WORKING BRITS ARE RE WRITING THE RULE ?· working brits are re‐writing the rule book when it comes…

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<ul><li><p>1st January 2014 </p><p>WORKINGBRITSAREREWRITINGTHERULEBOOKWHENITCOMESTOTAKINGA</p><p>TRADITIONALCAREERPATH</p><p> Optimumagetoreinventcareerdefinedas33yearsold</p><p> PublicvotesVictoriaBeckhambestexampleofcelebrityreinvention</p><p> Onethirdofpeopleover70changedpathsduringtheircareers</p><p>Asthenationplanstheirresolutionsfor2014,newresearchrevealscareerreinventionistopofthe</p><p>list.WithBritsnow looking forward toa longerworking life,manyareperhapsbeing inspiredby</p><p>celebritiesandsportsstarswhohaveretiredyoungfromtheirfirstcareerandfollowedapassion</p><p>tolaunchasecondprofession.</p><p>The research by ScottishWidows reveals that todaysworking population is likely to completely</p><p>reinventtheircareerstwicethroughouttheirworkinglives,withmorethanoneinfour(27%)making</p><p>big changes so that they can follow their passions. The optimum age for reinvention has been</p><p>identifiedas33,butmanyarecontinuingtoreinventinlateryearsandevenintoretirement.</p><p>TheEvolutionoftheCareerPath</p><p>Inthepast,itwasmorecommontohaveajobforlifeandtoworkyourwayuptheladderwithin</p><p>onecompanyorsectoruntil itwas time to retire.The researchsupports this,as justone thirdof</p><p>peopleovertheageof70changedpathsduringtheircareer.</p><p>However,youngworkersaged1829aretwiceaslikelytodrasticallychangecareerdirections,with</p><p>nearlytwointhree(65%)sayingtheyhavealreadychangedcareersatleastonceorareplanningto</p><p>inthenearfuture.</p><p>Thisseemstobeagrowingtrendacrossgenerations;asopportunitiesforreinventionbecomemore</p><p>feasible,olderworkersaremakingchangesintheircareerstoo.Morethanfouroutoffive(83%)of</p><p>peopleovertheageof50whoreinventedthemselvesintheircareerdidsoovertheageof40,while</p><p>morethanoneinten(12%)haventchangedcareersyet,butstillplantobeforetheyretire.</p></li><li><p>According toProfessorWendy Loretto,Universityof EdinburghBusiness School, individuals are</p><p>increasingly taking responsibility for their own careers paths due to the demise the job for life</p><p>mentality, fewer opportunities for progression and uncertainties over job security and the</p><p>recognition that theyare likely tobeworkingmuch longernow.Sheexplains:Research suggests</p><p>that commitment to ones job has declined amongst all employees over the past 20 years, but</p><p>particularlyamongstthoseover50.</p><p>Aspeopleadapttoallofthefactorschangingourcareerenvironmentsfromtheunstablefinancial</p><p>climate,technological innovations,andanageingworkingpopulationtheyarerealisingtheneed</p><p>to bemore selfreliant in achieving their ultimate aspirations, and this oftenmeans reinventing</p><p>themselvestostartonanewpath.</p><p>Beyondfollowingtheirpassions,manyBritsaremotivatedbyfactorsincludingunhappinessintheir</p><p>current job(35%)andto increaseearningpotential (31%).However,makingsuchabigstep isnot</p><p>without challenges;people see lackof finances as thebiggestbarrier towards reinvention (45%),</p><p>followedby lackofconfidence (35%),anddemandsof family (28%).Overaquarter (28%)ofBrits</p><p>feelapprehensiveaboutcareerchanges,andmorethanoneinten(12%)finditfearful.