UK workers resetting their careers, study shows

Thursday 17 August 2017

More British workers are starting to move towards self-employment or try a new field of work in a bid to reset their careers, according to a new study. 

Research from Britain Thinks and Investec Click & Invest identified political uncertainty in the UK as a key motivator for altering the direction of their working life.

The study found that around 85 per cent of the population want better control over their futures, while 56 per cent said they are now likely to make significant changes in the next five years.

Almost one-third of existing resetters have set up their own company, while an additional 22 per cent have turned a hobby into a source of income. The findings also highlighted that such people are more focused on financial planning and investments than the population as a whole. 

With entrepreneurship continuing to be a popular employment option, it is vital for self-employed professionals to manage their tax efficiently. 

By using a freelancer and contractor accountant, startups can make sure they adhere to all regulations and do not face financial penalties. 

Commenting on the report, Viki Cooke, founding partner of Britain Thinks, said: “Our research identifies that across the population there is a move towards empowerment as people recognise that in a world of increasing uncertainty, they need to take control of their lives and ‘reset’.  

“This has implications for work and careers, lifestyle and financial planning. We see this as a societal trend which is set to continue.”

Are UK employees taking more control over their working lives?

What’s more, the research found that there is a very positive trend across the population when it comes to making fundamental life moves. 

Some 79 per cent agree that there is no age limit on making a big change to your life, while the same proportion vowed they would rather do something they love than something well paid.

As well as this, 75 per cent believe gaining life experience is more important than material wealth, and 71 per cent understand there is no such thing as a “job for life”. 

The importance of financial security was made clear through the study, too, as 87 per cent said finance is important to achieving goals.

The research categorised respondents into two groups: Recent Career Resetters and Seasoned Resetters. The former refers to those who move their working lives towards something they are more passionate about, while the latter have achieved employment and lifestyle changes. 

Recent Career Resetters have an average age of 35, while Seasoned Career Resetters are 52 on average.

By Victoria McDonnell

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