Research published by the Manchester based Co-op finds life-long career is fast becoming a thing of the past, as three quarters of UK employees reveal that they are choosing to re-invent themselves multiple times in different professions.
The Co-op surveyed people in full and part-time work about their employment history, and found that by the time we pass the age of 50, more than half (55%) of UK workers have had at least three careers, and as many as 16% of workers have switched occupations after turning 45.
When questioned about the reasons why they move from job to job, those surveyed in the over 50s category labelled redundancy as the most common reason for a change in career, with over a fifth (22%) stating this was the trigger.
Other reasons included being bored in their existing career and were ready for change, wanting to do something that interested them personally as well as professionally while only 9% wanted to earn more
It seems that, as people progress in their careers, they are far more interested in whether or not they enjoy the work they do and find it engaging, rather than focussing on financial gain.
The figures also revealed that the average expected age for retirement of UK working adults is now 64.
As people are living longer with a later expected age of retirement, it’s possible people are changing careers to reinvigorate their working life.
This was reflected in the fact that 10% over 50s don’t think they will ever be in a position financially to retire. In addition to this, 10% of over 50s also said that they needed a role that would allow them to work flexibly.
Interestingly, the figures also showed that over 50s are much more likely to have had their ability to meet career goals impacted by the need to care for families.
Commenting on the figures, Jenny Atkinson Head of HR for Co-op Funeralcare commented: “As we’re living longer, our work is playing an increasingly dominant role in our lives. With some having entered the workplace at 16, and our data showing the new expected retirement age to be 64, this means many people will have been working for almost 50 years.
Meanwhile further statistics revealed that 13% of over 50s feel that they haven’t yet achieved their career goals, while 45% of UK workers who haven’t achieved their career goals after the age of 50, don’t feel that they ever will.
The Research was conducted among 1,200 UK adults with ICM Unlimited research