(Bloomberg) -- Economics has an “image problem” which is hindering efforts to include more women in the profession, the UK Treasury’s chief economic adviser claimed.

Clare Lombardelli, who is due to become the OECD’s chief economist in May, said there was still “some way to go” before the UK reached gender parity among the top positions held in the economics sector.

Part of the problem was that not enough women were studying economics at an undergraduate level, Lombardelli said at the UK Women in Economics network launch event hosted by the Bank of England.

A lack of economics education in many schools, and a scarcity of female teachers with economics degrees, was adding to this issue, she said.

But Lombardelli also blamed the image of the economics profession. 

“Most people, when you ask them what they think economics is about, they think it’s about money and finance,” she said on a panel hosted by BOE Chief Economist Huw Pill.

“They don’t seem to think it’s about distribution and well-being and all those other things that we know it’s about.”

Lombardelli — who is also head of the Government Economic Service, a professional body for economists in the civil service — said many women also suffered from lower confidence. 

“Lots of women don’t feel comfortable seeing themselves as successful economists, or they don’t see themselves as successful economists,” she said. 

Impostor Syndrome

“Lots of men have problem with that confidence, too, I should say and impostor syndrome, but women really do seem to show that we see that in the data.”

In a survey of the GES members, less than a quarter of women thought they would get a promotion in the next year compared to a third of men — despite the fact that their chances were actually 50:50.

Lombardelli noted that gender diversity in economics had improved since the 1990s, when women in senior roles felt they had to “dress like men” in order to be taken seriously. 

Of the 4,000 economists in the GES, she said 33% were women and 27% were in senior roles — compared to around 20% and 5% respectively in 1995.

Her comments come as the BOE is seeking more women in management roles to diversify its leadership from the all-male team it currently has.

The central bank is currently led by Governor Andrew Bailey and four deputy governors along with its chief economist, all of whom are male. However, three of the nine people on the Monetary Policy Committee are female, and Sarah Breeden was promoted to head of financial stability in 2021.

Deputy Governor Dave Ramsden said 35% of senior managers are female at the moment, up from 20% in 2014. The central bank is targeting up to 44% by 2028.

“I’m very conscious that as one of an all-male team of governors here at the bank, the focus of today’s event hits uncomfortably close to home,” Ramsden said at the event on Tuesday. “Like many organizations, the Bank of England has made real strides forward. We need to keep building on that.”

Last year, the BOE replaced Chief Operating Officer Jo Place, who was the institution’s most senior woman, with Ben Stimson. The role is equivalent to a deputy governor, and the BOE now has no women at that level.

--With assistance from David Goodman.

(Updates with comments from Lombardelli)

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