Just 4% would consider career as a financial adviser
Just 4% of people would consider a career as a financial adviser with a slightly higher percentage - 9% - saying they would consider a career as a Senior Paraplanner.
A survey of career preferences and job satisfaction found that under one in 10 of potential career switchers would consider becoming financial advisers or Paraplanners.
The research, by jobs website Indeed and the St James’s Place Financial Adviser Academy, looked at the 10 ‘Best Careers You’ve Never Considered.’
Career choice |
% of UK workers who have considered this career |
Employee Relations Manager |
10% |
Senior Paraplanner |
9% |
Adjuster |
5% |
Financial Adviser |
4% |
Finance Systems Analyst |
3% |
Digital Consultant |
3% |
Benefits Consultant |
3% |
External Affairs Manager |
2% |
Policy Manager |
2% |
Rehabilitation Manager (therapy) |
2% |
Source: St James's Place / Indeed
It found that one in four of those surveyed (24%) said they were currently “dissatisfied” with their careers with a third (33%) looking to switch roles in the next 12 months.
The research combined a poll of more than 4,000 workers conducted for the SJP Financial Adviser Academy with job search data from Indeed.
The study looked at how people feel about their current career choices, what they are looking for in a dream career and how people rate a list of the 10 ‘Best Careers You’ve Never Considered.’
Despite the fact that many UK workers are not happy with their career choice, a quarter (27%) have never changed careers. “Money, meaning and me-time” are key drivers of discontent, the survey found.
Limited earning potential (38%) is among the top reasons why workers remain unhappy in their current role, as financial pressures, heightened by the cost-of-living crisis, take their toll.
More than a third (37%) want to do something “more meaningful” and a similar proportion say their current occupation is “boring and unfulfilling” (36%).
The workplace environment is a common driver of career unhappiness: a third (32%) note a toxic work/life balance as the source of their dissatisfaction.
The study said that perceptions of being too old to switch occupations – often self-imposed – may be a “major factor” in holding younger workers back from expanding their horizons.
While nearly a fifth of UK workers (18%) think the age limit to switch careers is in their 40s, there are still more than one in 10 (13%) workers who think options to change roles is limited by their 30s.
Millennials and Gen X are most dissatisfied with their career choices with Gen X workers (ages 44-59) the most dissatisfied with their current careers, with more than a quarter of this generation (27%) unhappy in their occupation.
This is closely followed by Millennials, aged 28-43, with 23% saying they are unhappy in their roles.
In contrast, Baby Boomers, aged 60-69, say they are overwhelmingly satisfied with their careers, with four in five (82%) individuals happy with their career choices.
A comfortable salary was cited as important by 68% with, on average, £50,384 a year, seen as “comfortable.”
Men’s ideal salary was nearly £10,000 higher than women’s, which they set at £54,771 compared to £45,624. Meanwhile, Millennials’ perceptions of a comfortable salary were the highest of all the generations at £58,324.
More than half of workers said their ideal career would offer them a healthier work/life balance (56%) as well as the ability to work flexible hours (50%). The most popular amount of time to work from home was three days a week, as cited by nearly a fifth of workers (19%).
Gee Foottit, partnerships manager at the St James’s Place Financial Adviser Academy, said: “Just 4% of us have considered a career in financial advice despite the chance to work flexibly, earn comfortably and make a real difference. Limited awareness of our profession means the gap in future talent for our sector is widening, so we need to change that and through the academy we’re playing our part.”
For the survey job, roles were defined as Senior Paraplanner – someone working closely with financial advisers/planners, providing advanced support in developing and implementing financial plans for clients. Financial advisers were defined as professionals who provide financial guidance and advice to individuals or businesses.
• Research was conducted for St. James’s Place by Opinium, among 4,000 UK adults between 7 February and 18 March. Results were weighted to be nationally representative criteria.