Personal Finance Society members have called for a national school competition engaging students in real world Financial Planning challenges.

The PFS had asked members to share ideas and feedback on where £500,000 should be invested as part of its Pathway to the Profession campaign launched in July.

Two thirds (60%) of the 150 members who submitted ideas and cast their votes on ideas put forward by the PFS, said they would like to see a national school competition for A level, T level, and higher student.

Half (55%) of the members also said paid placements for young people with SME firms within the Financial Planning sector would be a good idea.

Other ideas that were popular included partnering with youth groups (43%), a social media campaign (36%) and virtual work experience to enhance the knowledge of school children about the profession as part of the curriculum (35%).

Carla Brown, President of the PFS, said: “We are thrilled to be engaging with our members on the ideation phase of the PFS Pathway to the Profession investment. This initial feedback demonstrates an enthusiasm to inspire the next generation, with meaningful opportunities to develop a greater understanding of the financial planning profession.”

PFS members have until the end of September to put forward ideas for Pathway to the Profession.

The ideas will be reviewed by the PFS board in November.

The PFS said 250 people have so far expressed interest in its Pathway to the Profession initiative that will support students taking their first step towards gaining their Diploma in Regulated Financial Planning.

Among the initiatives designed to attract and nurture talent for the benefit of the Financial Planning profession is a £200,000 investment made to support 500 students taking the R05 Financial Protection module, as a first step towards gaining their Diploma in Regulated Financial Planning.

They will also benefit from free PFS membership as they embark on their professional journey.

The R05 module is a recognised Financial Planning qualification focused on financial protection, which also aims to build essential financial literacy skills for the future.

Within eight weeks, more than 250 individuals have expressed interest in the initiative, more than 200 of which said they had no previous experience or qualifications in Financial Planning or advice.

Successful candidates will access a wide range of member benefits, including CPD events, networking opportunities and mentoring.