Nearly 40% of Britons looking at a career in financial advice

Added 28th November 2016

Almost two fifths (38%) of British workers are interested in a career that enables them to give people advice on their investments and finances, according to new research by St. James’s Place Academy.

Nearly 40% of Britons looking at a career in financial advice

Among the 2000 people surveyed, around half (49%) of millennials aged 18-34 years old expressed an interest in a career in financial advice, said the training and development arm of the FTSE 100 financial services company.

Meanwhile, interest among men (44%) was noticeably higher than for women (32%) despite an even split of sexes in the sample size.

Skills

Of those considering becoming a financial adviser, around one fifth of respondents said they think they would be ideal for the role as they are good with numbers, with the same number adding that they are good at problem solving.

Just over 20% said they could ‘see the bigger picture’, while a further 19% believed that being a good communicator would be their best asset for a career in financial advice.

Location, Location, Location

Regionally, over half of Londoners (51%) are attracted to the idea of a career in financial advice and wealth management, while only 29% of Scots would say the same.

Nearly two-thirds (58%) of employees working in the property sector expressed their interest in a career in financial advice, while only 26% in the public sector showed interest.

Surprisingly, 70% of higher earners, those currently earning more than £80,000 (€94,198, $99,792) would like a role in financial advice compared to 34% of those earning less than £20,000.

Nearly a quarter (23%) of British workers currently use a financial adviser, rising to 30% of those aged 18-34 and a third (35%) of those who live in London.

Adrian Batchelor, academy director at St. James’s Place Academy, said: “The wealth management industry has evolved greatly in the last few years, and these figures highlight that a career in financial advice is no longer just attracting the older generation, but younger people too – which is great news for the future of our industry.”

Deterrents

When it comes to perceptions of what might be the biggest deterrents from moving into a role in financial advice, nearly a quarter (24%) said that it was because they felt that they didn’t have the right skills and experience.

This statement was more of an issue for women (27%) than men (20%). Roughly equal numbers of men (15%) and women (13%) admitted that they don’t know what is involved in being a financial adviser.

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Monira Matin

Senior Reporter

Monira joined International Adviser in March 2016 from Informa Global Markets where she worked as a eurobond reporter for over two years, covering fixed income markets. She has previously held a number of editorial positions covering politics, insurance and technology. Monira has a degree in Journalism and Economics from City University.

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