Tuesday, 29 November 2016

How about a career in financial advice?

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

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.

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.

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 amount adding they are good at problem-solving.

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.

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.

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 it was because they felt that they didn’t have the right skills and experience.

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