“What stands out from this report is that money is weighing heavily on the minds of New Zealand workers as the key driver of career regret,” said Seek NZ country manager Rob Clark.
“Amid persistent cost of living pressures, this could be why almost half of workers are feeling pessimistic about their future working life.”
Clark said having doubts about your career choice is a very common experience.
“However, it’s important to recognise that a career change is possible at any stage of the working life, and it doesn’t have to be overwhelming,” he said.
The report found 41% of New Zealanders are open to the idea of a career change, although only 6% are actively moving towards one, with financial concerns primarily driving the reluctance to change.
Millennial (61%) and Gen Z (56%) workers were more likely to choose a different career if they had their time over, followed by Gen X (51%) and Baby Boomers (41%).
Kiwis expect to work longer
The report highlighted how cost of living increases have impacted New Zealanders’ ability to retire.
More than a third of respondents (41%) said they don’t think they’ll retire by 70.
Meanwhile, 32% believe they’ll be working longer than they want to.
The biggest reason for delaying retirement was that their financial situation won’t allow them to (58%).
Around 9% of respondents said they’d retire later because they wanted to maintain a sense of purpose, while 7% attributed it to a desire to support their family.
Massey University’s latest New Zealand Retirement Expenditure Guidelines report found high living costs meant retirees were spending behind NZ Super.
It calculated total weekly expenditure for a two-person “no frills” household in a metropolitan area was $909.90, while a similar household in a provincial area spends $1031.85.
Households aiming for a “choices” lifestyle in a metropolitan setting spend $1739.85 per week, while those in provincial areas spend $1210.18 per week.
The figures significantly exceed the NZ Super payment of $799.18 after tax.
Optimism for the future
Despite some having career regret, 52% of respondents felt positive about their future careers.
More than half (55%) of workers also believed their current role will exist in 10 years. Only 11% reported feeling concerned that their skills and experience will become redundant with technology advancements.
Seek career coach Leah Lambart said the report shows Kiwis are more agile than we may give ourselves credit for.
“Nearly two-thirds of New Zealand workers have already worked in at least three different industries, but more than a quarter of us still confess to feeling uncomfortable with making a change in our career.
“Whether it’s a drastic change in industry or even simpler switch-ups in how you work in your current role – if you’re going to be working for longer, it’s even more important to keep an open mind about evolving your career journey throughout your life to make sure it’s right for you.”
Cameron Smith is an Auckland-based journalist with the Herald business team. He joined the Herald in 2015 and has covered business and sports. He reports on topics such as retail, small business, the workplace and macroeconomics.
