UK graduates are missing out on higher starting salaries in fintech roles because they feel they don’t have enough knowledge of the sector, according to a survey published by the insurance comparison platform Quotezone.co.uk.
The survey found that over three-quarters of students have not 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 suggested that other factors holding students back from embarking on a career in fintech are pressure to pursue a more traditional career path, 26%, and a lack of experience, 9%.
Only around a quarter of students surveyed had a job lined up at the time of graduation while a quarter admitted to not even being sure what career they wanted to go into.
By offering work experience opportunities in the industry, the fintech business hopes to encourage more students to consider a career in the sector.
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By GlobalDataA 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.
Considering over 50% of students in higher education are citing finances as their biggest pressure, the salary potential within the fintech sector should be an attractive proposition.
Quotezone.co.uk founder and CEO, Greg Wilson, said: “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.
“Despite this, there is a large talent shortage and a lack of awareness around the sector, as reflected in our survey results.
“The fintech sector in the UK offers great prospects for graduates from all industry backgrounds, with attractive starting salaries and strong long-term career prospects.
“Not only do we want to demonstrate the potential of a career in fintech, but we also want to provide the winning student with real, hands-on career experience to help discover what it would be like to work in such a flourishing sector.
“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.
