London, 2 January 2017: Technology is opening the doors for pioneering job choices, encouraging UK millennials to focus on careers based around their passions rather than their finances, a study from Visa has shown. While earning a high salary is important for half of those aged 18-34, prioritising a good work/life balance (71%) and working in a field they’re passionate about (62%) are far more significant factors when making career choices.
The study of over 1,000 millennials throughout Britain reveals many are striving to break away from the traditional one-job mentality of previous generations and assume they will hold multiple roles throughout their working lives. Just over half (52%) expect to have two or more different careers.
When asked about career paths for the future, respondents primarily name jobs based in emerging technologies: over half (56%) are looking to the 3D printing industry, including 25% who thought 3D printed food chef would be a good role, 29% thought professional sim-racing was for them, while 42% believe the booming gig economy will offer career potential.
Graham Carroll, 26, is a millennial who has successfully switched from a traditional to a modern job. Formerly a joiner and amateur motor racer in Musselburgh, Scotland, Graham was forced to give up his racing dreams due to financial constraints. Turning his passion and experience to the lucrative sim-racing scene, Graham is now competing for a share of a $1 million prize pot at the Visa Vegas eRace, the largest prize in the eSport’s history.
“If I told someone I was a professional sim-racer 10 years ago, I’m not sure they would know what it even meant. A lot’s changed since then though. We no longer have to do the jobs of our parents’ or grandparents’ generation, we can follow our passions, no matter how obscure they are, and still be financially successful and physically and mentally stimulated.”
Whilst traditional, respectable and well-paid jobs such as a doctor or lawyer may have been the ultimate goal in generations past, today’s young adults are moving away from picking roles because of these factors. For instance, only a quarter (27%) considered the perceived social standing as important when choosing their career.
The survey found that 52% of millennials want to pursue two or more careers, and take advantage of the wealth of opportunities presented by emerging technologies. 39% of multi-career millennials state that there were too many interesting new roles available to simply stick with one job.
Kevin Jenkins, Managing Director, Visa UK and Ireland said: “Technological innovation and societal acceptance of unchartered new careers is fuelling revolutionary changes in the workforce. Technology is creating a host of new industries, which need new job roles to make them sustainable. We now see professional gamers compete for million dollar prize pots while their competitions are streamed to hundreds of thousands of online viewers, or even YouTube stars that are as popular as Hollywood actors.
“Visa has always been a global innovator, supporting fresh and diverse talent. We welcome new thinking and new approaches from the next generation to keep our workforce future fit.”
Visa, as part of its three-year partnership with Formula E, is sponsoring the Visa Vegas eRace at CES 2017. On January 7th, 2017, 10 of the world’s best sim-racers will be pitted against 10 exceptional Formula E racers including Jerome d’Ambrosio and Nelson Piquet Jr., for a chance to win a share of a $1million prize pot, the largest in the eSport’s history.
About Visa Inc.
Visa Inc. (NYSE:V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world's most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead with prepaid or pay later with credit products. For more information, visit our website (www.visaeurope.com), the Visa Vision blog (vision.visaeurope.com), and @VisaEuropeNews