Nearly Half of Finance Workers Considering a Career Change

A new survey of financial services professionals has found that almost half were unsatisfied with their line of work.

]A survey of 600 financial services professionals commissioned by KPMG and the Financial Services Skills Commission, and carried out by Savanta, showed that 44% of respondents were considering a career change.

31% of those surveyed said that they planned to hunt for a new job within the coming 12 months in spite of the dire impact that the COVID-19 pandemic has had on the UK job market. A further 13% were looking to quit the sector altogether – a figure that rose to 16% for 18- to 30-year-olds.

The respondents’ stated reasons for wanting to change career paths included excessive regulation in the sector, in addition to overly long hours and commuting times.

Karim Haji, head of financial services at KPMG remarked in a statement that it “made sense” for workers in the financial sector to be reconsidering their roles as they spend more time at home, away from their colleagues and offices.

“With so many considering a career change, financial services must take this time to promote itself positively and wipe the slate clean when it comes to the associations people make with it, if it is to be genuinely competitive for talent,” he said.

Haji also emphasised the importance of dispelling myths around the financial services sector, including its supposed “conservative employee policies”. Much of this work, he said, has been accelerated by the COVID-19 pandemic.

Savanta’s findings in the financial services sector were largely consistent with the wider economy. The firm polled more than 1,500 people across various industries and found that around 46% were contemplating new careers.

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