Remember school? “Yes!”
Remember Shakespeare? “Yes(eth)”
Remember learning about managing finances, tax, business, investments, and money in general?
On the podcast, the most common answer to the question “How did you get into Financial Planning?” is “I fell into it really” or “I got a job at a bank after finishing school and then…” but never, and I mean NEVER has anyone ever answered this question with anything that pre-dates finishing school.
But why?
On a recent episode of the Financial Planner Life podcast we spoke with Bethany Lawton ( nee Wood) FPFS on, Chartered Financial Planner at AV Trinity Ltd and Fellow of the Professional Finance Society. One thing that is a real bugbear for Bethany is the lack of awareness around the Financial Planning Profession in schools and as a result, the lack of awareness school leavers have about Financial Services as an industry to aspire to work within.
During our conversation, Bethany details how a heavy focus was put into the benefits of going to university when she was at school, but also how this caused a negative effect on those who opted not to pursue a degree.
“What’s being drummed into children’s minds at the moment is university or nothing. … It gives the people that aren’t going to university the feeling of – they’ve got their life in check and I haven’t.”
Of course, there are industries within which extensive further education is necessary (e.g Medicine, Engineering) but Financial Services is not one of them. In fact, when Bethany looks back at her early career, it’s apparent that avoiding university put her in an advantageous position compared to her peers, saying:
“I’ve achieved everything that those people who went to university have achieved, but at the same time, I’ve got experience and I’ve got no debt!”
But what more can be done to encourage school leavers to consider Financial Planning as a career choice? Bethany believes it’s all about awareness:
“I think a lot more should be done in schools to really tell people that there are a lot of other ways that you can be successful.”
The fact is, if you don’t see it as an accessible option, you won’t consider it. School leavers often have tunnel vision around the career choices available to them, based on what those around them, such as relatives and family friends, are doing.
According to the latest Young Persons’ Money Index from The London Institute of Banking & Finance (LIBF) there’s been a 10% increase in the number of 15 to 18-year-olds who want to learn more about money and finance in school). Rising the stats to 82% of young people wanting to learn, compared to 72% in 2021/22.
If the demand is there, and such a huge majority of young people actively want to learn about financial education, why is nothing being done?
Well, maybe not nothing…
Last year we had Will Rainey 👱🏻♂️ award-winning author and Director, on the podcast. Will wrote a fun financial education book for children, Grandpa’s Fortune Fables. The book is available on Amazon and it is a brilliant and fun way to help educate children between the ages of 7-13 years old.
Catch Will’s full podcast episode here.
Perhaps it’s time we shift our perspective on viable career options for school leavers and inspire the next generation to seek out their own destiny, by laying all options on the table.
What do you think? Could your career trajectory have been different if this kind of education had been more accessible during your time in school?
Watch Bethany’s full episode here:
