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KPMG: 65% of Brits would not work in financial services

Apr 29
 
Tags: KPMG LLP
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The UK is facing a financial services talent crisis, but according to new research from KPMG, 65 per cent of people in the UK would not take a job in the sector. 

According to the research, the perception that the sector is ‘boring’ is an obstacle to recruitment, with 41 per cent of people outside the sector citing this as their reason to avoid financial services roles. 

Despite this, people working in finance were found to be happier than average, with 87 per cent of bank, insurance, or asset management workers claiming they like their job, compared to 82 per cent of employees in other sectors.

Furthermore, those aged between 25 and 34 working in finance are the happiest employees in the UK: 90 per cent of workers in this category said they enjoy their job. Despite this, two-thirds of people in this age group working outside the sector said they would not consider a career move to financial services. The two main reasons given for this were because it ‘sounds boring’ or because they have no contacts in the sector.

The latter reason is unsurprising, given that 41 per cent of financial services employees had parents who worked in the same industry. This was the case for just 12 per cent of those who worked in non-finance jobs. 

Tim Howarth, Head of FS consulting, KPMG, described the lack of social mobility in the sector as “staggering”. 

He said: “There are a few, understandable reasons why that may be - it’s a growing sector and of course, it fits with the finding that those working in the sector enjoy their roles, whilst those outside looking in, don’t fancy it - but, whatever the reason, the consequence is the same; a narrow and narrowing talent pool and not enough social mobility. That is a big challenge for the future of the sector.”

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