The average pension of a job hopper is 16k PS more than that of other workers

According to new statistics, job hoppers, who change jobs frequently, have PS15 776 more in their pension pots than average workers.

Wealthify’s research found that those who had changed jobs at least four times in the past 10 years, or 13% of UK residents, have PS105.538 in their retirement savings. The majority have PS89.762.

The investment firm surveyed 4,000 workers and found that those who had only changed jobs once, had accumulated pension savings of PS93,234.

London had the most frequent job changers with 19%. The North East was second at 18%, and West Midlands had 14%. East Midlands (9%) South West (9%) Northern Ireland (6%) were the regions with the lowest percentage.

In terms of the age groups, 18% of the 18-34-year olds who were surveyed said they had changed jobs at least four times within the last decade, and more than 11% from the 34-54-year olds.

Hospitality was the sector with most job-hoppers (28%). The next three sectors were healthcare (22%), education (21%) and food and beverage (22%). In computing (20%) and in financial services (17%), job changes are also frequent.

Job-hoppers also had higher average salaries than the rest of the population, with PS39,276 per year, compared to PS30.088 for the average worker, and PS35.403 for those who only changed jobs once over the last 10 years.

One in three job-hoppers (34%) had four or more pension pots compared to just 14% of UK workers.

Those who have changed roles four times or more have a pension pot of only one, as opposed to the 41% average.

The number of people who have a private pension, however, is about the same as that of the UK workforce at 18%.

Michelle Pearce Burke, co-founder at Wealthify, says that being strategic with career moves can help to boost earning power, and grow retirement funds. She warned employees to keep track of their retirement funds.

Consolidating your old pensions from your workplace into one allows you to be sure of where your money is, and track your retirement goals. Consolidating your finances can make them easier to manage and put you in better financial position for retirement.

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