The skills shortage in the financial services industry is worsening, the Chartered Insurance Institute (CII) has warned.
According to the latest survey from the CII, three-quarters of employers are reporting a shortage of employees with technical skills - a five per cent increase on last year's figures.
And 73 per cent of bosses also feel that jobseekers in the sector will need to have higher qualifications in the future.
President of the CII Lord Hunt called for employers, the government and the Financial Services Skills Council to ensure this problem is tackled in the sector, despite current economic conditions.
"In this period of economic instability it is vital that we do not take our eye off the skills issue, tempting though that may be. Cuts to training budgets in order to make a quick saving will in the end prove to be a false economy," he warned.
He urged the industry to "continue to commit time and resources to training and development".
Recent research from eFinancialCareers suggested that many bankers may have to change their lifestyles in accordance with the drop in bonuses in the finance sector this year, Online Recruitment reported.
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