Three quarters of young people question if their career will be as good as their parents
- 75% of young people believe their generation will find it much harder than their parents to have a good career
- 55% of young people find careers advice ‘uninspiring’
- Only 19% of sixth formers would consider apprenticeships
Research released today by the Chartered Insurance Institute on student attitudes towards future careers reveals that 61% of Generation Z (those born in the early 1990’s) are worried about their future career prospects and 75% think their generation will find it harder than their parents to have a good career.
The study of over 1500 sixth form and university students also found that 55% of students found formal careers advice and information uninspiring, adding further anxiety to students making future career choices. Those surveyed were very clear about what is useful when it comes to useful careers information:
- 88% of sixth formers and 94% of university students said work placements or internships had been the most useful
- 68% of sixth formers and 63% of university students turn to careers websites
- 62% and 54% look to family for guidance
Worryingly careers guidance provided at school was ranked fourth by sixth form students, only 57% said information provided was helpful to understand future career options, coming in just above advice from friends, traditional and social media. University students rated their careers advice more highly at 67% indicating quality of advice is far more targeted to individual needs at a tertiary level.
Despite the apparently future career anxiety amongst students there is some optimism, 79% said they are confident of finding a job, with 58% believing they will get the job they want.
Daniel Pedley of the Chartered Insurance Institute said:
“This is the first generation of students in 20years to experience a recession first hand. They have seen the economy nose dive, they may have seen jobs losses in their family and friends. In addition to the endless reports on young people out of work it is little wonder they feel anxious about their future career prospects.
“What is cause for great concern is how poorly serviced sixth form students are by careers advice in their schools. At a time when they need help the most to make an informed decision careers advice is lacking.”
Apprenticeship misconceptions
There is still a lack of understanding about apprenticeships among students. Only 20% said they would consider an apprenticeship as a route into a future career. Misconceptions continue to afflict apprenticeships, with 35% believing they only serve practical industries. However, the ‘earn while you learn’ message is breaking through with young people, 71% who said they would consider an apprenticeship say this was the main attraction.
Continuing Pedley said: “It is clear a lot of work is still required to change attitudes towards apprenticeships and what they offer young people’s career prospects. There is a rich variety of careers available through the apprenticeship route including many of the so called traditional professions of insurance, law and finance.
“Apprenticeships offer a fantastic route into a myriad of professional careers and it is the responsibility of employers, government, schools and the media to promote them.
“The CII is working directly with employers to develop the next generation of apprenticeship standards . Our involvement with the Government’s ‘TrailBlazers’ programme is supporting employers build apprenticeships that are fit for purpose to develop in young talent the skills they need in the workplace.”
Attitudes towards insurance
Insurance remains a mystery to the majority of students thinking about career options, only 18% said they would consider insurance.
The insurance industry is viewed as dull in the minds of many young people, when asked about their views on the industry 53% of respondents said the industry was ‘uninspiring’, and only a quarter said it was well respected. Furthermore, only 12% of students felt the industry was welcoming to young people. Insurance came out bottom of the pile for the majority of young people with only 28% saying they would feel proud to work in the industry. Law topped the list at 69%, followed by accountancy (46%), banking (44%), financial services (39%) and asset management (33%).
Interestingly, the research also surveyed young people who had engaged with the CII’s Discover Risk programme (an initiative to promote insurance careers in schools, colleges and university). These students were almost three times more likely to seriously look at insurance as a career (51%).
“The sad fact is insurance is still widely misunderstood by the majority of young people. Employers need to do more to showcase the industry and change the perception that it is not welcoming to young people. The research shows the work experience is highly valued by students and I would urge employers to offer more work experience placements to a wide pool of talent to help attract young people to the industry.
“Insurance can be an extremely rewarding career with many opportunities be they foreign postings, working with priceless pieces of art or helping a family pick-up the pieces after a flood. The rich variety of work is still not widely understood by students and the industry’s image remains grey and dull in the eyes of many.
“Reassuringly progress is being made, particularly through programmes like the CII’s Discover Risk, however employers need to work together to promote the industry well to students and to dispel the image that insurance is a dull career. We need only look to the legal and banking sectors to how well they attract and develop young talent.” said Pedley.
