Young people in Britain need better advocates in financial services, the chief executive of a youth charity has said.
The words "Talent is everywhere, opportunities are not" are part of the mission statement of youth empowerment charity Urban Synergy.
Founded in 2007 by chief executive Leila Thomas, the charity has helped more than 20,000 young people aged between 9 and 24 years to reach their full potential.
Speaking in conversation with FT Adviser editor Simoney Kyriakou, Thomas said: "Captains of industry have mentors; that's how they thrive", but there was still a huge mismatch in terms of young people needing mentoring and education, and the opportunities offered by the world of financial services."
She said: "It's a culture that we need to build. We need to raise awareness of the opportunities within the City. These are young people who can see the City from their bedroom windows."
Part of the work of Urban Synergy is to bring role models from various aspects of financial services - whether fintech or accountancy or communications - into primary and secondary schools.
"Every company has marketing, law and creative roles. What we do is showcase to young people how what they enjoy doing can be linked to the workplace.
"Once we have broadened their career horizons, we help them through their career journey - building skills, helping them with CVs, putting them in touch with companies", Thomas said.
Thomas also said it was important for young people to see people like them in companies, and referred to Urban Synergy's latest paper, Ethnic Diversity and the Business Case for Youth Empowerment.
In the 20-page paper, Urban Synergy called for more mentoring programmes that lead to paid apprenticeships.
The paper said: "Paid work play a vital role in supporting young people's educational and career aspirations across various regions, leading to improved outcomes and overall well-being.
"The evidence suggests that investing in mentorship initiatives can yield substantial benefits for individuals and societies alike."
Passion for transformation
In 2023, the Financial Conduct Authority published its consultation on diversity and inclusion in the financial sector – working together to drive change.
The consultation closed for submissions in December 2023, but the FCA, together with the Prudential Regulation Authority, is expected to introduce a new regulatory framework on diversity and inclusion in the financial sector soon this year.
According to Thomas, evidence shows young talent is under-served by the City in terms of mentorship and opportunities, but when these things are put in place, everyone benefits.
She added: "There are so many pathways to working in the City and it is so important to nurture talent, and widen the talent pipeline."
Any financial advisers interested in being a role model to help with transformational change should contact Urban Synergy, Thomas also told FT Adviser.
