Why Are So Many People Avoiding Financial Services Careers in the UK?

Perceptions of Financial Services Careers

More than half of people who do not work in financial services would not consider it as a career choice.

A report by Market Financial Solutions found that 55 per cent would not work in the industry because they felt they lacked the right qualifications, thought it was "too corporate or rigid" or that it was "boring".

Some 10 per cent of respondents admitted they did not understand what careers were available within the sector, while 8 per cent said they did not really know what financial services were.

Key Factors in Career Choices

A good work/life balance was the most important factor in choosing which industries or companies to work for, with 45 per cent of all respondents selecting it as one of the three most important elements of their decision.

This was followed by a competitive salary, job security, and benefits and perks.

The least important factors among respondents were opportunities to gain training or additional qualifications (10 per cent), company values and culture which align with their own (11 per cent), and a clear path for career progression (13 per cent).

Diversity and Inclusion Challenges

Among women, 58 per cent who did not work in the industry said they would not consider it.

Additionally, only 48 per cent of all respondents agreed financial services was open to people from all social backgrounds.

Paresh Raja, chief executive of Market Financial Solutions, said: "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."

Raja added this was not simply a recruitment problem but "a cultural challenge".

"The next generation is motivated, diverse, and eager to contribute. It’s up to us as employers to ensure their contributions are recognised, and rewarded.

"We must adapt by opening more doors, broadening the definition of what a financial career looks like, and ensuring progress is built on inclusion, not exclusivity," he explained.

Youth Interest in Financial Services

The survey did find 60 per cent of those aged 18-34 would consider a career in the industry, the highest among all age groups.