Pensions  

Pay disparity could keep pension gap open until 2100

However, he said things may have started to take a turn for the worse 30 years ago, when the days of the 'Man from the Pru' ended. 

He explained: "In the days of the Man from the Pru, the financial interaction would have been with the woman of the household, rather than the husband.

"Also, the children would have seen some financial interactions between their parents - usually the mother - and a professional, such as someone selling life insurance.

"We do not have that so much these days, so the new generation will not have seen their parents interacting around their financial wellbeing, so finance does not become a natural thing for them to do later on in life."

To help combat this trend, last year, the PFS launched the My Personal Finance Skills programme, and to date, more than 800 financial planners have already signed up to be ambassadors.

Mr Richards said by the end of January, more than 600 events have been planned in schools around the country for 16 to 18 year olds. "This is totally inclusive, and it is the first time that an educational awareness programme has sought to use gamification to engage young people in their financial wellbeing."

He told FTAdviser this programme would not only help by giving young people a positive encounter with a financial adviser, which might help them understand and seek out professional financial advice later in life, but also might bring new blood into the industry. 

"Even if it doesn't have an impact now, it means later in life they will be able to reflect on their encounter with a financial adviser. Moreover, we have already seen positive interest from young people about a potential career in financial planning", he said.

So while some things have not moved forward very quickly, there are positives. Mr Richards added: "In our last graduation ceremony last year, more than 30 per cent were women graduates under the age of 30 and most had gone into financial planning as their career of choice. 

"Change of this sort is like an oil tanker though - the wheel has turned and it is starting to change course. But we keep pressing on", he added, "because it is important for all of us."

simoney.kyriakou@ft.com

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