Careers in the sector seen as stressful and unappealing
More than half of UK adults are unwilling to pursue employment in the financial services sector, according to research commissioned by specialist lender Market Financial Solutions.
The survey, which gathered responses from 2,000 adults across the country, sought to understand the factors influencing career choices and perceptions of financial services. Excluding retirees and those already employed in the sector, 55% of participants indicated they would not consider a role in financial services.
Among those disinclined to join the industry, 33% attributed their reluctance to a perceived lack of relevant skills or qualifications. A further 26% described the sector as excessively corporate or inflexible, while 25% regarded it as uninteresting. Concerns about workplace stress were cited by 24% of respondents.
The findings also revealed that 10% of those surveyed were unclear about the range of careers available within financial services, and 8% admitted to not fully understanding what the sector encompasses.
Despite these reservations, attitudes appear to differ across age groups. The research found that 60% of adults aged 18 to 34 would consider working in financial services, compared with only 29% of those aged 55 and over.
“The UK has a world-leading financial services sector, with over a million people across the country employed in this industry,” said Paresh Raja (pictured right), chief executive of Market Financial Solutions. “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.”
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