Why thousands of successful women are changing career paths in their forties
Financial freedom and curiosity are fuelling career pivots in entirely new fields.
The world of work is rapidly changing. The coronavirus pandemic served as a catalyst that brought about a seismic shift to employment. From phenomena including ‘the great resignation’, ‘hybrid working’ and ‘conscious unbossing’, the traditional notion of staying in the same nine-to-five for 40 years is seemingly long dead.
While younger workers are proving to be active agents pushing forward for change (it’s thought that the average Gen Z will have six different careers across their working lives), more mature and experienced workers are also flirting with employment overhauls.
Research from think tank Phoenix Insights shows that a third of the current 45 to 54-year-old cohort expect to change careers before they retire, bringing a glut of experience and fresh perspectives to industries they previously weren’t part of.
“Second and third careers are becoming increasingly common, with people living longer lives, which means the average age of retirement has risen,” Phoenix Insights’ director Catherine Foot explained to The Times. “For those aged 40 and over, changing careers can be transformational — not only helping them to find more fulfilling work that makes the best use of their skills, but also enabling them to build financial resilience for later life.”
Career changes are expected among the younger generations, but now even older workers are considering pastures new
A second or even third career path later in life has proven beneficial for individuals. Studies by the Organisation for Economic Co-operation and Development (OECD) show that midlife career moves tend to result in higher wage growth and a far higher likelihood of remaining in work later in life. With the state pension age currently at 66, and likely to increase in the future, workers will need to stay in employment for longer periods.
Moving careers may seem daunting, but for those who have reached the top of their chosen career path and have the financial freedom to try new challenges, it can be a welcome step.
If you're considering new employment opportunities, but are uncertain about how to go about making the change, Bazaar’s career coach Jo Glynn-Smith has plenty of advice to facilitate your new career goals. You can read her column on the matter here.
Lead image credit: IMDb
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