The first question people are asked when they leave school is “what do you want to do for the rest of your life?”. However, the chances are most people won’t just experience one career, but probably two or even three.
There are many more opportunities these days to have a career break, embark on courses, or set up your own business. Consequently, sticking to one job path is becoming increasingly rare for women.
So, whether you are considering signing up for an electrical training course or turning a hobby into a new enterprise, when is the best time for ladies to completely change their career?
Have a career overhaul in your 40s
According to research from Phoenix Insights, women are having a change of heart once they reach their 40s. In fact, one-third of females aged between 45 and 54 years old will alter their career path before retiring.
Although they have probably been working for more than 20 years by this point, there is still time for women to pursue an entirely new career, thanks to the increasing state pension age. Currently, it stands at 66 years old, but this is a rise from 65 in 1993 and 60 in 1940.
Under the Pensions Act 2007, the state pension age will increase to 67 by 2036 and 68 by 2046. Therefore, someone in their early 40s will have over 25 years left of work to do, so it’s important their time is spent doing something they enjoy.
Phoenix Insight’s director Catherine Foot was quoted by The Times as saying: “Second and third careers are becoming increasingly common, with people living longer lives, which means the average age of retirement has risen.”
Advantages of changing career later in life
There are many benefits to changing careers once you have reached your 40s and 50s. Firstly, women who have had children are likely to have put career progression on hold while their kids were young, whether that was because they left their career, worked part-time or missed out on promotions due to family commitments.
Now their little ones are older and they have more time to work, they might be considering what options are available to them.
What’s more, they will have built up a portfolio of other skills during the years spent looking after their children, and they might want to put these to good use.
Ms Foot stated: “For those aged 40 and over, changing careers can be transformational – not only helping them to find more fulfilling work that makes the best use of their skills, but also enabling them to build financial resilience for later life.”
Indeed, the decision to change careers could be motivated by wanting to earn more money, not only to reflect the value of their skillset but to build up a nest egg for retirement.
When it comes to employers, hiring someone new to the industry who is in their 40s or 50s is a positive thing. They bring lots of life experience, and they can also introduce a new perspective and skills graduates have not gained yet.
Many Gen Zs plan to change careers early on
It isn’t just women in their mid-life who are considering becoming electricians, teachers, lawyers or business owners, but younger ones too.
In fact, Gen Z has a much more open view to career changes than older generations, and expect to have six different jobs during their working lives.
This could be because more opportunities are open to them these days, thanks to digitisation. They also are more likely to believe career paths are fluid; want a good work-life balance; and have an entrepreneurial mindset.
Indeed, one-fifth of Gen Zs sell products or services online, and as much as 16 per cent are influencers.
Instead of wanting long-term stability, they are focusing on personal fulfilment, flexibility, purpose, and autonomy over their careers. Difficult economic challenges, such as saving for a deposit on a house or large student loan debts, mean they are also likely to take bigger risks to find higher paying jobs.