The average Brit has six jobs in their lifetime, according to new research by Investec Click & Invest. However, those aged between 18 and 34 plan to only stay in their current job for an average of three years and four months, which equates to an average of 12.5 jobs during their working lives.
Millennials are most likely to be driven by wanting more money, a new challenge or career progression (all 35%). This compares to older individuals, whose primary reasons for wanting to change jobs include being unhappy in their current role (33%), wanting to do something different (25%) or wanting to do something they are passionate about (24%).
Indeed, only 23% 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% versus 7% 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% 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% higher than the national average pay rise.
Commenting on the findings, Jane Warren, CEO of Investec Click & Investec, says: “The days of a job for life have long been over; younger people are keen to take control of their careers by switching jobs to meet their objectives, despite the greater insecurity this brings. Against this backdrop, it is important that they save and invest to provide the certainty and security that may be otherwise missing.”