'We must make advice as a profession more visible in schools'

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

The survey, in which more than 13,000 UK schools took part, is the result of a collaboration between the charity Education and Employers, Tes, UCL Institute of Education, the National Association of Head Teachers and the OECD.

The key findings are astounding. The difference in career aspiration between a five and 17-year-old is marginal, yet 36 per cent of seven-year-olds base their career aspiration on people they know. A further 45 per cent are motivated for career choice by TV or film.

So applying that to the financial planning profession, early exposure to the profession, even just knowing it is there, can be extremely beneficial. 

Lacking representation

As FTAdviser reported, only 6 per cent of advisers are under 30-years-old in the relatively small pool of 43,326 regulated retail advisers. By contrast the Central Council of Accounting Bodies has around 275,000 members within the UK and Ireland, and the British Education Suppliers Association states there are 624,520 teachers. 

So, by comparison to other professions, it is unlikely that the next generation know a financial planner or adviser in the first place. 

But if they do by chance know an adviser – what does the professional landscape look like?

It is commonly accepted that financial planning is a white collar, middle class profession.

Only 17 per cent of certified financial planners are women, according to our data, and only 6 per cent of advisers are under 30, with the average age of a financial adviser quoted by many sources as being 58. 

Ethnicity data is a challenge, but it is commonly accepted that financial planning is a white collar, middle class profession. For the wider financial services profession, according to FTSE 100 companies, 62 per cent of board members are white males and they occupy 84 per cent of executive directorships, according to the DiversityQ FTSE 100 Board Diversity Report 2020. 

Imagine the immediate impact on creating a diverse workforce within our profession if when these kids finally found out about financial planning, this is what they see. 

How many financial planners feature in the TV programme The Only Way is Essex or even my nine-year-old's go-to, The Inbestigators? Even the online game Roblox has a bank but no adviser.

'Fintokers' have exploded on TikTok but to my knowledge, only Poku Banks has mentioned a career in financial planning.

Encouraging solutions

So many organisations, professional bodies and of course the FTAdviser Promote Your Profession campaign are all trying to find ways to encourage new entrants to our profession.

The government’s levelling up agenda has huge implications for educational initiatives for many professions; the ambition is to spread opportunity more equally and to those living in communities who need it the most. One of the most fundamental aspects of this is access to education. 

The CISI is working with local councils and schools in some of the identified areas to provide young people with not only the access to a career in financial services, but also the aspiration to choose it as a viable career path.

The Diversity and Inclusion Report (DP 21/2) from the FCA, Bank of England and Prudential Regulation Authority sums up the importance of facilitating and participating in these programmes so effectively.

Research shows evidence of correlations between diversity and inclusion and positive outcomes in risk management, good conduct, healthy working cultures, and innovation. These outcomes directly contribute to the stability, fairness and effectiveness of the firms, markets and infrastructure that together make up the financial sector.

Having financial planners physically go into schools is a game changer for impact and sustaining motivation.

Add to that the softer, yet still so important, elements that diversity of thought brings: creativity, innovation, cultural awareness with clients, up-skilling in speaking to clients – the list is endless.

So, let’s act now – how can you get involved?

The CISI schools hubs programmes will provide students with foundation examinations and sessions provided by the planning community, in some tougher communities across England, Scotland and Northern Ireland.

The programmes and examinations are supported by the CISI Educational Trust and therefore entirely free to students, and yet getting the programmes has not been easy.

Enthusiasm is there in buckets from the key stakeholders but finding teaching time and keeping students engaged when their parents have never had a job can be tough. Having financial planners physically go into schools is a game changer for impact and sustaining motivation.

The ambition is to spread opportunity more equally and to those living in communities who need it the most.

The CISI works with 20 universities, a number that is growing at a fast pace.

Some of the universities we work with have classes where all the students live at home, they are all first-time graduates for their families and have often two part-time jobs to get them through. Scholarships and support are available.

Again, the CISI offers these students a combination of qualifications, employability days and speaker sessions. So, if you are a financial planner looking to make a difference in your community and to inspire the next generation of financial planners, we would love to hear from you. Drop me a line on sally.plant@cisi.org

Sally Plant is assistant director financial planning and education development at the Chartered Institute for Securities & Investment