Thirtysomethings in the midst of a financial bottleneck yet contemplating career u-turn

Thirtysomethings in the midst of a financial bottleneck yet contemplating career u-turn

Early into their fourth decade, UK thirtysomethings experience a bottleneck of financial pressure - it’s the average age they get married, have their first child and climb onto the property ladder - yet this is also the time they believe is best to make a u-turn on their career choice and completely change profession, according to research from Friends Provident.

The research found that Brits feel 32 is the optimum age to hand in their notice on their career and start afresh in a new profession; yet by doing so they are walking a financial tightrope as this is also the period in which they experience the most strain on their bank balance.

This bottleneck of life-changing events is prompting a short-termist view amongst early-thirtysomethings; nearly one in four (24 per cent) have no plans for their long-term future and ‘hope things will work out for the best’ and a further 20 per cent want to make plans for the future but are uncertain because of their career.

And in the current economic climate the career u-turn trend is set to gather pace, as recent figures show that managers in UK businesses are seeking new training opportunities in response to the recession and 59 per cent say the downturn will provide an opportunity for them to reassess their career. The research reveals that 13 million people plan to change their careers at least twice in their working lives.

For these financially pressured thirtysomethings, something may have to give and family life may be the victim, according to the research: “the escalating rate of job change is, in the big picture, good for the economy: mobility increases wealth. But a lifestyle encompassing multiple careers also proposes more profound personal changes: it may give greater variety to life, but it also implies less control over it, especially in economically tough times - and this leads to an impact on society in terms of delayed parenthood or smaller families.”

Martin Palmer, head of corporate pensions marketing at Friends Provident, said:

“In the current economic climate and challenging job market, thirtysomethings are facing increasing pressure as many different financial pressures converge. Yet this isn’t deterring them from making radical career changes, but it could impact the way they financially prepare for the future and the life choices they make.

“For those planning significant career and job changes, it is vital that they pursue not just salaries and short-term gains, but the right financial packages for their long-term futures. We are urging those planning to make a career u-turn or job move to plan carefully for retirement and to be ‘pensions-aware’ through their changing vocations.”

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