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'Frequent job hoppers' earn 30% more than rest of the UK

'Frequent job hoppers' earn 30% more than rest of the UK
Rosie Murray-West
Written By:
Posted:
22/01/2025
Updated:
22/01/2025

Changing jobs this year could be a lucrative decision, with a study showing that "frequent job hoppers" make nearly a third more than the average worker.

Research from Wealthify, the investment app, showed that those who change jobs four or more times in a decade earn 31% more than the average salary, as well as having £15,000 more in their pension pots than average.

Younger people are more likely to be job hoppers, with 18% of 18-34-year-olds falling into this category.

Michelle Pearce-Burke, co-founder of Wealthify, said: “Being strategic about switching up your career at the right time can be great for boosting your earning power and, if you’re savvy, growing your retirement funds too.”

The job hoppers’ premium

The Wealthify research revealed that the average salary of job hoppers came in at £39,276 versus £30,088 for the average worker surveyed.

The study reveals that these ‘frequent job hoppers’ have an average of £105,538 in pension savings, compared to £89,762 for the average UK adult. This comes to £93,234 for those who have only switched jobs once.

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However, those who have made frequent job changes are more likely to lose track of pension pots, Pearce-Burke warned, suggesting that those with multiple small pension pots could consider consolidation.

“Consolidating all your old workplace pensions into one means you can be confident about where your money is and keep track of your retirement goals.

“As well as making your finances easier to manage, consolidating can put you in a better position for retirement and make your savings go further, by potentially reducing the fees you pay on your pensions and allowing you to access a wider range of investment options,” she added.

New year, new start

Wealthify also noted that there had been a 277% spike in the number of online searches for ‘job sites’ since the beginning of the year, suggesting that many of us are hunting for a new job in the new year.

The news comes as research from Phoenix Group suggests relocation to the South West may be your best chance of happy and gainful employment, with the region listed as the best place to work in the UK.

Greater London came in second place and the North West in third, based on workers’ experiences of fulfilling, financially rewarding, long-term employment.

Catherine Foot, director of Phoenix Insights – Phoenix Group’s longevity think tank – said: “Good-quality, satisfying jobs matter to people of all ages, and better employment opportunities across the country are vital to drive the economic growth our country sorely needs. To do this, we need better provision and access to public employment support services.”