Understanding an ageing workforce: Financial Services

Survey headline findings

By better understanding an ageing workforce, businesses can design and build stronger cross-generational workforces for the future. Our survey explores the needs and wants of employees, aged 35-55, working in the Financial Services sector compared to six other key industry sectors. 

There is a strong appetite for retiring early in the Financial Services sector. Perhaps surprisingly, the sector saw fewer than average workers saying their company supported them in planning for retirement. We would encourage employers in the sector to review their multi-generational employment strategy.

Contact us about the full Financial Services sector findings
32%* 
would opt to retire aged 50-55 in an ideal scenario where finances aren’t an issue 
(16% cross-sector)
 
68%** 
feel supported by their company in planning for their retirement 
(83% cross-sector)

 

 
56%* 
say a pension will help them end their career happily 
(25% cross-sector)
 

 

 
62%* 
say flexible working hours would encourage them to work for longer
(44% cross-sector)

 

 
£54k
average annual income required to retire 
(£53k cross-sector)
 

 

 
76%*** 
are ambitious and want to better themselves
(62% cross-sector)

 

 
24%* 
are not confident about their finances post-retirement 
(17% cross-sector)
 

 

 
29%* 
say they won’t need further training to carry out their role until retirement 
(more than seven times the 4% cross-sector)

* highest percentage of all sectors surveyed
** lowest percentage of all sectors surveyed
*** “strongly agree” and “somewhat agree” responses combined

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There are some interesting observations from those that work within the financial services sector. Unsurprisingly, this sector is acutely aware of the precarious nature of retirement income. Interestingly workers in this sector are craving flexibility in the later stages of their career. Employers would do well to capitalise on this. In a sector that it heavily regulated and has seen unprecedented financial instability in recent years, experience becomes an ace card.

Nikki Worden

International Sector Leader, Financial Services, UK

T: +44 207 105 7290
nikki.worden@osborneclarke.com

 

To share your experience/discuss the full Energy and Utilities sector survey findings, contact Nikki Worden, or Paul Matthews, Partner, Pensions and Head of Future of Work.

Download our cross-sector survey report of findings and find out about our survey methodology.

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