KPMG UK

Financial sector faces talent crisis due to 'image problem'




Almost two-thirds of the UK population (65%) would not consider taking up a role in financial services, according to research from KPMG UK.

More than two-fifths of people outside the financial sector (41%) stated that they wouldn’t want to become involved in that type of employment because the industry “sounds boring”.


Other highlights from KPMG’s research included:

  • people working in finance were happier than average — 87% of bank, insurance or asset management employees claimed that they liked their job, compared with 82% of workers in other sectors
  • those aged between 25 and 34 working in finance were the happiest employees in the UK — 90% stated that they enjoyed their job
  • some 58% of 25- to 34-year-olds working outside the sector said that they would not consider financial services for their next career move
  • some 16% of 25- to 34-year-olds said that they would not consider financial services because they had no contacts in the sector
     

“There’s clearly a gap between what the public think, and the realities of working in financial services,” said Tim Howarth, head of FS consulting at KPMG.

“Technology and customer engagement is a priority for most of my clients right now, so people working in retail, leisure or IT could have a huge amount to offer.

“But, the sector has an image problem that’s putting off that talent.”

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