Edward Jones poll: When it comes to careers, Canadians believe the grass is greener on the other side

Research shows Canadians have new career opportunities on their minds, but are not financially prepared for the transition

MISSISSAUGA – Aug. 12, 2019 – A new poll released today by Edward Jones reveals the majority of Canadians (54 per cent) have considered a career change in the past twelve months. Nearly half (46 per cent) of respondents, however, cited a lack of financial preparedness as a barrier towards taking that first step towards a new career.

According to the data, those least likely to feel financially prepared to make a career change include the following:

• Individuals who are 18-34 (52 per cent) and 35-44 (51 per cent)
• Females are less likely to feel financially ready to make a career change (54 per cent), compared to men (44 per cent)
• Those who earn less than $40K (56 per cent)

"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."

What do Canadians value most in their careers?

When asked to reflect on what they value most in their careers, respondents selected work-life balance (26 per cent), security (15 per cent), and career fulfillment (13 per cent) as their top features. Despite noting financial preparedness as a barrier to making a career transition, surprisingly only 12 per cent of respondents selected compensation as the element they valued most about their careers.

Taking a closer look at the demographic breakdown:

• The young and the restless: Those in the youngest cohorts (18-34 and 35-44, respectively) were considerably more likely to contemplate a career change (68 per cent and 58 per cent respectively) and are looking for career fulfillment in their new roles (16 per cent) – more so than the other age demographics.
• Balance is king for older Canadians: Those 35-54 and 55+ were the most likely to report that work-life balance was what they valued most about their careers (59 per cent and 28 per cent, respectively)
• Age of independence is 55+: Autonomy and flexibility were most valued by those aged 55+ (36 per cent) than younger Canadians, aged 18-34 (7 per cent).

"Edward Jones supports Canadians in their pursuit to find fulfillment in a career which best represents their personal and professional goals," said Ann Felske-Jackman, principal of financial advisor talent acquisition. "It's never too late to take another dive into the career pool to see what new opportunities are available. Our 800+ financial advisors represent experienced industry professionals, as well as individuals who chose to make their own career change to become a financial advisor. The diversity of experiences of our advisors is what sets us apart and allows our team to provide a differentiated, personalized client service."

The online survey of 1515 Canadians was completed between January 4 and 8, 2019, using Leger's online panel. The margin of error for this study was +/2.5%, 19 times out of 20.

About Edward Jones

Edward Jones is a full-service investment dealer with one of the largest branch networks in Canada. It is a member of the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund, and a participating organization of the Toronto Stock Exchange.