Scottish financial services experts forecast economic headwinds image credit: shutterstock

Scotland’s financial services sector will continue to navigate challenging conditions in 2024 amidst ongoing economic and geopolitical uncertainties.

The overall economic forecast for Scotland is largely unchanged bar slow and fragile growth. Core-Asset Consulting’s ‘Industry Trends and Salary Guide’ predicts that those in Scotland’s financial sector can expect more turbulence due to major conflicts ongoing globally.

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The ninth annual edition of the Salary Guide predicts major concerns Scotland’s financial services sector will face in 2024.

The guide will encompass a range of trends and predictions on Scotland’s financial services sector in 2024. This includes a forensic review of salary levels and a gauge of market sentiment, activity and themes impacting the sector.

Betsy Williamson, founder of Core-Asset Consulting, said: “We have launched our annual salary guide this week. We hope it will provide valuable insights into compensation trends and market dynamics in Scotland’s financial services industry.

“This year’s guide particularly highlights persisting challenges like recruitment shortages, gender gaps, and economic uncertainty. However, it’s not all doom and gloom. It’s clear from our research that Scotland’s strengths as a global financial hub is continuing to attract top talent.”

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The guide sets the stall for salary reviews in Scotland’s financial services sector which usually happen in March and April. The report sets expectations for those who are awarding salaries, allowing them to benchmark against competitor organisations.

Williamson added: “The report shows that while Scotland faces demographic challenges and skills shortages, our financial services sector shows resilience. Firms are focused on enhancing diversity, promoting flexibility and investing in training.