Making a career change has an overwhelmingly positive impact on our lives, according to new research commissioned by GE Money to mark the launch of a new range of credit cards and loans. Out of the four in ten of us (43%) who have changed career in our lives, 86% report a positive impact as a result.

Nearly three-quarters (73%) said the move had improved their working life and 44% said that being happier at work had benefits for their close relationships. The research also indicated that over two thirds (69%) of those who had changed their career said it had given their finances a boost. With the cost on average of transforming your career at £2,546.58, it would seem investing in transforming your life through a change in job is definitely worthwhile.

It is the thirtysomethings that appear to get the most out of a career move with 93% saying transforming their job transformed their life for the better. What's more, 8 out of 10 (79%) reported their finances were boosted as a result - perhaps because they have also the cheapest career moves at £1,753.40 so can reap the full financial benefit.

So what is the secret of success of the thirtysomethings when it comes to getting the job of their dreams? It would appear to be planning. 83% of 35-44 year olds said they planned their career move compared the national average of 71%. They were twice as likely to have to have sought professional advice from a careers coach (8% v 4% on average) and 10% more likely to have done some financial planning beforehand (26% v 16%).

The research also confirmed the end of the job for life and the rise of the serial career shifter. Our successful thirtysomethings were the most likely to have made a significant job change (53%). Surprisingly, 42% of 18-24 year olds reported to have already undergone a career transformation, compared to just 29% of pensioners. Those in their forties have spent the most on transforming their career at £4,274.

The positive impact of a job change might explain why our careers topped the transformation wish list for one in five (21%) of us - above changing where we live, our relationships and our finances. A further 27% wanted to improve their academic qualification, perhaps to enable get the job of their dreams. What's more, for those who have not yet taken the leap to change career, a substantial 39% said they would be willing to invest money, from employing a life coach to funding their retraining (for instance going back to university). On average, the amount of money they would be willing to invest was £3,238.08, but staggeringly, 4% stated they would be happy to fork out over £20,000 to achieve their ambitions.

In spite of the relatively low reported cost of changing career, lack of money (31%) was the number one factor holding people back from finding the job of their dreams, followed by not having the right qualifications (30%). A lack of confidence was the issue for a further one in five (19%). For those wishing to boost their academic achievements, a shortage of funds (32%) was closely followed by a lack of confidence (27%).


Dr Sally Ann Law, executive life coach, says:

Commenting on the research, Najlaa Taqi-Eddin, managing director, GE Money Direct said: "It would appear from the survey results that investing in changing your career can be a worthwhile move. Being happy in your job is so important to being happy in general. We were surprised at how little money people said it had cost them to transform their working lives, especially given the positive benefits that were reported. Here at GE Money, we have specifically designed our credit card and loans to help transform people's relationship with their finances so that money becomes an enabler in making positive life changes, such as getting the job of your dreams, rather than holding people back."

GE Money

GE Money is the new trading name of Consumer Finance (GECF), one of the world's leading consumer finance services to consumers, retailers and auto dealers. Headquartered in the US, GE Money operates in 48 countries around the world and has assets worth over $150 billion.

In the UK, GE Money offers credit cards, fixed-term retail credit, loans, mortgages and auto finance. GE Money also operates retail branded credit cards for fashion retailers, department stores and supermarkets. Further information about GE Money can be found at

www.gemoney.co.uk.