With apprenticeships declining and youth unemployment at a 12-year high, one adviser argues the mortgage sector must do more
One million young people in the UK are not in training, employment or education — a 12-year high representing one in eight 16- to 24-year-olds — according to an interim review by former Cabinet minister Alan Milburn, who is currently conducting an analysis of youth unemployment. The review also finds that 84% of those young people actively want work.
Rebecca Wilkins (pictured top), founder of Cutting Edge Mortgages, says the mortgage and insurance industry is well-placed to respond — but argues that structural barriers and insufficient government support are holding firms back.
Wilkins was prompted to reflect on the issue after receiving a government letter inviting her firm to participate in its apprenticeship scheme. She says the timing resonated personally, having watched her son navigate a difficult job market and his girlfriend continue to search for work.
"There just doesn't seem to be the opportunities available that I took advantage of when I left school in the early 2000's," Wilkins said. "I had a university place and two job offers I could choose from. It felt easy and the problem I had was choosing which path to go down. Now the opportunities even for graduates seem few and far between."
Wilkins notes that only two apprenticeships in financial services were available when her son was searching, and that apprenticeships overall have declined by 40%. She also raises concerns about automated screening processes used by employers for entry-level roles, arguing they disadvantage young people — including those who are neurodivergent or have disabilities.
With a significant cohort of advisers approaching retirement, she argues the industry faces a dual challenge: a shrinking talent pipeline and an ageing workforce with few successors.
"Vocational training would go some way to bridge this gap providing the labour in the back office we need and a route into creating more advisers that the UK will need in the next 10 years," Wilkins said.
"Administration, compliance oversight, AI system maintenance, CRM creation, client handling, office management are just a few positions I have had to fill within my own firm that could be offered to young people in entry level capacities."
Wilkins points to Switzerland's vocational training model — including the CET scheme, which is funded up to 60% by employers — as a potential reference point, suggesting that a shift in mindset among UK employers may be as important as any increase in government funding.
She acknowledges the constraints facing small business owners but argues the sector should work collectively to open pathways into mortgage and insurance advice, as well as supporting roles.
"I do believe that if our industry worked together, we could provide a gateway to work in mortgage and insurance advice as well as the supporting roles," Wilkins said. "Maybe the first step is for squeezed small business owners to put whatever little funds we have available towards just one vocational training role. Every little helps."
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