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ISCOVER
Staff Reporter
The Mortgage & Finance Association of Australia (MFAA) has warned that the shortage of young people entering the mortgage and finance broking professions is worsening.
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New data on the MFAA’s membership shows the proportion of the association's membership who are under 30 has almost halved, from 11 per cent to six per cent, over the past two years. In addition, only 10 per cent of new members in the association are under 30 years of age.
The data also revealed that the percentage of mortgage and finance brokers over 50 has grown from 27 per cent to 37 per cent.
MFAA chief executive Phil Naylor said the figures were cause for concern: “We are very concerned about the low levels of young people entering the profession and are making representations to the federal government for the establishment of a traineeship program suited to a contractor model, which mostly applies in this sector,” Mr Naylor said.
“The MFAA is now participating in university careers days and the recent National Skills Expos in Brisbane and Adelaide, and in other cities later this year, to generate youth interest in joining the industry. The MFAA is also consulting with State Training Services, the Department of Education and various schools’ career counsellors to investigate the possibility of establishing a structured in-school and school leaver program to provide a source of recruitment for our industry.
“From what we are hearing at those careers days and expos, many young people are interested in joining the industry but they are unsure as to how to get into broking without capital as they are required to bring in deals before they start earning income.
“We are aware of several members already taking on new entrants as employees until they can establish themselves, and there are some businesses that only have employee brokers. But the issue for most smaller operators is the lack of funding in their businesses to be able to afford staff, and this is where a traineeship program will assist.”
Mr Naylor said it was up to all significant parties in the industry, including the MFAA, to open it up to “smart young people in both city and country areas”.
