New findings from research conducted by investment, protection and retirement specialist LV= and the Social Mobility Foundation reveal the persistent barriers young people from lower socioeconomic backgrounds (LSEBs) are facing in accessing and progressing within the financial services industry.
LV= undertook the research with the Social Mobility Foundation as part of its drive to increase awareness of the challenges of social mobility and the obstacles faced by young people.
The Unheard Voices research polled 16- to 21-year-olds and highlights that not ‘knowing the right people’ or having contacts in the financial services industry is seen as a major obstacle to career progression in the sector, particularly among those from LSEBs. These young people are also significantly more likely to cite a lack of relevant work experience opportunities and limited local options, all factors beyond their control.
Notably, just two in five (40%) young people from LSEBs perceive the financial services industry to be open to someone ‘like them’. This is significantly less than their peers from Intermediate and Professional backgrounds.
According to the young people polled, understanding how to access the financial services industry is a greater barrier than average across industries, with a lack of entry-level opportunities seen as more limiting than in sectors, such as healthcare or technology.
David Hynam, LV= Chief Executive, 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.
“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, Social Mobility Foundation Chief Executive, said:
“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.”
