Finance Professionals Express a Love-Hate Relationship for Financial Regulation
81% Say Financial Regulation Will Not Positively Affect Their Jobs, But 75% Would Vote For Reform
NEW YORK--(BUSINESS WIRE)--As the financial markets continue to fluctuate and the economic outlook remains uncertain, finance professionals are conflicted about the changes impacting their controversial industry. According to a recent survey by OneWire (www.onewire.com), 81% of respondents believe financial regulation will not have a positive impact on their jobs; however, 75% believe that financial reform is needed.
Of those polled, 70% of financial services professionals are pessimistic about current market conditions, and 62% believe we are headed into a double dip recession. Despite their lackluster outlook on the economy and the negative impact regulation will have on their career, there appears to be an acceptance that the financial industry needs to change, as 75% of respondents would vote for reform. This starkly contrasts with professionals’ belief that the private sector is the best medicine for the economy. An overwhelming majority – 75% of respondents – believe that the private sector will do more to help the job market recover than the U.S. Government, and 71% indicate that job creation is the primary factor for their vote in 2012.
Overall job market sentiment was similarly negative. Of the unemployed respondents, 66% have been looking for a job for over six months, as compared to 54% in a similar survey done by OneWire last fall. For those currently employed, 67% of finance professionals reported that they felt secure in their jobs, however a whopping 82% were currently looking for a job. Interestingly and likely related, over half of finance professionals would not recommend recent graduates to enter their industry, conceivably a result of an industry whose public perception has declined in recent years.
“With unemployment numbers stagnant at elevated levels, rounds of layoffs looming on Wall Street, and an unpredictable economy, I’m not surprised by the heightened level of pessimism among finance professionals reported in this survey” said Skiddy von Stade, Co-founder and Chief Executive Officer of OneWire. “While the majority of finance professionals put their faith in the private sector to help the U.S. economy out of its slump, they still clearly remain cautious of the challenges that lie ahead.”
The OneWire survey was conducted online from October 18th through October 28th. 1,053 responses were collected from members of the OneWire community, a career and talent management platform used by over 200,000 finance professionals to precisely connect with relevant opportunities. 58% of the participants were between the ages of 26-50, with 25% of respondents above the age of 50. 35% of those polled had between 11-25 years of experience; 19% of respondents had over 25 years of experience.
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