More than half of UK adults say they would not consider working in the financial services industry, with perceptions of the sector being ‘too corporate’, ‘stressful’, and ‘boring’ among the most common deterrents.
This is according to new research from Market Financial Solutions.
The London-based specialist lender commissioned an independent survey of 2,000 UK adults to explore the factors shaping people’s career decisions and their perceptions of the financial services sector.
Removing retirees and those already working in financial services, the survey found that 55% of respondents would not consider a career in the industry. Those who said they would not consider a job in the sector were then asked why that was the case.
A third (33%) said it was because they think they lack the necessary skills or qualifications, 26% said financial services seems too corporate or rigid, 25% said it looks boring, and 24% perceive the work to be too stressful.
A further 10% admitted they do not understand what careers are available within the sector, while 8% said they do not really know what ‘financial services’ are. However, there are signs that perceptions are shifting among younger generations.
The survey found that 60% of adults aged 18-34 would consider working in financial services, compared to just 29% of those aged 55 and above.
Paresh Raja, chief executive of Market Financial Solutions, says: “The UK has a world-leading financial services sector, with over a million people across the country employed in this industry. But our research shows that financial services companies are still facing some serious challenges when looking to attract and retain the best talent.
“Clearly, many people outside the sector deem financial services to be too confusing, rigid or stressful to consider working in it. For me, the data highlights that the industry needs to do more to educate people about the opportunities the sector can provide them, particularly given the sheer breadth of exciting roles available in all sorts of finance companies.
“We need to break down the barriers and show people that financial services careers can be exciting and rewarding, no matter their background, qualifications, or personal ambitions.”
