Research from Investec Click & Invest has suggested that while the average British worker has six jobs in their lifetime, those aged between 18 and 34 plan to only stay in their current job for an average of three years and four months – equating to an average of 12.5 jobs during their working lives – more than twice the national average.
Millennials are most likely to be driven by wanting more money, a new challenge or career progression (all 35 per cent). This compares to older individuals, whose primary reasons for wanting to change jobs include being unhappy in their current role (33 per cent), wanting to do something different (25 per cent) or wanting to do something they are passionate about (24 per cent),
Indeed, only 23 per cent of millennials stated that they would want to move because they were unhappy, while they are also less likely to want to move to have an easier job (4 per cent versus 7 per cent of over-35s) – dispelling the myth of the “lazy millennial”.
It is 18 to 34-year olds who also secure the highest proportional pay rise at 20.4 per cent when they change jobs. While this is largely due to the lower average salaries earned by those starting their careers (£30,913), this still represents an increase of £5,235 – 64 per cent higher than the national average pay rise.
“The days of a job for life have long been over and our findings show that younger people are keen to take control of their careers by switching jobs to meet their objectives, despite the greater insecurity this brings,” said Jane Warren, CEO of Investec Click & Investec. “Against this backdrop, it is important that they save and invest to provide the certainty and security that may be otherwise missing.”