A new poll released Monday by investment firm Edward Jones found that 54 per cent have considered a career change in the past 12 months, but 46 per cent of respondents cited a lack of financial preparedness as a barrier towards taking that first step towards a new career.
“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, in a news release.
“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 which best positions you to achieve your career goals, while also considering personal and long-term family responsibilities during this life transition.”
The company said those least likely to feel financially prepared to make a career change include the following: Individuals who are 18 to 34 (52 per cent) and 35 to 44 (51 per cent); females are less likely to feel financially ready to make a career change (54 per cent), compared to men (44 per cent); and those who earn less than $40,000 (56 per cent).
When asked to reflect on what they value most in their careers, respondents selected work-life balance (26 per cent), security (15 per cent), and career fulfillment (13 per cent) as their top features. Despite noting financial preparedness as a barrier to making a career transition, surprisingly only 12 per cent of respondents selected compensation as the element they valued most about their careers, said Edward Jones.