We're Open

Yes, we are open!

Dear valued HUB SmartCoverage client: The ongoing COVID-19 crisis is causing extremely high traffic volume and wait times may be longer than usual. We recommend that you register for online self serve to submit your request. Be sure of one thing, we’ll take care of you!

Many Canadians feel financially unprepared to change their career

By HUB SmartCoverage Team on August 24th, 2019

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:

  1. Individuals who are 18-34 (52%) and 35-44 (51%)
  2. Females are less likely to feel financially ready to make a career choice compared to men (54% compared to 44%)
  3. 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.

Source: Edward Jones poll: When it comes to careers, Canadians believe the grass is greener on the other side

Share on social media