“Professional advice should be more prominent in schools.”

Financial Planners

A survey of school-age children on career-related learning found little difference between primary and secondary school children, with most elementary school students basing their career ambitions on people they know.

With more than 13,000 UK schools participating, the survey is the result of a collaboration between the charity Education and Employers, Tes, the UCL Institute of Education, the National Association of Principals and the OECD.

Important discoveries are surprising. While the difference in career aspirations between the 5-year-old and her 17-year-old is small, 36% of the 7-year-old bases her career aspirations on people she knows. In addition, 45% of her career choices were motivated by television and film.

So applying this to the financial planning profession, exposure to that profession early on, even if you just know it exists, can be very beneficial.

lack of representation

As reported by FTAdviser, among the relatively small group of 43,326 regulated retail advisors, only 6 percent are under the age of 30. By contrast, the Council of Central Accounting Authorities has about 275,000 members in the UK and Ireland, and the British Association of Providers of Education says it has 624,520 teachers.

As such, the next generation is less likely to know financial planners and advisors in the first place, compared to other professions.

But what would the professional world be like if they happened to know an advisor?

Financial planning is generally accepted as a white-collar, middle-class profession.

Our data shows that only 17 percent of certified financial planners are women, only 6 percent of advisors are under the age of 30, and the average age of financial advisors cited by many sources is 58.

Ethnicity data is a challenge, but it is generally accepted that financial planning is a white-collar, middle-class profession. For the broader financial services profession, according to DiversityQ FTSE 100 Board Diversity Report 2020, FTSE 100 companies report that 62 percent of board members are white males and 84 percent of executive officers are white males.

Imagine the immediate impact of creating a diverse workforce within our profession when these kids finally find out about financial planning.

How many financial planners appear on TV shows? Essex is the only way Or even a 9-year-old’s favorite, investigatorsThe online game Roblox also has a bank but no advisors.

“Fintokers” exploded on TikTok, but as far as I know, only Poku Banks mentioned a career in financial planning.

encourage solutions

So many organizations, professional associations and of course the FTAdviser Promote Your Profession campaign are all trying to find ways to encourage newcomers to our profession.

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