1 in 3 Aussies rethinking careers post-COVID-19

By Grace Ormsby

May 21 2020
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Job security is at an all-time low, leading more than 3 million Australians – and nearly half of all Millennials – to seriously consider a career change.

The ING Future Focus Report, released yesterday, has revealed that 3.3 million Australians are rethinking their chosen employment in the wake of the COVID-19 crisis.

According to Melanie Evans, ING’s head of retail banking, “COVID-19 has made many Aussies rethink their work choice, with some questioning whether their existing skills will always be needed while others have spent time dreaming about a change in career direction.”

While more than 3 million are contemplating a complete career change, 12 per cent are considering a job in essential services to ensure their role remains relevant, the report stated.

It’s not unsurprising given the fact that almost 600,000 Australians lost their jobs in April alone.

Of those who are reconsidering their careers, 1.38 million of them are Millennials – a whopping 45 per cent of the generational group’s workforce.

A further 1.31 million career changes are currently being considered by the Generation X population.

In an effort to explain the high proportions of both generational groups, Ms Evans said, “Millennials and those who fall into Generation X are at points in their life where stable incomes are really important.”

“Many Millennials are experiencing big life changes like marriage, children and home ownership. For Generation X, they’re probably paying off mortgages and planning for their retirement.”

Despite the large number of Australians who did indicate they would be looking for a career change, nearly one-third (32 per cent) of them expect new opportunities to be very hard to come by.

A further one in four (23 per cent) feel anxious or fearful about their prospects of finding work post-COVID-19.

She also highlighted how “we’ve had a good run of booming job growth in Australia, so many Millennials may have never experienced an economic downturn in their working careers”.

“This could be why so many are taking the initiative to re-assess careers and learn skills,” Ms Evans added, citing how 28 per cent of respondents are interested in learning new skills during isolation, while 11 per cent already using their extra time at home to upskill.

About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

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