A job in banking and insurance used to be a most sought-after prize for many working class school leavers. Not only was it a clean and safe white-collar job with long-term employment security, it also offered the prospect of a career and a good pension. But the financial crisis of 2007-08 has put an end to all that for good.
No longer are there widely available secure jobs with career prospects and good pensions for the majority in banking and finance. Indeed, no longer is banking and finance even an inviting prospect for many middle-class university graduates. Today, they prefer to go into the professions of accounting, law and public relations, or work for new, upstart technology companies like those in fintech. Pay, conditions and prospects are much better there, as is the public perception and wider status of those industries.