Gas prices, recession fears and interest rates urge caution on job changes
Survey responses show that nearly half (48%) of those planning to retire in 2022 are reconsidering or have put that plan on hold. Another 25% of 58-74 year olds who were not planning to retire in 2022 are now considering delaying their retirement even further.
Among those considering delaying or not retiring, the changing economic climate is a priority: 65% cited inflation driving up costs; 45% pointed to the decline in the stock market and 30% cited rising interest rates, all leading to the need to work longer; additionally, 12% said their partner’s job or earnings had been negatively affected and they needed to help fill the gap.
“Until the end of 2021, we were in an unusual environment with lots of jobs, a buoyant stock market and subdued inflation. In 2022, it’s a different story,” said
Half of those who had planned to change jobs this year are also reconsidering or putting those plans on hold. When asked what made employees reluctant to change jobs in the past six months, 40% said gas prices, 30% mentioned the potential for a recession, 12% cited the rising interest rates for home ownership and 9% said rising interest rates for student loans.
Whether they decide to change jobs or not, people often experience some level of anxiety about the choice. Those who changed jobs recently said they were happier than those who didn’t (40% vs. 25%), but nearly a third (30%) on both sides still felt ‘frustrated’ with their professional situation. And those who changed also felt a higher sense of regret (15% vs. 7%) and guilt (12% vs. 6%) than those who didn’t.
|
Feelings |
Recent job change |
No recent job changes |
|
Happiness |
40% |
25% |
|
Satisfaction |
40% |
36% |
|
Frustration |
30 % |
30 % |
|
Relief |
25% |
28% |
|
Regret |
15% |
seven % |
|
Guilt |
12% |
6% |
There is, however, a silver lining for employees who have been unhappy at work but have not changed due to the high value of their stock options. A quarter of employees with stock or stock options say the stock market decline has actually made it easier for them to consider a job change, with some having already done so.
You can read additional survey results at The Quicken Blog.
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Methodology: This
SOURCE Accelerate
