More than a third (35%) of British workers are actively seeking to earn more money because of the cost-of-living crisis, new research has revealed.
A study by Forbes Advisor discovered that the figure rises to more than half (52%) among those in creative arts and design roles – higher than in any other industry.
The price comparison and financial guidance website’s survey further showed that three in 10 (30%) of employees are likely to have changed career in the past three years, rising to one in two (50%) in the 18-34 age group.
Londoners were most likely to have moved jobs across all age groups, with two in five (40%) having done so since 2020. Those in the South East and North West of England had moved roles the least, with one in four (25%) employees in these regions changing their work status in this timeframe.
One of the main reasons for moving jobs was to boost their earnings, cited by 13% of respondents, while the same percentage believed that they had been working in an industry that paid them poorly.
Many survey participants reported that the cost-of-living crisis was a factor in them leaving their position, with 12% claiming that the price rises meant their wages no longer covered their monthly expenses.
In terms of industries with the highest levels of job leavers, marketing, advertising or public relations professionals were most likely to have moved within the past three years, with more than three in five (62%) having changed their job status.
In second and third places were the energy and utility sector and recruitment and HR sector, which reported figures of 60% and 59% respectively.
Kevin Pratt, business expert at Forbes Advisor, said: “There has been a long-term trend away from the ‘job for life’ culture that characterised the workplace for previous generations, and this has been given fresh impetus by the cost-of-living crisis. With household budgets under severe pressure, it looks like many people are prioritising securing a higher income above all else.
“If we go back 20 or 30 years, employers would look for a period of employment consolidation when examining a CV – evidence that a candidate was able to commit to a particular challenge for a number of years. But society has changed. It is now widely accepted that people will move around much more frequently in search of a bigger pay cheque.
“A volatile workplace is no bad thing – it means people are willing and able to change according to variances in demand. Take the inexorable rise of the IT sector in general and AI in particular. These will provide many well-paid jobs in the coming months and years, and happily there are likely to be people who will want and be able to grasp the opportunities that arise.”
