Left behind
It was revealed that only 14% of those employed in the financial sector have confidence in their ability to read, analyse, work and communicate with data. This lack of confidence is instrumental in the stagnation of data skills that are being seen across financial industries which has led to 85% of C-level executives surveyed believing that those lacking data literacy skills risk being left behind.
The fact an entire industry may be left behind is a concern as those who did feel confident in their levels of data literacy revealed:
- They feel more confident making decisions when armed with relevant data (71%).
- Increased confidence presenting to their manager and/or more senior team members when they have relevant data (71%).
- Proving that they can work with data will help career progression (68%).
Data literacy expectations have grown in recent years, even in financial sectors that are not keeping up with wider data trends. Eighty-six percent of C-suite finance executives expect employees to be able to explain how data has impacted their decision making, but less than 2 in 10 employees have the confidence to do this.
To rectify the problem, financial sectors need to be involved with the wider data community and conversations as well as investing the time and resources into providing suitable training and tools. There needs to be a shift in culture to centralise data as a theme and core skill, as well as improving the support network staff have available to ensure they can develop data confidence.
The study was based on a broader global study of over 1,200 C-suite leaders and 6,000 employees in the US, UK, Germany, France, Japan, Australia and New Zealand. The study included responses from more than 160 C-suite executives and over 900 employees working in financial services and banking.