Research shows Canadians have new career opportunities on their minds, but are not financially prepared for the transition
MISSISSAUGA – August 12, 2019 – A new poll released today by Edward Jones reveals the majority of Canadians (54 per cent) have considered a career change in the past twelve months. Nearly half (46 per cent) of respondents, however, cited a lack of financial preparedness as a barrier towards taking that first step towards a new career.
According to the data, those least likely to feel financially prepared to make a career change include the following:
- Individuals who are 18-34 (52 per cent) and 35-44 (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)
- Those who earn less than $40K (56 per cent)
"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 which best positions you to achieve your career goals, while also considering personal and long-term family responsibilities during this life transition."
What do Canadians value most in their careers?
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.
Taking a closer look at the demographic breakdown:
- The young and the restless: Those in the youngest cohorts (18-34 and 35-44, respectively) were considerably more likely to contemplate a career change (68 per cent and 58 per cent respectively) and are looking for career fulfillment in their new roles (16 per cent) – more so than the other age demographics.
- Balance is king for older Canadians: Those 35-54 and 55+ were the most likely to report that work-life balance was what they valued most about their careers (59 per cent and 28 per cent, respectively)
- Age of independence is 55+: Autonomy and flexibility were most valued by those aged 55+ (36 per cent) than younger Canadians, aged 18-34 (7 per cent).
"Edward Jones supports Canadians in their pursuit to find fulfillment in a career which best represents their personal and professional goals," said Ann Felske-Jackman, principal of financial advisor talent acquisition. "It's never too late to take another dive into the career pool to see what new opportunities are available. Our 800+ financial advisors represent experienced industry professionals, as well as individuals who chose to make their own career change to become a financial advisor. The diversity of experiences of our advisors is what sets us apart and allows our team to provide a differentiated, personalized client service."
The online survey of 1515 Canadians was completed between January 4 and 8, 2019, using Leger's online panel. The margin of error for this study was +/2.5%, 19 times out of 20.
About Edward Jones
Edward Jones is a full-service investment dealer with one of the largest branch networks in Canada. It is a member of the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund, and a participating organization of the Toronto Stock Exchange.