Workers have nine jobs over course of career

14 November 2014

Today's workers will have twice as many jobs over the course of their career as their grandparents.

Retirement specialists LV= found that the idea of having a 'job for life' for today's workers is "virtually extinct", with Brits on average now having nine jobs across a 48-year career and one complete career change during their working lives.

Those employed today will on average retire at 66 years of age - seven years later than their grandparents generation, while a new worker can expect to receive a lower full-time starting salary than their parents did (£14,000 compared to £17,000).

More than half (55%) can expect to be made redundant at some point in their lives, while those employed are more unhappy with their work/life balance than their grandparents (72% compared to 68%) - despite the fact that the number of people working from home has doubled in the last 30 years.

The amount of job change is also leading people to be confused about their pension provision. Some 40% of workers with one or more pension pot are unsure of their total value as they lose track of their savings spread across a number of workplace schemes.

The research did find some positives. Workers enjoy shorter commutes than the older generation (31 minutes compared to 34 minutes), while the amount of annual entitlement has increased twice in the past decade, rising from 20 to 24 days for full-time workers in 2007 and to 28 days in 2009.

Thing of the past

Richard Rowney, LV= life and pensions managing director, said: "The job for life is clearly a thing of the past, as more of us now move roles and even switch careers.

"The disappearance of generous workplace pensions that were 'golden handcuffs' for generations of workers is likely to be a key factor. This change means that responsibility for planning for retirement now lies more with the individual."

He added: "However, with people working in more and more roles savings pots can easily be forgotten. For many it would make sense for them to consolidate these pots into one to make their fund easier to monitor.

"To help savers keep track and better understand their pension savings, we continue to call on the government to back our idea of a 'pensions passport'. We believe that this would encourage more savers to plan for their retirement, consider all the income options now available to them and, where appropriate, seek financial advice."

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