Brits to go through seven jobs by the time they retire – once every se | Personal Finance | Finance

The average worker thinks they will go through seven jobs by the time they retire – one every seven years, according to research. A poll of 2,000 employees found more money (56%), better work-life balance (42%) and progression opportunities (26%) are among the main reasons for moving jobs.

Better workplace benefits (26%) and escaping a toxic work environment (24%) also played a significant role. While others were enticed with flexibility – 95% valued the security of a typical 9 to 5. It also emerged 76% feel younger workers are more likely to change professions on a regular basis than those who are older.

This is shown by 39% of all age groups saying they would consider changing jobs – 65% of which are Gen Z and 32% of Gen X. Almost half (46%) of Gen Zs claim they change jobs every few years for progression, compared to 60% of boomers who prefer to stay in one job long-term. And across all age groups, 44% have changed industry multiple times.

Alexander Allen, managing director and chief customer officer at Funding Circle, an SME finance platform, said: “Our research shows that people value passion over money when pursuing a job.

“It’s been interesting to find out how perceptions compare between different generations when it comes to changing jobs or starting a completely new career.

“Although there are many job opportunities, it’s great to see that culture is highly valued with a combined 50 per cent look to move jobs due to a toxic work environment and better benefits.

“Yes, money is always going to be a huge draw, but a working schedule that suits the individual and their life outside work, is almost as valuable for some.

“Knowing what support small businesses need comes through years of experience, and making sure they have the right tools available to succeed is crucial.”

Small business owner, Laura Daly, from Essex, who used Funding Circle to help grow her bridal shop business, worked in a range of different roles before setting up Bellissima Weddings with her husband Michael more than 20 years ago – including being a professional singer, dancer and model, to working in a supermarket in her early years.

Laura spoke highly of her early jobs in her formative years, and how they played a major role in teaching her things which she uses in her business today.

She said: “When I worked in a supermarket, my task was to engage customers and promote whatever offers there were each day. I learned very quickly that if you engage people in conversation and let them tell you something about themselves first, you can sell something to them much easier than if you jump straight into a sales pitch.

“In my 20s I was dancing – and I loved every minute of it. The self-discipline and ability to take personal criticism without being offended were lessons that have stuck with me for life.”

With the support of Funding Circle, which backs small businesses with finance to help them grow and build their businesses, Laura was able to expand her business.

She said: “I knew what we wanted, and realised it would take a huge lump of money to do what we wanted to do. We had got to the point where we desperately needed to refurbish the whole shop. I started to look at where we could borrow and I loved the minute we started looking at Funding Circle.

“I said to my husband Michael if we’re going to take money from anyone, it’s going to be them. I never felt like I’d sold my soul to the bank. It was a completely different way of thinking and it filled me with confidence into actually taking the money.”

The research, commissioned by OnePoll, found 73% of Gen Zs are open to trying a completely new career – but only 33% of Boomers would be comfortable doing so.

More than a third (35%) of those aged 60-78 believe their generation prioritises stability over change, compared to just 18% of 18-28-year-olds. While 37% of the younger age bracket see frequent job changes as ‘normal’ – compared to just four per cent of Boomers.

The OnePoll.com data also revealed 36% of 60-78-year-olds reckon the job market is harder for younger generations compared to when they started working. With 30% of all those polled blaming the current economic environment for this – especially when those of a younger age are wanting to change careers.

Laura also gave advice to young jobseekers looking to enter a competitive employment market, telling them to “choose a career path that gives you joy or feeds a passion”.

She added: “It really is true that if you do a job that you love, it will never feel like work. Scope out organisations and companies that offer upward mobility and in-house training to get you there, there’s never any shame in starting at the bottom – some of the best CEO’s have done just that.”