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A survey by You Gov claims half of respondents with financial responsibility admitted they are unsure about the accuracy of their financial decision making.
Only 46% of female managers, compared to 50% male are confident they are making the best financial decisions for their businesses.
Half of the respondents manage budgets of between £25,000 to over £1 million a year but few have received any financial training.
In all, 68% of all managers admitted they have never received any formal training.
The lack of training was most acute in the 18-29 year age group.
Businesses in the Midlands and Wales were the worst offenders in their failure to provide training for staff, with 76% of business managers in these areas having never received any formal financial training.
Companies in London and The north fared only marginally better, with over 60% of managers in each region admitting they had never undertaken any financial training.
David Willis, managing director of Intellexis, which commissioned the study, commented: “The lack of financial understanding and skills amongst UK business managers is shocking and presents a potential business time bomb in UK companies.
"With only a half of managers admitting they are confident financial decision makers, one can only imagine how many costly mistakes are being made.
"Non financial managers are increasingly expected to manage budgets and finance,
but without any formal financial training, companies are placing them under huge
undue pressure and strain and at the same time putting their organisations at
huge financial risk.
“With EU enlargement and with emerging markets like China fast becoming global
players, UK businesses need to wake up to the fact that they need to invest in
financial training and development for their business managers now in order to
compete effectively.
"It is essential that companies take action before the gap between business
goals and poor financial decision making is simply a gulf too large to bridge.”
Source:
Credit Control Journal
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