 | 0.180 |
| 200,000 euro - 224,999 euro | 0.504 | 0.127 |
| 225,000 euro - 249,999 euro | 0.337 | 0.078 |
| 275,000 euro - 299,999 euro | 0.407 | 0.083 |
| 300,000 euro and over | 0.854 | 0.156 |
Women comprised approximately half of Irish financial sector employment in 2018 and were concentrated mainly in the lower half of the earnings distribution, as shown in Figure 9.16. More women than men fell into every earnings bracket under €60,000 in 2018, with the exception of the under €10,000 bracket. From annual earnings of €60,000 upwards, more men than women are found in every earnings bracket. Of the 11,800 people earning €100,000 or more in 2018, 74.2% were men and 25.8% were women. The median annual earnings bracket for men in the Irish financial sector in 2018 was €40,000 - €49,999 while that for women was €30,000 - €39,999.
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