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.
