Nearly 60% of employees believe they’ve been denied promotions due to insufficient digital skills, according to new research by FDM Group. The survey, conducted by Censuswide, highlights a growing concern about the digital skills gap in the UK financial sector, revealing that many workers feel unprepared for the demands of modern roles.
The study, which surveyed 250 decision-makers within UK financial institutions and banks, found that 58% of employees think their organisation lacks the resources to effectively train staff. This issue is particularly pronounced among younger employees, with 70% of those aged 18 to 24 feeling especially neglected.
Despite a strong belief in the value of upskilling, with 91% of workers reporting that their organisations provide such opportunities, 63% feel that the costs associated with these programmes are prohibitively high. This concern is even more acute among younger workers, with 94% of those aged 18 to 24 expressing this sentiment.
The report also indicates that a significant proportion of staff—84%—believe that outsourcing digital training could help organisations manage costs while still delivering effective training. Furthermore, 75% of employees feel that resistance to new technology within their companies is due to a lack of understanding or digital skills, a view strongly supported by 86% of younger workers.
Sheila Flavell CBE, Chief Operating Officer of FDM Group, emphasised the critical role of tech skills in the financial sector. “Tech skills are essential across all industries, especially in financial services with the growing use of AI and analytics,” Flavell said. “The shortage of skilled tech professionals is hampering the industry’s ability to implement new technologies, ultimately hindering growth.”
Flavell urged businesses to prioritise bridging the digital skills gap by investing in digital training programmes. “Providing access to digital skills training can empower staff and prepare them for high-skilled roles in banking and FinTech,” she added. “Outsourcing training and focusing on continuous progress can help close the skills gap and drive the industry forward.”
The findings underscore the need for organisations to adapt their training strategies to address the digital skills crisis, ensuring that employees at all levels are equipped to meet the demands of an increasingly technology-driven workplace.