Nearly 40 per cent of working Brits would be happy to swap a lower salary for less stress and more leisure, according to new research.
The survey, by the Prudential, also found that three-fifths of the population would consider downshifting – moving to a house in a cheaper area or moving abroad to increase the quality of their lives.
Exchanging a high-speed, high-gratification lifestyle for something slower-paced and less materialistic is now seen as an aspiration rather than a cop-out, a phenomenon the Pru has dubbed ‘lifeshifting’.
Gary Shaughnessy, director of Pru’s Health & Wealth business area, said: “The country cottage and move abroad are two things people normally associate with retirement.
“However, as our findings show, this is increasingly becoming an aspiration for the younger generations too.
“Whereas in the past ditching the rat race for a less stressful existence could be seen as a sign that you couldn’t hack the pace, the ‘lifeshifters’ are showing us that for many people a balanced lifestyle is what really counts towards being fulfilled.
“However making a lifestyle change is a big deal and should be carefully thought out. It’s not always as easy as simply throwing in the towel on a high-stress job, selling your home in the city and moving to the country to start your own business.
“Even if the new existence you crave is not centred around work and money, you still have to think about how much cash you will need and what assets you will use to make it possible. A big part of being stress-free is being well-prepared.”
Three years ago, 53 per cent of people said would consider downshifting or had already done it. Today that figure has risen to 61 per cent.
The age group most likely to consider it are those aged 35 to 44, with 65 per cent of working Brits within that age band considering a lifestyle change or having done it
already.
The research also found:
- A good work life balance is the most important aspect of a job for a quarter of Brits
- Money is no longer a key motivator for 30 per cent of the working population
- 40 per cent of Brits would consider moving abroad or have already done so
- A third of Brits would relocate to cheaper areas in the UK.
Those living in Greater London are the most likely to want a lifestyle change because their job is too stressful. And although 71 per cent would consider or already have changed their lifestyle, the idea of a better quality of life is not as common as it is in other regions.
In fact, the area where people are most keen on having a better quality of life is the north-east, Yorkshire and Humber. Money is also lowest on the list of motivators for people living in this area.
People in the north-west and Scotland are the least likely to want to lifeshift – but one of the main reasons for change among the Scots is the weather.
