More than four in 10 Brits expect to pursue multiple careers if life expectancies continue to rise, research* shows.
As the traditional work trajectory dies out, what will the financial impacts be and how should you prepare?
Multiple careers
Amid longer lives and more opportunities to retrain, workers are abandoning the idea of spending a whole career with one company – or even within one industry.
A quarter of respondents expect to switch industries, according to the survey of 3,280 people by Canada Life, while a fifth plan to try a new profession. More than one in 10 will return to education to support a career shift, the survey revealed.
Remarkably, young employees aged 18 to 25 have already worked for an average of six employers, the research found, the same number as those aged 65 to 74.
Reinforcing the takeover of flexibility, some 26% of respondents have taken some form of extended leave, while 65% think we must dispense with the idea that learning, working and retiring is a linear path.
Sound financial guidance throughout the journey
As working lives become more fluid and career paths less predictable, seeking financial advice throughout your journey can make all the difference.
We can help you adapt your financial strategy to each new phase – whether you’re retraining, taking time out or pursuing a passion project – ensuring you stay on track to meet your goals.
By planning proactively and making informed decisions about savings, pensions and investments, you can build the freedom to live well at every stage, whatever direction your working life takes. Flexibility may define the future of work, but sound financial guidance remains the key to making it sustainable.
Nick Harding, Chief People Officer, Canada Life, said: “As people live longer, healthier lives, we need to rethink traditional models of education, work, and retirement. A more flexible life and work structure—one that allows for pausing, retraining, and pivoting—is likely to become more common.
“This shift requires action from both employers and individuals. It is important that employers become ever more flexible with benefits, as well as investing in lifelong learning, and help to create career pathways that are able to adapt to different life stages and changing skills needs.
At the same time, individuals need to plan ahead—financially and professionally—to manage the growing demands of a longer life.”
- Contact hello@cailean.co.uk or call 01577 212577 to discuss your lifestyle financial planning.