Chancellor Rishi Sunak’s £2bn job creation scheme could be an excellent way for young people to discover the attractions of joining the Financial Planning sector, according to the Personal Finance Society.

Keith Richards, chief executive of the PFS, called on the Financial Planning sector to take advantage of the six-month job creation scheme to help more young people enter the market.

He said: “A six-month spell of employment could be an excellent way for young people to discover how much Financial Planning has become a vital profession offering a fantastic career and on par with other sectors such as legal and accountancy.”

“However, since financial services is a profession, it is something that requires a structured career plan over several years, so the job creation scheme must be properly integrated with other initiatives such as apprenticeships, to ensure that there is a pathway for young people from their initial experience to achieving a licence to practice as a fully competent professional.”

“That said, back office structures have been a vital and growing part of the profession, which offers other opportunities for young people and employers alike.”

The PFS also commented on the stamp duty announcement. Mr Richards said that announcement should “help get the nation moving again” as well as helping protect jobs in the construction industry.

He said: “There were 2.4 million people employed in construction in 2019. Many of these jobs would be threatened if there was a serious slowdown in the property market. With Nationwide predicting a 14 per cent drop in house prices, it makes sense for the Chancellor to take action to stimulate demand.

“The stamp duty holiday will help some first-time buyers onto the property ladder at a time when lenders are demanding bigger deposits.

“Individuals who were concerned about the impact Covid-19 had on their income so were contemplating downsizing can now do so and keep the cash they would otherwise have had to pay in stamp duty.”