|Americans who want to switch careers have a problem: They don't have the savings to pull off the move.|
- Civic Ventures says 9 million boomers who are already engaged in encore careers began thinking about "encores" by age 50.
- Some took the time and trained for their new vocations first: 23% participated in local volunteer programs, 20% enrolled in education or training courses, and 13% volunteered at their local places of worship.
- Financial worries top the list of reasons Americans won't take the step into a second career. The data show 40% of boomers don't feel secure enough financially to make a career change in a rough economy.
- Even when already in an encore career, money anxieties don't really abate, and 67% of Americans in encore careers "experienced gaps in their personal income during the transition to their encores, reporting that they earned no money (24%) or that they earned significantly less during the transition than they earned at their previous jobs (43%)."
- Also, 79% of study respondents told researchers they experienced a financial gap of six months or more, while 36% say their income gap lasted more than two years. "Most of those who answered (65%) said they relied on personal savings alone to make ends meet," Civic Ventures said.