Most women working in the financial sector feel overlooked, underpaid and under-represented at executive level - even if they have chosen not to have children in favour of pursuing a career, according to an Australian survey.

The survey of 817 male and female finance industry professionals, by the Financial Services Institute of Australia, found 85% of women believed there was a gender divide within financial services.

A total of 84% of women finance professionals agreed that "even women who chose not to have children were under-utilised in the senior ranks".

Their male colleagues, however, had a different view.

The survey found 58% of men did not think there was a gender divide and only 28% said women who chose a career over children were underutilised.

But more than half the men questioned agreed with the majority of women that most females who took time out of the workforce due to caring responsibilities were forced to trade promotion for flexibility.

Institute chief Martin Fahy said the survey findings reflected that, while measures such as child care support and flexible work options would help lift the levels of female participation in the industry, "cultural barriers go to the heart of the gender divide".

"This reflects either a significant perception gap or just plain old complacency, with little desire to enforce gender equality both in principle and practice."