More than half of UK adults say they would not consider a career in financial services, with many put off by what they see as a stressful, rigid and unappealing industry, according to research by Market Financial Solutions (MFS).

The London-based specialist lender surveyed 2,000 adults across the country, excluding retirees and those already working in the sector. It found that 55% would not consider a job in financial services — a striking figure given the sector’s size and importance to the UK economy.

When asked why, a third of respondents said they believed they lacked the skills or qualifications needed. Others pointed to the industry’s perceived culture, with 26% describing it as too corporate, 25% as boring, and 24% as stressful. Smaller proportions admitted to being unclear about what roles the sector offers (10%) or even what the term “financial services” really means (8%).

The findings underline the reputational challenge facing an industry that employs more than a million people nationwide and is central to the UK’s economic identity. For many, the City and wider financial sector remain synonymous with long hours, high pressure and rigid hierarchies — images that have persisted despite efforts to modernise and broaden recruitment.

Younger adults, however, appear to view the sector differently. MFS found that 60% of 18- to 34-year-olds would consider working in financial services, compared with just 29% of over-55s. The generational divide suggests that efforts to make the sector more inclusive and flexible may be starting to take effect.

Paresh Raja, chief executive of MFS, said the results showed that more needs to be done to educate potential recruits about the breadth of opportunity available. “The UK has a world-leading financial services sector, with over a million people across the country employed in this industry,” he said. “But our research shows that financial services companies are still facing some serious challenges when looking to attract and retain the best talent.

“Clearly, many people outside the sector deem financial services to be too confusing, rigid or stressful to consider working in it. For me, the data highlights that the industry needs to do more to educate people about the opportunities the sector can provide them, particularly given the sheer breadth of exciting roles available in all sorts of finance companies.

“We need to break down the barriers and show people that financial services careers can be exciting and rewarding, no matter their background, qualifications, or personal ambitions.”