"Understanding the barriers young people face is essential to creating meaningful change and identifying what needs to be done by businesses and policymakers to improve access and opportunity."
- David Hynam, CEO of LV=
Of those surveyed, 60% don’t consider Financial Services to be open to someone ‘like them’. This is significantly higher than 16-21-year-olds from intermediate and professional backgrounds.
Respondents highlighted a lack of entry-level opportunities and not ‘knowing the right people’ or having contacts in Financial Services as major obstacles to career progression in the sector.
“Understanding the barriers young people face is essential to creating meaningful change and identifying what needs to be done by businesses and policymakers to improve access and opportunity,” stressed David Hynam, CEO of LV=.
He said: “By embedding inclusion into our strategy and culture, as well as offering fair recruitment, accessible pathways, and meaningful development opportunities, we can help unlock potential and ensure everyone has the opportunity to thrive.
“We’re looking forward to increasing our support for young people as part of our ongoing partnership with the King’s Trust.”
Sarah Atkinson, CEO of the Social Mobility Foundation, added: “Young people from working class backgrounds are telling us that careers in Financial Services aren’t open to them – and the sector needs to sit up and take notice.
“Talent is everywhere, but opportunity is not. If bright young people are locked out of Financial Services careers, it’s not just unfair – businesses risk missing out on top talent and creating a culture of groupthink, which makes for worse decision-making.
“Employers in Financial Services need to make social mobility part of their talent strategies and collect socioeconomic data. Then they can start breaking down the barriers to opportunity and create more representative, successful businesses.”
