A recent study conducted by Voth Nixon Group reveals that presently employed Hong Kong citizens consider reinventing their careers as an important aspect regarding their working life and retirement.
The research shows that individuals are very likely to revamp their careers during their time of employment with more than a quarter of those questioned already preparing and taking the necessary steps to ease the transition to a passion-driven occupation. While the optimum age for rethinking one’s career has been identified as being 31, a significant percentage continue this process in later years, not excluding already retired individuals.
Even though Hong Kong citizens were traditionally used to focus on their career throughout their lifetime until retirement, with important emphasis placed on advancing in the ranks of their company or business segment, the younger generation (ages 20 to 30) seems to favor drastically changing their career direction, with 27% of the respondents saying they have already done so or are actively preparing to do so.
This process however is not limited to the above mentioned age group; as more opportunities become available older workers are also likely to shift from one area of activity to another based on their expectations, life and financial goals and the degree of satisfaction with their current occupation.
“Our research suggests that the level of an individual’s commitment to his job has been declining amongst employees over the last 15 years” said Carl Zayn, Senior Development and Strategy Manager of Voth Nixon Group “By adapting to modern factors that directly affect their working environments – from technological advancements to an uncertain and volatile financial climate – individuals are understanding the need for self-sufficiency in pursuit of personal aspirations, which often translates into personal as well as occupational reinvention”.
Employees under the age of 30 seem to be much better prepared for change than individuals in other age groups, with 59% of them being aware of the costs involved with reinventing one’s career and already planning for the future.
Taking into account the financial implications of such a process of change one third of the respondents said they have or would be inclined to use their current savings, 10% has taken or would take a loan to help fund their decision and 8% would use their pension to ease the transition, though this is would be possible only for those that have reached or are over the age of retirement.
Safeguarding pension pots is an important aspect as well; 27% said they would transfer their present retirement funds to a new and improved plan, 23% said they would end their current pension arrangement in favor of a new plan and 7.5% said they would freeze their old plan but wouldn’t consider taking up a new scheme.
About Voth Nixon Group
VOTH NIXON GROUP is a global asset administration group, managing capital for both institutional and retail investors across the world. Our aim is to provide solid fund performance across various asset types in which we know we have a viable competitive edge. At VOTH NIXON GROUP your goals are important to us. We understand the financial challenges that make it difficult to achieve your targets, and we’re qualified to provide the assistance you need. We believe your financial progress, regardless of your present situation or economic condition is achievable.
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