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November 29, 2016updated 04 Apr 2017 1:20pm

About two fifths of UK workers attracted to the idea of a career in financial advice

Nearly two fifths of workers in Britain are interested in a career in financial advice, though many feel that they do not have the right skills to do so, according to a research by St. James’s Place Academy.

By Verdict Staff

Nearly two fifths of workers in Britain are interested in a career in financial advice, though many feel that they do not have the right skills to do so, according to a research by St. James’s Place Academy.

The interest to offer advice on finances was particularly higher among men (44%) compared to 32% of women, the study revealed.

The interest was also found to be notably higher among the millennial generation, with 49% of those aged between of 18 and 34 years attracted to this role.

Interest for a career in financial advice varied according to region, sector, and income, findings from the study unveiled.   

For example, 51% of Londoners were attracted to this career, compared to only 29% of Scots.

Further, 58% of employees working in the property sector were interested in this type of career, compared to 26% in the public sector.  Also, 70% of higher earners (those on £80k+) expressed their interest in this role versus 34% of those earning less than £20k.

Twenty three percent of respondents said that they currently use a financial adviser, with 30% of those aged between 18 and 34 years and 35% of those living in London stating the same.

St. James’s Place Academy academy director  Adrian Batchelor 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.”

According to respondents, best attributes for the role of a financial adviser would be that they are good with numbers (22%), good at problem solving (22%), being able to ‘see the bigger picture’ (21%), and being a good communicator (19%).

Twenty four percent of respondents however, admitted that they did not have the right skills and experience for the role of a financial adviser, with the statement more of an issue for women compared to men.

Moreover, 15% of men and 13% of women said that are unaware of what is involved in being a financial adviser.

 

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