'Dry, dusty perception of Financial Planning needs changing'
The perception of Financial Planning as "dry, dusty and all about selling people things they may not really need" needs to be changed to attract more young people into the profession and help it thrive, an IFP director says.
Following a recent survey showing just 9% of young people would consider a career in financial services, Sam Rees-Adams,
Professional Standards Director at the IFP, said the planning community needed to win the "hearts and minds" of parents.
She said the way to address the fact that Financial Planning is low on most people's career list, as borne out by The Chartered Institute for Securities and Investment research, is to show what the profession really does.
Writing for the IFP newsletter, she said parents encourage their children into medicine, accountancy and law, not because they particularly like those professions, but because they believe they know these professionals do and see them as safe career choices.
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She said: "A crucial part of the strategy has to be making people realise what a career in Financial Planning really means. It isn't dry, dusty and all about selling people things they may not really need. It's about people, and helping them to achieve their goals. We know that, but how many people outside Financial Planning do?
"We all have our part to play in changing perceptions and winning hearts and minds. The more we can improve understanding of what Financial Planning is, the closer we'll be to succeeding."
She said offering more work placements and internships to youngsters would be a valuable way to spread the word about Financial Planning.
The IFP has produced five real life stories to show what a great choice a career in Financial Planning is.
Ms Adams added: "The more people see that Financial Planning's not boring, inflexible or devoid of opportunity, the quicker we'll win the battle for hearts and minds."
How do you think the perceptions of Financial Planning can be changed to encourage more to follow it as a career? Leave your comments below.