The CII’s second annual skills survey shows that 57 per cent of employers believe the education system is failing to meet the needs of the industry.
Only 3 per cent describe basic levels of education as “more than adequate”.
Employers also feel that 61 per cent of graduates struggle with basic skills like grammar and numeracy.
CII president Lord Hunt says cuts to training budgets in order to make a quick saving during economic instability will prove to be a false economy.
Lord Hunt says: “The UK financial services industry is world renowned for its commitment to improving the skill levels of its staff. Yet we cannot be complacent and must continue to commit time and resources to training and development if we are to remain competitive in the face of intense global competition.”