United Kingdom: HSBC Survey Finds Many Older Workers Change Careers

According to press reports, a survey conducted by HSBC shows that 30% of the UK’s 21.3 million over 50s have changed careers in their later working years and that 41% of those aged 60 to 70 have done so. While 21% of those who have changed their career did so as a result of being made redundant, 15% chose to "career shift" for a change of direction, and 11% because they were looking for a career that was less pressurized and demanding.

According to David Wells, Head of Pensions, Savings and Investments at HSBC:

As the requirement for people to work longer becomes more apparent it appears that the over 50s are embracing this head on and pursuing the careers they have always wanted. Many it seems are doing this to fill a shortfall in retirement income, but equally many are looking to embrace new skills and challenges that may now only become possible after careful financial planning during their earlier working life.

Source: The Age and Employment Network "Changing Careers Common among People Aged 50+" (July 30, 2010); HRMagazine.co.uk "Growing numbers of older workers plan upskilling in a bid for a career change" (July 30, 2010)