The Personal Finance Society has welcomed a boost this week to Government-backed apprenticeships for SMEs which could help with personal finance recruitment.

In his Spending Review this week Chancellor Rishi Sunak said the government would improve the way the apprenticeship system works for businesses.

Incentive payments for hiring a new apprentice, introduced in the Plan for Jobs, will be extended to 31 March.

The payments were announced in the summer in response to the economic impact of the Coronavirus pandemic.

Businesses are paid £2,000 per apprentice for each young apprentice they hire and £1,500 for every apprentice aged 25 or over.

Keith Richards, CEO of the Personal Finance Society, said the move would help bring new talent into the personal finance sector.

He said: “We are glad that the government plans to continue supporting small and medium sized businesses by extending the reach of the apprenticeship levy.

“Bringing new talent into the personal finance professions is a key element for the financial fortitude of the UK, especially as we sit at the precipice of the largest intergenerational wealth transfer since records began.”

“This pledge is encouraging for both the jobs market, as well as for SMEs, who may be feeling extra pressures to stay afloat during these unprecedented times.”

The Personal Finance Society launched an apprenticeship scheme for members in 2016 and has since had more than 300 firms register with the programme.

Mr Richards said members have found apprenticeships to be a “very effective method” of bringing new professionals into the sector.