Did you know that London is dubbed the workaholic capital of the UK? Research conducted by Investec Private Banking earlier this year showed that 38% of those in the capital believe that people view them as workaholics.
A report, commissioned by Investec Private Banking earlier this year, revealed how a fifth (22%) of those surveyed in the Capital admit to being unhappy with their work-life balance. Professionals employed in the financial sector within the UK also felt the pinch, with almost a third (29%) not content with how much time their professional life consumes. Over a third (38%) of London professionals would go as far as to say that their friends and family describe them as ‘workaholics’.
The research also revealed that professionals had felt a change over the last five years, with a significant quarter (25%) of surveyed Londoners experiencing a decline in work-life balance since 2010.
Financiers felt the squeeze with over a quarter (27%) believing the balance has worsened in the last five years. However, a third (33%) of UK professionals were confident, anticipating an improvement in their work life balance over the next five years. Those in London were particularly hopeful with a comparative 45% feeling optimistic for the state of their future professional/personal split.
Findings from the report indicated that work-life balance came just third on our list of priorities when choosing a job. Of the professions we surveyed, which included people working in finance, law, teaching and healthcare, work enjoyment was the priority with 41% regarding it as the most important factor in selecting a job. Salary (23%) was second on the list, whilst work-life balance was relegated to a lonely third place with only 16% rating this as the most important consideration when choosing a job.
Despite work increasingly impacting on personal time, an overwhelming 64% of professionals like working in London – with half of those surveyed stating they ‘love’ working in the capital
What else did the research uncover?
- A quarter of lawyers admitted to not saving enough for their retirement
- One-in-ten lawyers don’t have a pension scheme
- Half of lawyers expected to retire beyond the age of 65
- 43 per cent of lawyers expected to take a part time job during retirement
- Over half (53%) deemed their degree essential to success in their chosen profession
- Law, teaching and healthcare-related degrees were regarded as most valuable
- More than three-in-five (63%) professionals believed mobile technology allows them greater flexibility at work
- 43% revealed that advancements in mobile technology in the workplace have increased their free time
- