Many Canadians feel financially unprepared to change their career
Financial company Edward Jones released results of a new survey this summer and the results show that 54% of Canadians have considered a change of career in the last year. However, close to half of those Canadians (46%) say they’re not financially prepared to make such a move.
The following groups are the least likely to feel financially prepared to make a career change:
- Individuals who are 18-34 (52%) and 35-44 (51%)
- Females are less likely to feel financially ready to make a career choice compared to men (54% compared to 44%)
- Those who earn less than $40k (56%)
Edward Jones offered advice to those looking for a career change.
“Career changes can mean taking a significant step towards finding personal fulfillment, but it’s a transition that should be thoughtfully planned,” said Patrick French, principal of solutions-based strategy and tools with Edward Jones. “Taking a career turn without having a solid financial foundation in place could put one’s long-term plans at risk. A trusted financial advisor can help you develop a personalized financial strategy with best positions you to achieve your career goals, while also considering personal and long-term family responsibilities during this life transition.”
The survey asked participants of what they valued most in their careers and found that most people said work-life balance (25%), security (15%), and career fulfillment (13%) are most important. Only 12% of respondents selected compensation as the element they valued most about their careers.
Younger Canadians were found to be the most likely to consider a career change with 68% of those in the 18-34 age range and 58% in the 35-44 age range.