Almost half of all workers in the UK say they would like to change career – but a fear of failure and the lack of financial security are barriers holding them back, according to new figures.
In a report released by the London School of Business and Finance (LSBF), 1,000 professionals were surveyed on how they were with their careers. 47 per cent said they would like to change, and 21 per cent are hoping to career hop in the next 12 months, citing increased salary prospects, better work-life balance, and improved job satisfaction as the main reasons for wanting to make the switch.
Surprisingly, 23 per cent of Brits in employment revealed they would go as far as to say they regret their current choice of career. This figure rose for younger workers, with 30 per cent of 25 to 34-year-olds regretting their current career choice.
Despite this, many people are still unwilling to change careers, either because of a lack of financial security (29 per cent), uncertainty about what to switch to (20 per cent), or a fear of failure (15 per cent).
Other key findings showed how:
55 per cent of workers in London want to change careers; 45 per cent within the next two years
66 per cent of Millennials (people aged 18 to 34) want to switch
41 per cent of Millennials cite financial insecurity as main reason for not changing
68 per cent of Cardiff workers are satisfied with their careers – the highest proportion in the survey
Only 19 per cent of London workers said they will never want to change
Director of research and academic dean at LSBF, Dr Steve Priddy, described how many professionals may consider the option of ‘jumping ship’ because of a changing economy, new sectors creating jobs, and business models that would not have existed a decade ago.
Reflecting on the report, he asked: “However, how do people feel about making a career change? Are they professionally prepared? Do they know how to go about it? What are people’s main fears about a major career move; money, uncertainty, lack of support, lack of training? These are some of the questions this report tries to answer.”
Speaking from his own perspective on making a major career move, he added: “What is important is to ensure you are appropriately qualified to take on the new role, and to understand the sector well enough in order to make the most of potential opportunities.”