Why are UK students avoiding fintech careers? Investment monitor

by James · April 17, 2023

Students in the UK report being pressured to enter more ‘traditional’ industries when they start their careers. Credit: Ink Drop via Shutterstock.

A new poll has revealed that 50% of students in higher education cite their financial situation as the biggest pressure they face. However, graduates feel that a lack of industry knowledge and pressure to pursue traditional career paths is holding them back from entering more lucrative careers in industries such as fintech.

Graduates are missing out on higher starting salaries in fintech roles because they feel they don’t 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 have not considered a career in fintech despite the average fintech salary being 57% higher than the average UK salary – highlights the need to change perceptions and provide students with valuable knowledge and experience from this lucrative sector.

The survey of UK students found that 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 pressure to pursue a more traditional career path (26%) and lack of experience (9%).

Only about a quarter of students surveyed had a job lined up when they graduated, while a quarter admitted they weren’t even sure what career they wanted to go into.

Quotezone.co.uk is trying to address this lack of knowledge about the fintech sector among UK graduates by encouraging students to explore what fintech can potentially offer them.

The Quotezone Fintech Scholarship aims to raise awareness of 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 of the talent shortage.

“The UK is a global leader in fintech, contributing 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 huge talent shortage and lack of awareness of the sector, which is reflected in our survey results.

“We need talented young talent from across the curriculum in England, Scotland and Wales to fill these roles and create teams with diverse skill sets, create key change and drive innovation within the sector.”