LSBF Careers Report Finds That 47% of British Workforce Want a Career Change

Sep 21, 2015, 07:38 ET from London School of Business and Finance (LSBF)

LONDON, September 21, 2015 /PRNewswire/ --

Fear of failure or lack of knowledge stops one in four from changing career 


Nearly half of all workers in the UK (47%) would like to change career, according to new figures released today by the London School of Business and Finance (LSBF).

The LSBF Careers Report shows that more than one in five workers (21%) are looking to career hop in the next twelve months, with increased salary prospects, better work-life balance and improved job satisfaction cited as the main reasons for wanting to make a switch.

Around a quarter (23%) of Brits in employment revealed they actually go as far to say they regret their current choice of career - this figure rose for younger workers, with 30% of 25-34 year-olds regretting their current career choice.

Despite such disillusionment, many people are still unwilling to change careers owing to a number of factors they feel hold them back. Almost a third (29%) said the lack of financial security around changing careers was a major barrier, while uncertainty about what to switch to (20%) and a fear of failure (15%) were also identified as obstacles to changing career.

Dr Steve Priddy, Director of Research and Academic Dean at LSBF, said: "With a changing economy and new sectors creating jobs and business models that would not have even existed a decade ago, many professionals may consider the option of jumping ship and facing the challenges of a new career path. However, how do people feel about making a career change? Are they professionally prepared? Do they know how to go about it? What are people's main fears about a major career move? Money, uncertainty, lack of support, lack of training? These are some of the questions that this report tries to answer."

"From my perspective, what is important before any major career move is to ensure you are appropriately qualified to take on the new role and to understand the sector well enough in order to make the most of potential opportunities and to navigate the system as if an insider", added LSBF's Dr Priddy.

The statistics also showed differences in attitudes among age groups with two thirds (66%) of workers aged between 18 and 34, those typically considered as being 'Millennials', wanting to change career, compared with just 19% of over 55s.

Key findings: 

  • 47% of the UK work force would like to make a career change;
  • 55% of workers in London want to change careers, 45% within next two years;
  • 66% of Millennials (people aged 18-34) want to change careers;
  • 23% of all UK workers, and 30% of people aged 25-34, regret current careers;
  • 29% cite financial insecurity as main reason for not changing careers. This figure goes up to 41% for Millennials;
  • 68% of Cardiff workers are satisfied with their careers, the highest proportion in the survey;
  • Only 19% of London workers say they will never want to change careers.

The full report providing a detailed analysis of all the data can be downloaded from the LSBF website.

LSBF has also created an interactive infographic providing further visual insights into the survey results. 

About London School of Business and Finance (LSBF) 

London School of Business & Finance (LSBF) offers industry-focused programmes designed to reflect global market trends. LSBF attracts the most talented and ambitious candidates from more than 150 countries worldwide, and works together with its corporate partners to develop programmes structured with an up-to-date and international perspective in mind.

With a powerful e-learning platform and programmes covering industries from fashion to finance, LSBF has seen exponential growth over the last 10 years, establishing campuses in the UK, Singapore and Canada, and regional offices in over 12 cities around the world. Alongside a wide range of undergraduate and postgraduate degree programmes, LSBF also offers intensive programmes leading to professional qualifications in accountancy and finance such as ACCA and CIMA.

The school's innovative programmes are designed to help students distinguish themselves from other accounting, finance and marketing professionals - by providing not only a professional qualification, but also the practical skills that are highly sought after by employers.

At LSBF, students are also able to take advantage of a wide range of high quality study support and resources, all geared to rapidly accelerate their professional career. LSBF is a Queen's Awards for Enterprise winner and an ACCA Approved Learning Provider Gold, in the London, Birmingham and Manchester campuses.

Phone: +44(0)20-3535-1294

SOURCE London School of Business and Finance (LSBF)