Some 72% of people employed in financial services have not asked for a pay increase at all in the past three years, according to a survey.
Based on a poll of 2,000 workers in the sector, the majority (49%) explained this was over concerns that their positions would be jeopardised. Another 44% feared of being rejected, while a similar proportion (41%) worried about their employer's reaction.
Over a third said they were put off by the idea of having to justify a raise and 18% cited the idea of having to work longer hours or harder with a new salary.
Randstad, which carried out the research, said only 6% of respondents had requested a pay increase each year over the past three years, while the remaining 22% had done so either once or twice in that period of time.
Tara Ricks, Randstand's managing director, said: "For whatever reason, a lot of financial services workers aren't proactively asking for the pay rise that many of them doubtless deserve."
The recruitment firm went on to say 77% of employees in financial services had received a raise, whereas for one in five respondents their wages had remained the same.
"The vast majority are getting a raise, but it's at the discretion of the employer rather than due to the employee's initiative," Ricks added. "For a sector as confident as financial services, this may come as a surprise."
