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  • 1st January 2014

    WORKINGBRITSAREREWRITINGTHERULEBOOKWHENITCOMESTOTAKINGA

    TRADITIONALCAREERPATH

    Optimumagetoreinventcareerdefinedas33yearsold

    PublicvotesVictoriaBeckhambestexampleofcelebrityreinvention

    Onethirdofpeopleover70changedpathsduringtheircareers

    Asthenationplanstheirresolutionsfor2014,newresearchrevealscareerreinventionistopofthe

    list.WithBritsnow looking forward toa longerworking life,manyareperhapsbeing inspiredby

    celebritiesandsportsstarswhohaveretiredyoungfromtheirfirstcareerandfollowedapassion

    tolaunchasecondprofession.

    The research by ScottishWidows reveals that todaysworking population is likely to completely

    reinventtheircareerstwicethroughouttheirworkinglives,withmorethanoneinfour(27%)making

    big changes so that they can follow their passions. The optimum age for reinvention has been

    identifiedas33,butmanyarecontinuingtoreinventinlateryearsandevenintoretirement.

    TheEvolutionoftheCareerPath

    Inthepast,itwasmorecommontohaveajobforlifeandtoworkyourwayuptheladderwithin

    onecompanyorsectoruntil itwas time to retire.The researchsupports this,as justone thirdof

    peopleovertheageof70changedpathsduringtheircareer.

    However,youngworkersaged1829aretwiceaslikelytodrasticallychangecareerdirections,with

    nearlytwointhree(65%)sayingtheyhavealreadychangedcareersatleastonceorareplanningto

    inthenearfuture.

    Thisseemstobeagrowingtrendacrossgenerations;asopportunitiesforreinventionbecomemore

    feasible,olderworkersaremakingchangesintheircareerstoo.Morethanfouroutoffive(83%)of

    peopleovertheageof50whoreinventedthemselvesintheircareerdidsoovertheageof40,while

    morethanoneinten(12%)haventchangedcareersyet,butstillplantobeforetheyretire.

  • According toProfessorWendy Loretto,Universityof EdinburghBusiness 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 theyare likely tobeworkingmuch longernow.Sheexplains:Research suggests

    that commitment to ones job has declined amongst all employees over the past 20 years, but

    particularlyamongstthoseover50.

    Aspeopleadapttoallofthefactorschangingourcareerenvironmentsfromtheunstablefinancial

    climate,technological innovations,andanageingworkingpopulationtheyarerealisingtheneed

    to bemore selfreliant in achieving their ultimate aspirations, and this oftenmeans reinventing

    themselvestostartonanewpath.

    Beyondfollowingtheirpassions,manyBritsaremotivatedbyfactorsincludingunhappinessintheir

    current job(35%)andto increaseearningpotential (31%).However,makingsuchabigstep isnot

    without challenges;people see lackof finances as thebiggestbarrier towards reinvention (45%),

    followedby lackofconfidence (35%),anddemandsof family (28%).Overaquarter (28%)ofBrits

    feelapprehensiveaboutcareerchanges,andmorethanoneinten(12%)finditfearful.

    PreparingforChange

    Thoseunder30appeartobethemostpreparedforchange;62%ofpeople inthisagegroupwho

    reinventedthemselveswereawareofthecosts involvedandputaplan inplace inadvance,while

    only48%ofpeopleaged3049and40%ofpeopleover50wereprepared.Thiscouldbedueinpart

    tothefactthatpeopleover30wereatleast10%morelikelytohaveacircumstantialreinvention.

    When considering the financial implicationsof change,nearlyone in threepeople (32%)haveor

    wouldusesavings tocover thecost,one in tenhasorwould fund itwitha loan,and11%hasor

    wouldusetheirpensiontohelpwiththetransitionthoughthisisonlypossibleforthoseaged55or

    olderasyoungerworkersareunabletoaccesstheirpensionpot.

    Protecting pension pots is also an important factor. A quarter of Brits said they have orwould

    transfertheiroldpensionintoanewschemeorpersonalpension,morethanoneinfour(27%)have

    orwouldfreezetheiroldpensionandstartanewpensionscheme,and8%wouldfreezetheirold

  • schemebutnotstartanewone.However,40%ofthepublicdoesnothaveanemployerpension;

    thisishighestamongst1829yearolds,ofwhich59%donthaveapension.

    RobertCochran,keyaccountspensiondevelopmentmanageratScottishWidows,said:Automatic

    Enrolmentwillincreasepensionschemetakeupbutthefrequencythatwearechangingjobsmeans

    itismoreimportantthanevertosafeguardyourpension.Asthestatepensionageincreasesandwe

    look forward to a longer retirement, its crucial to have a plan tomake sure your savings are

    protected and you are continuously putting away money and checking against your life plan

    regardlessofthechangesyouaremakinginyourcareeralongtheway.

    TopCelebrityReinventions

    When itcomes tocelebrity reinventions, thenationbelievesVictoriaBeckhamhasbeen themost

    successfulas shenavigatedacareerchange frompop star to fashiondesigner.Britsalso rate the

    reinventions ofArnold Schwarzenegger (actor toUS governor) and JohnBishop (pharmaceuticals

    salestocomedian).

    AccordingtoBritain,thetopcelebrityreinventionsare:

    Celebrity Reinvention %

    1 VictoriaBeckham SpiceGirl>FashionDesigner 26%

    2 ArnoldSchwarzenegger Actor>USGovernor 18%

    3 JohnBishop PharmaceuticalsSalesman>Comedian 15%

    4 HarryHill Doctor>ComicandTVHost 15%

    5 BrianMay 'Queen'RockStar>Astrophysicist 15%

    6 MyleeneKlass ClassicalMusician>PopStar>TVPresenter 10%

    7 VinnieJones Footballer>Actor 9%

    8 KimWilde 80sPopStar>Gardener 8%

    9 GwynethPaltrow Actor>Singer>Chef 7%

    10 HughDennis MarketingConsultant>TV(Outnumbered)andRadiopersonality 6%

    11 DwayneJohnson AmericanFootballer>WWEWrestler>Actor 6%

    - ENDS

    RobertCochran,keyaccountspensiondevelopmentmanageratScottishWidowsandDrWendyLorettoarebothavailableforinterview.

  • Forfurtherinformation,contact:JudiBamford,Cohn&Wolfe Tel:02073315695judi.bamford@cohnwolfe.comLaraCornwall,Cohn&WolfeTel:07939507810Lara.cornwall@cohnwolfe.com NotestoEditorsThissurveybyOnePollwasconductedwith2,700peopleacrossBritaininOctoberNovember2013.WendyLoretto isProfessorofOrganisationalBehaviourat theUniversityofEdinburghBusinessSchool.Hermainresearchfieldisageandemployment,withaparticularfocusonchangesinemployeesandemployersattitudesandpracticesinextendingworkinglives.Sheisespeciallyinterestedinthewaysinwhichgenderandageinteracttoaffectworkandretirementexperiencesamongstoldermenandwomen.http://www.businessschool.ed.ac.uk/about/people/64/Wendy/Loretto