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Changing careers

A third of Brits on the brink of switching jobs fuelled by the cost-of-living crisis

New research has revealed that more than a third of Brits are actively changing jobs to increase their income amid the cost of living crisis.

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The study was conducted by Forbes Advisor.
52% of those working in the creative sector are looking to switch jobs.
9.9 million Brits have changed their working status in the last three years by leaving their job.

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The study, by Forbes Advisor, revealed that 52% of those working in the creative sector are looking to switch jobs – the highest of any industry in the country. Other findings from the data include: 50% of all Brits aged 18-34 have seen their job status change over the past three years – compared to a national average of 30% and the most volatile industry is marketing and advertising. Nearly two-thirds (62%) of people in the sector have changed jobs in the last three years.

IT is ranked the number one (12%) industry as being the most lucrative, and the emerging industry of AI is a close second, with 11% of Brits thinking that joining the AI revolution will put more money in their pockets.

Over a third (35%) of Brits are actively looking at steps to change jobs to increase their wages. This figure increases to 52% of those working in creative arts and design jobs – the highest of any industry. The creative industry has struggled with investment recently– and 29% say they avoid working in the industry entirely due to poor pay.

The data also found that 30% of the working population – equal to 9.9 million Brits – have changed their working status in the last three years by leaving their job, returning to education or retiring.

Those working in marketing, advertising or public relations are most likely to have left their job over the past three years

Younger people are less likely to stay in their jobs than the rest of the population, with 50% of UK 18-34-year-olds having changed their profession during the last 36 months. The average is below 30%.

When asked why Brits switched jobs, one of the most common reasons was to increase earning potential (13%). The cost-of-living crisis is also cited as a contributing factor in workers leaving their jobs, with 12% saying that increasing costs meant their pay no longer covered monthly expenses.

Those working in marketing, advertising or public relations are most likely to have left their job over the past three years, with 62% of their industry seeing a change in job status. The volatility of energy and utility prices in recent times has also translated into jobs in the industry – 60% of energy and utility workers have switched jobs, while 59% of those working in recruitment and HR, ranked third on the list.

Kevin Pratt, Business Expert at Forbes Advisor, said: “There has been a long-term trend away from the ‘job for life’ culture that characterised the workplace for previous generations, and this has been given fresh impetus by the cost-of-living crisis. With household budgets under severe pressure, it looks like many people are prioritising securing a higher income above all else.  A volatile workplace is no bad thing – it means people are willing and able to change according to variances in demand. Take the inexorable rise of the IT sector in general and AI in particular. These will provide many well-paid jobs in the coming months and years.”

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