A new poll has revealed that 50% of students in higher education cite their financial situations as the biggest pressure they face. However, new graduates feel that a lack of industry knowledge and pressure to pursue traditional career paths are holding them back from entering into more lucrative careers in industries such as fintech.
Graduates are missing out on higher starting salaries in fintech roles because they feel they do not have enough knowledge of the sector.
A new survey by Quotezone.co.uk (a UK-based financial comparison platform) found that more than three-quarters of students haven’t considered a career in fintech despite the fact that the average fintech salary is 57% higher than the average UK salary – highlighting the need to change perceptions and give students valuable knowledge and experience of this lucrative sector.
The poll of UK students found the biggest factor stopping graduates from pursuing a career in fintech was a lack of knowledge about the sector (36%). The survey also suggested that the other factors holding students back are pressures to pursue a more traditional career path (26%) and a lack of experience (9%).
Only about one-quarter of students surveyed had a job lined up at the time of graduation while one-quarter admitted to not even being sure what career they wanted to go into.
Quotezone.co.uk is trying to address this lack of knowledge of the fintech sector among UK graduates by encouraging students to explore what fintech could potentially offer them.
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The Quotezone Fintech Scholarship aims to increase awareness about the sector in the UK by asking students to consider what they see as the future of the fintech industry. By offering work experience opportunities in the industry, the fintech business hopes to encourage more students to consider a career in the sector.
A spokesperson for Quotezone.co.uk warned that the UK could risk losing its status as a global fintech hub if it does not address the challenges around its talent shortage.
“The UK is a global leader in fintech, which contributes billions to our economy and has the potential to create thousands more jobs in the coming years,” said Greg Wilson, founder and CEO of Quotezone.co.uk. “Despite this, there is a large talent shortage and a lack of awareness around the sector, as reflected in our survey results.
“We need bright young talent from across the curriculum in England, Scotland and Wales to fill these roles and create teams with diverse skill sets, creating pivotal change and driving innovation within the sector.”