</p><p>PreparingforChange</p><p>Thoseunder30appeartobethemostpreparedforchange;62%ofpeople inthisagegroupwho</p><p>reinventedthemselveswereawareofthecosts involvedandputaplan inplace inadvance,while</p><p>only48%ofpeopleaged3049and40%ofpeopleover50wereprepared.Thiscouldbedueinpart</p><p>tothefactthatpeopleover30wereatleast10%morelikelytohaveacircumstantialreinvention.</p><p>When considering the financial implicationsof change,nearlyone in threepeople (32%)haveor</p><p>wouldusesavings tocover thecost,one in tenhasorwould fund itwitha loan,and11%hasor</p><p>wouldusetheirpensiontohelpwiththetransitionthoughthisisonlypossibleforthoseaged55or</p><p>olderasyoungerworkersareunabletoaccesstheirpensionpot.</p><p>Protecting pension pots is also an important factor. A quarter of Brits said they have orwould</p><p>transfertheiroldpensionintoanewschemeorpersonalpension,morethanoneinfour(27%)have</p><p>orwouldfreezetheiroldpensionandstartanewpensionscheme,and8%wouldfreezetheirold</p></li><li><p>schemebutnotstartanewone.However,40%ofthepublicdoesnothaveanemployerpension;</p><p>thisishighestamongst1829yearolds,ofwhich59%donthaveapension.</p><p>RobertCochran,keyaccountspensiondevelopmentmanageratScottishWidows,said:Automatic</p><p>Enrolmentwillincreasepensionschemetakeupbutthefrequencythatwearechangingjobsmeans</p><p>itismoreimportantthanevertosafeguardyourpension.Asthestatepensionageincreasesandwe</p><p>look forward to a longer retirement, its crucial to have a plan tomake sure your savings are</p><p>protected and you are continuously putting away money and checking against your life plan</p><p>regardlessofthechangesyouaremakinginyourcareeralongtheway.</p><p>TopCelebrityReinventions</p><p>When itcomes tocelebrity reinventions, thenationbelievesVictoriaBeckhamhasbeen themost</p><p>successfulas shenavigatedacareerchange frompop star to fashiondesigner.Britsalso rate the</p><p>reinventions ofArnold Schwarzenegger (actor toUS governor) and JohnBishop (pharmaceuticals</p><p>salestocomedian).</p><p>AccordingtoBritain,thetopcelebrityreinventionsare:</p><p> Celebrity Reinvention %</p><p>1 VictoriaBeckham SpiceGirl&gt;FashionDesigner 26%</p><p>2 ArnoldSchwarzenegger Actor&gt;USGovernor 18%</p><p>3 JohnBishop PharmaceuticalsSalesman&gt;Comedian 15%</p><p>4 HarryHill Doctor&gt;ComicandTVHost 15%</p><p>5 BrianMay 'Queen'RockStar&gt;Astrophysicist 15%</p><p>6 MyleeneKlass ClassicalMusician&gt;PopStar&gt;TVPresenter 10%</p><p>7 VinnieJones Footballer&gt;Actor 9%</p><p>8 KimWilde 80sPopStar&gt;Gardener 8%</p><p>9 GwynethPaltrow Actor&gt;Singer&gt;Chef 7%</p><p>10 HughDennis MarketingConsultant&gt;TV(Outnumbered)andRadiopersonality 6%</p><p>11 DwayneJohnson AmericanFootballer&gt;WWEWrestler&gt;Actor 6%</p><p>- ENDS </p><p>RobertCochran,keyaccountspensiondevelopmentmanageratScottishWidowsandDrWendyLorettoarebothavailableforinterview.</p></li><li><p>Forfurtherinformation,contact:JudiBamford,Cohn&amp;Wolfe Tel:02073315695judi.bamford@cohnwolfe.comLaraCornwall,Cohn&amp;WolfeTel:07939507810Lara.cornwall@cohnwolfe.com NotestoEditorsThissurveybyOnePollwasconductedwith2,700peopleacrossBritaininOctoberNovember2013.WendyLoretto isProfessorofOrganisationalBehaviourat theUniversityofEdinburghBusinessSchool.Hermainresearchfieldisageandemployment,withaparticularfocusonchangesinemployeesandemployersattitudesandpracticesinextendingworkinglives.Sheisespeciallyinterestedinthewaysinwhichgenderandageinteracttoaffectworkandretirementexperiencesamongstoldermenandwomen.http://www.businessschool.ed.ac.uk/about/people/64/Wendy/Loretto</p></li></ul>