Financing a career change - Survey results

What are the realities of financing a shift? We asked 1,000 career changers at different stages of their transitions to share their experiences. Here are the key findings.

1. Finances are a common concern for those considering a shift

  • 73% of those considering a career change worry about the impact on their financial situation
  • Only 8% feel financially confident enough to proceed with a career change

2. Some financial resources are essential for successful transitions

  • 80% of prospective career changers believe they need extra financial resources to make their shifts
  • 81% of those starting to take actions on a career change expected to need money to cover a gap or reduction in salary
  • 47% of those considering changes don't know how they'll secure necessary finances

3. Savings and reduced spending fund most career transitions

  • 78% of successful career changers used personal savings and investments
  • 65% reduced their regular expenditure
  • 38% received financial support from partners, family, or friends

4. Retraining costs are often overestimated

  • 73% of prospective changers anticipate needing money for retraining
  • Only 37% of successful career changers actually required funds for retraining

5. Financial guidance is underutilised

  • Only 2% of successful career changers sought professional financial guidance for their shifts
  • 73% of those considering changes don't plan to seek any financial advice
  • Of the 27% who plan to get financial advice:
    • 76% will rely on online research
    • 37% will consult friends, family, or colleagues
    • 31% will speak with an Independent Financial Advisor (IFA)

6. Most career changers experience salary decreases, contrary to expectations

  • 53% of prospective changers are willing to accept short-term salary reductions
  • 41% of those planning or beginning career changes expect higher salaries afterward
  • 74% of surveyed career changers experienced salary decreases in reality
  • 17% saw their salaries increase after changing careers

Remember: these figures are the bare bones of rich and interesting stories...

Some of the figures and percentages here might be reassuring to read.

Others might feel scary.

But study them carefully, and you'll find that they carry important lessons that you can apply to your own career change situation. 

Most importantly:

  1. Remember you're not alone. Virtually everyone making a career change is worried about the financial side of a shift, and there is help and support available (if you're willing to ask for it)
  2. Focus on stability first. It's hard to think about fulfilment from a place of scarcity. Give yourself some financial breathing room before embarking on a career change, whether that's through saving a safety net, or having an honest conversation with your loved ones.
  3. Check your assumptions. It's easy to take for granted that you'll have to retrain or cover a gap in employment as a career changer. But these expectations often turn out to be untrue. Gather real-world facts before allowing yourself to be paralysed by your own imagination.

For more in-depth advice and guidance on how to manage the money side of a shift, check out the following resources:

About this survey

This survey was carried out in partnership with Phoenix Insights as part of the Careers Can Change campaign.

  • Survey conducted in October 2024
  • 1,000 UK-based participants
  • Gender: 70% female, 29% male, 1% other
  • Career change status:
    • 44% considering a career change
    • 46% beginning to take action on a career change
    • 10% completed a career change