More young people are taking intentional career breaks to focus on personal passions, family or friends, new research from HSBC has found.
The bank’s Head of International Wealth and Premier Banking in the Channel Islands and Isle of Man, Alvaro Teixeira said this should resonate in the islands, given their strengths as private wealth centres.
A survey of 10,000 people in 12 jurisdictions around the world found that almost half planned to take at least three mini retirements of between six and 12 months before they are 47.
87% of those who have already taken a career break said it positively impacted their overall quality of life.
40% estimated that they would spend at least $100,000 per break, with around a third looking to start a business in that time, and another third looking to rely on income from digital products or social media.
The top reasons for taking multiple breaks were to focus on family, themselves, or to travel and reassess their lives.
Mr Teixeira said the private wealth sector should be “alive and responsive” to the fact that multi retirements take careful planning and foresight.
“As finance centres specialising in private wealth services, these findings should really resonate across the islands. The data shows multi retirements are not a generational fad or a more traditional career break. Multi retirements are a mindset shift, with some individuals increasingly taking time out to focus on living their wealth, not just accumulating it.
“They aren’t viewing it as stopping work or their careers, rather, taking new directions that feel more aligned to their values and needs of their families.”