A career in financial planning remains unappealing to the vast majority of young people, new research from the lang cat has revealed, highlighting concerns that there is an ‘awareness gap’ around the profession.
The financial consultancy, along with Morningstar Wealth, has published a report ‘New Blood: creating career routes and removing barriers between young people and financial services’ to explore how the next generation views work and careers and where financial advice features as a career choice.
It found that just 21% of those aged between 17-23 considered financial planning appealing, just 2% ahead of nursing which was the lowest rated option.
A slightly higher percentage (28%) said they found a career in financial services appealing.
This comes as data from the Financial Conduct Authority shows the number of advisers aged under 25 has dropped below 200 for the first time since 2022.
Despite this, enthusiasm for financial education is strong. While just 17% said they had received a good level of education about money or personal finance at school, 86% agreed it should be taught.
When asked what young people want from a career, the majority (81%) said they want a job that interests them, while 62% value salary potential, 58% want job security and 53% are motivated by roles that help people or society.
The research also looked at perceptions around the role of financial planning. It found respondents frequently likened the role to accountancy, with 74% believing being “good with numbers” was essential to the job. The prevailing stereotype of financial planners is corporate and formal, predominantly male and from middle class backgrounds.
Steve Nelson, insight director at the lang cat, said: “The results are fascinating, though in parts uncomfortable to read – particularly how our sector is perceived by younger people. There’s nothing wrong with accountancy or suits, but what’s striking is the absence of any reference to the creativity, autonomy and human connection that define modern financial advice.
“The belief that maths skills are paramount also risks alienating talented candidates who may not see themselves as ‘numbers people’, despite being ideally suited to the role. When you consider how purpose-driven and people-focused the profession really is, this perception gap becomes all the more frustrating.”
Nelson said the perceived lack of diversity also risks deterring many from considering a career in advice.
“Our aim through this work is to spark a wider conversation about what needs to change if the next generation is to see a future in financial advice.”
Ben Lester, head of distribution at Morningstar Wealth, added: “Financial advice is such a fantastic and rewarding career option, but these findings make it clear that the wider industry and the advice profession need to be far more visible and proactive in engaging with young people – not just to improve financial literacy, but to showcase the breadth of career opportunities available.
“At the heart of our philosophy is empowering people with the knowledge they need to make good financial decisions, and that should start as early as possible. The industry cannot wait for the curriculum to catch up; it must step in to help bridge the gap. By showing the human side of financial advice and broadening perceptions of the skills required, we can attract the new blood our profession urgently needs.”
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