Why young people are no longer banking on a career

Young people are no longer wanting to work in banks and finance a recent report has found. In order to get teenagers and young adults into their branches, banks need to join the innovation bandwagon and become more appealing to a social media savvy audience. In the report by Huxley Banking & Financial Services, it was stated that students interested in the banking industry valued creativity and dynamism.

Recent graduates are also more likely to have a fairly negative view on the sector too, with the banking and finance brand affected by media portrayal and they are not seen as being a diverse and exciting place to work compared to other industries.

The study found that if banks and financial institutions were to reach out to younger generations still in school, they would become more aware of the industry and would more likely consider a banking role at the same time as contemplating higher education choices. The research found that older students had done their research into the sector and time should be spent with them to encourage them into the career choice.

Nikki Richards, relationship manager at Huxley Banking & Financial Services said: “Graduates went into the industry knowing it represented a couple of decades of hard graft, of exposure to international locations and of course, the ability to earn a great deal of money.

“But if you look at the average salary now, it is much more comparable with several other sectors outside of banking, which was never the case previously.”

It also found that banks need to change their image if they have a chance of considering banking as a job. The finance sector isn’t as social media savvy as other companies and it is having an impact on the way young people approach the industry. Graduates also have a more relaxed approach in changing jobs nowadays too, meaning banks need to do more to keep them there.

Ms Richards said: “The more entrepreneurial firms, the ones that are switched on in terms of how to engage this young audience are more successful at finding talent. Banks are going to have to rethink their whole strategy around recruitment”

She added: “There is infinitely more competition out there. They need to create an inclusive, not hierarchal, working environment.”