Over 21% of people plan to switch their industry

Michael Lloyd

July 2, 2019

More than one in five employees (21%) are planning to switch the industry or sector in which they work in the next five years, financial advice network Openwork has found.

The nationwide study found that 25 to 34-year-olds are the most likely to change careers, with 36% planning to switch to new sectors. But even among over-55s there’s still an appetite to try something new, with around one in 10 (9%) considering a new career.

Claire Limon, director of learning and acquisition at Openwork, said: “The old idea of starting out in one industry and sticking with that for your entire career is disappearing with people increasingly moving sectors.

“At Openwork we believe that all ages and backgrounds have the potential to make career changes and there is support available for anyone considering a new job in a different sector.

“It is interesting that so many are concerned about their ability to balance a career change with family commitments. At Openwork the earning potential of a qualified financial adviser combined with our flexible working culture means it shouldn’t be a major concern.”

Around half (50%) of those questioned have changed sectors or industries three times or more during their working life and just 11% said they have never moved sectors.

However, the biggest barriers to changing sectors are worries about the cost of moving to another industry and the fear of being too old to move. Around two out of five (39%) said they worry about not having an income while retraining while 36% believe their age will count against them.

Nearly one in three (32%) are concerned about a lack of qualifications while one in four (24%) said family commitments stop them from changing industries, with those aged 35 to 44 the most likely to worry about family when considering a career change.

Openwork is supporting people with no significant financial services experience to become financial advisers as a second career as part of expansion of its Openwork Academy. Recent graduates include former armed forces personnel, ex-teachers and those from the manufacturing sector.

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