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Millennials likely to have 12 jobs in their working lives, twice the national average

18 – 34 year olds take control of their career paths

The average Brit has six jobs in their lifetime, according to new research by Investec Click & Invest released today*.  However, those aged between 18 and 34 plan to only stay in their current job for an average of three years and four months, which equates to an average of 12.5 jobs during their working lives** – more than twice the national average.

Millennials are most likely to be driven by wanting more money, a new challenge or career progression (all 35%).  This compares to older individuals, whose primary reasons for wanting to change jobs include being unhappy in their current role (33%), wanting to do something different (25%) or wanting to do something they are passionate about (24%),

Indeed, only 23% of millennials stated that they would want to move because they were unhappy, while they are also less likely to want to move to have an easier job (4% versus 7% of over-35s) – dispelling the myth of the “lazy millennial”.

It is 18 to 34-year olds who also secure the highest proportional pay rise at 20.4% when they change jobs. While this is largely due to the lower average salaries earned by those starting their careers (£30,913), this still represents an increase of £5,235 – 64% higher than the national average pay rise.

Commenting on the findings, Jane Warren, CEO of Investec Click & Investec said:

“The days of a job for life have long been over and our findings show that younger people are keen to take control of their careers by switching jobs to meet their objectives, despite the greater insecurity this brings.  Against this backdrop, it is important that they save and invest to provide the certainty and security that may be otherwise missing.”

Investec Click & Invest (www.clickandinvest.com) is the new online investment management service for individuals with £10,000 or more to invest. Click & Invest combines the experience of a team of Investment Managers and over 180 years of wealth management experience with the convenience and ease of an online service, opening the door for individuals who wouldn’t usually be able to access traditional wealth management services.

Click & Invest places a great deal of emphasis on educating and helping individuals make the best decision for them and their money.  A range of videos, guides and information are available to investors and potential investors regardless of their investment experience.  This includes monthly communications about a client’s investment portfolio as well as video updates from Investment Managers to ensure that investors are kept informed about the performance of their portfolio.  Individuals can also sign up for a monthly newsletter giving a view into the team behind the Click & Invest service.

 


** Omnibus Poll conducted amongst 2000 consumers in October 2017
* Figure based on an average job tenure for 18-34 year olds of 3 years and 4 months and a projected retirement age of 68 – a 42-year career (42 / 3.36 = 12.51)