Many Canadians financially unprepared for a career change

par The IJ Staff | August 12 2019 01:30PM

While 54 per cent of Canadians have considered a career change in the past twelve months, close to half (46 per cent) say a lack of financial preparedness is a barrier to making such a move, according to the results of a new survey released Aug. 12 by Edward Jones.

The survey data revealed that those least likely to feel financially prepared to make a career change include Canadians ages 18-34 (52 per cent) and 35-44 (51 per cent); women (54 per cent compared to 44 per cent of men) and individuals earning under $40K.

An advisor can help

“Career changes can mean taking a significant step towards finding personal fulfillment, but it's a transition that should be thoughtfully planned,” said Patrick French, principal of solutions-based strategy and tools with Edward Jones. “Taking a career turn without having a solid financial foundation in place could put one’s long-term plans at risk. A trusted financial advisor can help you develop a personalized financial strategy which best positions you to achieve your career goals, while also considering personal and long-term family responsibilities during this life transition.”

Younger Canadians were most likely to consider a career change with 68 per cent of those in the 18-34 age range contemplating such a transition, while 58 per cent of those ages 35-44 were doing the same.

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