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Limited again, 49ers QB Brock Purdy still fighting sore shoulderJob-hopping could leave your child with bigger pension pot than yours By ANGHARAD CARRICK Updated: 21:50 GMT, 30 November 2024 e-mail View comments Parents need not worry that their children frequently switch jobs because research shows that their pension pots will be much larger in the long run. Those who have moved jobs four or more times in the past decade tend to be younger, early in their career and change often to maximise their salary. A fifth of 18 to 34-year-olds have moved four-plus times with more than one in ten 35 to 45-year-olds doing the same. Research by investment platform Wealthify shows serial job-hoppers have saved £12,304 more in their pensions than those who have moved job just once. Frequent job-hoppers have an average pension pot worth £105,538 compared to £93,234 for those who have stayed put. It means they are more likely, therefore, to have the amount required for a basic standard of living in retirement, which is currently £107,800, equivalent to an annual income of £19,300, according to the Resolution Foundation. But Pension and Lifetime Savings Association figures show a pensioner needs £31,300 a year for a 'moderate' lifestyle and £43,100 for a 'comfortable' lifestyle and have saved a pension pot worth between £300,000 and £790,000. Boost: Those who frequently switch jobs are also out-earning their peers with an average salary of £39,276 compared to £35,403 for those who have moved once Those who frequently switch jobs are also out-earning their peers with an average salary of £39,276 compared to £35,403 for those who have moved once. The average UK salary is £37,430. Hospitality has the highest proportion of job-hoppers (28 per cent), followed by food and drink (22 per cent) and healthcare (22 per cent). Against that, just 3 per cent of employees in the utilities and real estate sectors have moved between jobs and 4 per cent in agriculture. RELATED ARTICLES Previous 1 Next Pension credit applications surge 145% after Labour... When will you retire? How to check when you could afford to... Share this article Share HOW THIS IS MONEY CAN HELP How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing account Employees in London have the itchiest feet with 19 per cent changing jobs more than four times followed by the North East (18 per cent) and the West Midlands (14 per cent). The East Midlands (9 per cent), the South West (9 per cent) and Northern Ireland (6 per cent) have the lowest proportion. Michelle Pearce-Burke, from Wealthify, said: 'Being strategic about switching up your career at the right time can be great for boosting your earning power and growing your retirement funds. 'Whether your salary bump is from a job switch or not, don't miss the opportunity to make it count towards your future by putting a little extra in your pension if you can.' DIY INVESTING PLATFORMS AJ Bell AJ Bell Easy investing and ready-made portfolios Learn More Learn More Hargreaves Lansdown Hargreaves Lansdown Free fund dealing and investment ideas Learn More Learn More interactive investor interactive investor Flat-fee investing from £4.99 per month Learn More Learn More Saxo Saxo Get £200 back in trading fees Learn More Learn More Trading 212 Trading 212 Free dealing and no account fee Learn More Learn More Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence. Compare the best investing account for you Share or comment on this article: Job-hopping could leave your child with bigger pension pot than yours e-mail Add comment Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence. More top stories
UBS Group is returning to wealth management in Australia after it exited almost a decade ago, tapping the Credit Suisse franchise it bought to make a renewed charge. The firm is targeting the rising number of rich women and family offices in the country, according to its local wealth chief. For a nation of less than 30 million people, it’s become a key market for UBS. It plans to grow the more than US$30 billion in high net worth money it manages there as part of the firm’s wider Asia-Pacific expansion goals. UBS has vaulted back to the upper tier of Australian wealth managers after the merger of the two Swiss banks provided a pathway back into a market it had exited in 2015. It’s now up against foreign players such as Morgan Stanley as well as domestic-focused firms such as Shaw and Partners, vying for business in one of the world’s fastest-growing wealth markets. “UBS should never have left wealth management, basically,” Michael Marr, UBS’s head of global wealth management for Australia and New Zealand and a nearly 15-year veteran of Credit Suisse, said. UBS’ purchase of its smaller Swiss rival gave it a business that had grown “very very quickly”, he added. High net worth wealth in Australia grew 7.9 per cent last year, second only to India among Asia-Pacific countries and above the global average of 4.7 per cent, according to a Capgemini report. To be sure, recovering the lost market share will not be straightforward in a highly competitive industry. Morgan Stanley’s website says it’s the largest international wealth manager in Australia, with more than A$41 billion (S$36 billion) in client assets, and more than 100 financial advisers. Newly-installed UBS global co-head of wealth management, Iqbal Khan, has reflected on the importance of the Asia Pacific. His own relocation from Zurich to Hong Kong “is the first time UBS has actually had a global divisional lead in Asia, which marks a massive transition for UBS”, he said this month. “We have been very strong at UBS in markets and banking but we did not have wealth management and actually being able to add wealth management to it gives us a one-stop shop for our clients here in Australia,” he said. With the Credit Suisse merger, the firm’s investment banking deal flow is already being offered through the wealth arm’s direct investment group, which arranges placements into private deal opportunities. It was recently used to give some Australian clients exposure to Elon Musk’s startup xAI, Marr said. Marr added that moving to UBS has also helped with some family offices because the wealth team puts them directly in touch with its equities execution floor, rather than using the division as a broker. Among the fastest newcomers to the high net worth category are women and not-for-profits, according to Marr. Both have gone from “niche a couple of years ago and now are a huge opportunity”, he said. The firm has a rough threshold in the Asia-Pacific of about US$5 million as the minimum qualifier to be considered a high net-worth individual. Women now outnumber men as clients at UBS’s Australia business. With the number of female millionaires growing at 6 per cent annually, nearly double that of men, it’s becoming a top priority for the Swiss bank, Marr said. To meet the demand, the bank’s assembled a strong gender mix across its 28 client advisors in Australia, he said. Meanwhile, requests for tenders to the bank coming from the not-for-profit sector and endowments grew five-fold over the last five years and the average investment has grown from between A$10 million to A$20 million to above A$100 million, Marr said. Much of the interest has been driven by a thirst to diversify out of real estate and into assets such as private equity and sustainable investments. “They want to give out a bit more and want a slightly more liquid corpus to manage,” Marr said about the non-profit sector. “It varies but the level of sophistication now, the requests and follow-on questions we get, you really need to be on your game to cover that sector.” BLOOMBERGNone
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