KPMG - Financial Services most desired destination for career changers, but retention challenge remains for sector


- Over a third of workers (35%) from across the economy will start looking for a new career in the next year due to the rising cost of living...
- Financial Services firms are focusing on boosting personal fulfilment to retain and attract talent
- 24% want more flexibility regarding working from home arrangements

Almost a quarter (23%) of individuals looking to change career would consider working in financial services, making it the joint most popular sector alongside professional services for individuals considering a career change according to new data from KPMG UK*.

The desire to change career appears to be trending across the UK’s workforce, with over a third (35%) of workers throughout the economy considering new careers because of the rising cost of living, up from 31% during the Covid-19 pandemic in 2020.

The three most popular reasons why individuals would consider a career in financial services include high salary and bonus expectations (58%), a good work life balance (43%) and that the topic sounds interesting (36%).

However, despite being an aspirational sector to work in, a significant proportion (42%) of Financial Services workers will be looking to change career themselves within a year, down slightly from 44% in 2020 during the Covid-19 pandemic.

Among Financial Services workers looking for a new career, 30% want improved salary and benefits, 23% want more job security and 20% want more flexibility regarding working from home arrangements.

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