Disadvantaged young people locked out of financial services careers, study finds

Research from LV= and the Social Mobility Foundation has highlighted the persistent barriers facing young people from lower socioeconomic backgrounds when trying to access careers in financial services.

The Unheard Voices study, which surveyed 16- to 21-year-olds, found that not “knowing the right people” or lacking contacts in the industry was seen as a significant obstacle to career progression, particularly among those from less privileged backgrounds.

Respondents from these groups were also more likely to cite a lack of relevant work experience opportunities and limited local options, with many of the barriers described as beyond their control.

Perceptions of accessibility also remain low. Only two in five young people from lower socioeconomic backgrounds said they believe financial services is open to someone “like them” – a significantly lower proportion than their peers from intermediate or professional families.

The research further suggested that financial services is seen as more difficult to access than other sectors such as healthcare or technology, with entry-level opportunities perceived as more limited than in other industries.

David Hynam, chief executive of LV=, said: “We’re pleased to work with the Social Mobility Foundation to bring these important findings to light.

“Understanding the barriers young people face is essential to creating meaningful change and to identifying what needs to be done by businesses and policymakers to improve access and opportunity.

“Social mobility is fundamental to building a truly inclusive workplace culture, something LV= has been recognised for and continues to champion as a core mutual value. When success is driven by performance and potential rather than background, businesses, the financial sector, and society all benefit.”

He added: “By embedding inclusion into our strategy and culture and offering fair recruitment, accessible pathways, and meaningful development opportunities, we can help unlock potential and ensure everyone has the opportunity to thrive.

“We’re looking forward to increasing our support for young people as part of our ongoing partnership with the King’s Trust.”

Sarah Atkinson, chief executive of the Social Mobility Foundation, added: “Young people from working-class backgrounds are telling us that careers in financial services aren’t open to them—and the sector needs to sit up and take notice.

“Talent is everywhere, but opportunity is not. If bright young people are locked out of financial services careers, it’s not just unfair—businesses risk missing out on top talent and creating a culture of groupthink, which makes for worse decision-making. In a sector that creates the financial products and services we all depend on, that’s a major problem.

“Financial services employers need to make social mobility part of their talent strategies and collect socioeconomic data on who is getting in and getting on, and should consider entering our Social Mobility Employer Index for tailored advice.

“Then they can start breaking down the barriers to opportunity and create more representative, successful businesses.”