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1st January 2014
WORKING BRITS ARE RE‐WRITING THE RULE BOOK WHEN IT COMES TO TAKING A
TRADITIONAL CAREER PATH
Optimum age to reinvent career defined as 33 years old
Public votes Victoria Beckham best example of celebrity reinvention
One third of people over 70 changed paths during their careers
As the nation plans their resolutions for 2014, new research reveals career reinvention is top of the
list. With Brits now looking forward to a longer working life, many are perhaps being inspired by
celebrities and sports stars who have “retired” young from their first career and followed a passion
to launch a second profession.
The research by Scottish Widows reveals that today’s working population is likely to completely
reinvent their careers twice throughout their working lives, with more than one in four (27%) making
big changes so that they can follow their passions. The optimum age for reinvention has been
identified as 33, but many are continuing to reinvent in later years and even into retirement.
The Evolution of the Career Path
In the past, it was more common to have a “job for life” and “to work your way up the ladder” within
one company or sector until it was time to retire. The research supports this, as just one third of
people over the age of 70 changed paths during their career.
However, young workers aged 18‐29 are twice as likely to drastically change career directions, with
nearly two in three (65%) saying they have already changed careers at least once or are planning to
in the near future.
This seems to be a growing trend across generations; as opportunities for reinvention become more
feasible, older workers are making changes in their careers too. More than four out of five (83%) of
people over the age of 50 who reinvented themselves in their career did so over the age of 40, while
more than one in ten (12%) haven’t changed careers yet, but still plan to before they retire.
According to Professor Wendy Loretto, University of Edinburgh Business School, individuals are
increasingly taking responsibility for their own careers paths due to the demise ‘the job for life’
mentality, fewer opportunities for progression and uncertainties over job security and the
recognition that they are likely to be working much longer now. She explains: “Research suggests
that commitment to one’s job has declined amongst all employees over the past 20 years, but
particularly amongst those over 50.”
“As people adapt to all of the factors changing our career environments – from the unstable financial
climate, technological innovations, and an ageing working population – they are realising the need
to be more self‐reliant in achieving their ultimate aspirations, and this often means reinventing
themselves to start on a new path.”
Beyond following their passions, many Brits are motivated by factors including unhappiness in their
current job (35%) and to increase earning potential (31%). However, making such a big step is not
without challenges; people see lack of finances as the biggest barrier towards reinvention (45%),
followed by lack of confidence (35%), and demands of family (28%). Over a quarter (28%) of Brits
feel apprehensive about career changes, and more than one in ten (12%) find it fearful.
Preparing for Change
Those under 30 appear to be the most prepared for change; 62% of people in this age group who
reinvented themselves were aware of the costs involved and put a plan in place in advance, while
only 48% of people aged 30‐49 and 40% of people over 50 were prepared. This could be due in part
to the fact that people over 30 were at least 10% more likely to have a circumstantial reinvention.
When considering the financial implications of change, nearly one in three people (32%) have or
would use savings to cover the cost, one in ten has or would fund it with a loan, and 11% has or
would use their pension to help with the transition though this is only possible for those aged 55 or
older as younger workers are unable to access their pension pot.
Protecting pension pots is also an important factor. A quarter of Brits said they have or would
transfer their old pension into a new scheme or personal pension, more than one in four (27%) have
or would freeze their old pension and start a new pension scheme, and 8% would freeze their old
scheme but not start a new one. However, 40% of the public does not have an employer pension;
this is highest amongst 18‐29 year olds, of which 59% don’t have a pension.
Robert Cochran, key accounts pension development manager at Scottish Widows, said: “Automatic
Enrolment will increase pension scheme take up but the frequency that we are changing jobs means
it is more important than ever to safeguard your pension. As the state pension age increases and we
look forward to a longer retirement, it’s crucial to have a plan to make sure your savings are
protected and you are continuously putting away money and checking against your life plan
regardless of the changes you are making in your career along the way.”
Top Celebrity Reinventions
When it comes to celebrity reinventions, the nation believes Victoria Beckham has been the most
successful as she navigated a career change from pop star to fashion designer. Brits also rate the
reinventions of Arnold Schwarzenegger (actor to US governor) and John Bishop (pharmaceuticals
sales to comedian).
According to Britain, the top celebrity reinventions are:
Celebrity Reinvention %
1 Victoria Beckham Spice Girl > Fashion Designer 26%
2 Arnold Schwarzenegger Actor > US Governor 18%
3 John Bishop Pharmaceuticals Salesman > Comedian 15%
4 Harry Hill Doctor > Comic and TV Host 15%
5 Brian May 'Queen' Rock Star > Astrophysicist 15%
6 Myleene Klass Classical Musician > Pop Star > TV Presenter 10%
7 Vinnie Jones Footballer > Actor 9%
8 Kim Wilde 80s Pop Star > Gardener 8%
9 Gwyneth Paltrow Actor > Singer > Chef 7%
10 Hugh Dennis Marketing Consultant > TV (Outnumbered) and Radio personality 6%
11 Dwayne Johnson American Footballer > WWE Wrestler > Actor 6%
- ENDS –
Robert Cochran, key accounts pension development manager at Scottish Widows and Dr Wendy Loretto are both available for interview.
For further information, contact: Judi Bamford, Cohn & Wolfe Tel: 0207 331 5695 [email protected] Lara Cornwall, Cohn & Wolfe Tel: 07939507810 [email protected] Notes to Editors This survey by OnePoll was conducted with 2,700 people across Britain in October ‐ November 2013. Wendy Loretto is Professor of Organisational Behaviour at the University of Edinburgh Business School. Her main research field is age and employment, with a particular focus on changes in employees’ and employers’ attitudes and practices in extending working lives. She is especially interested in the ways in which gender and age interact to affect work and retirement experiences amongst older men and women. http://www.business‐school.ed.ac.uk/about/people/64/Wendy/Loretto
