Mar 08, 2017 06:26 AM EST

Lower Income Individuals Are Likely To Be Denied Banking Jobs, Says Study

A study by YouGov has found that the banking industry is likely to deny jobs to people who come from lower income backgrounds due to the latter having the wrong accent or the wrong clothes during the job interview.

How the candidates presented themselves were important, concluded a study by YouGov which surveyed 1,008 leaders across various sectors. Those coming from disadvantaged backgrounds were more likely to be denied banking jobs compared to those from more affluent incomes due to the way the former would present themselves in interviews, reports the Independent.

Aside from the appearance, lack of experience was also cited to be a problem. Another aspect that held back applicants was the possibility that they might not fit in with the company's culture, writes the Independent.

Sir Peter Lampl, who is the Chairman of Sutton Trust, said that the banking industry offers rewarding careers to young people, writes the news site. "However, today's research shows that it is very difficult for young people from low and middle-income backgrounds to access them."

Furthermore, the survey conducted by YouGov found that banking leaders also do not think they should be responsible for widening the opportunities of the less privileged. About 25 percent think it should be in the hands of the government rather than the private firms.

To address this issue, firms should reach out to students while the latter are still in school, says Tina Lee of Deutsche Bank's Global Market division. It would send the message that the finance industry is open and welcoming, that social mobility is possible.

In other news, the banking industry is reported to be moving towards automation, becoming more digital, as reported by Jobs & Hire. This would threaten the number of jobs in the sector. Read more about it here

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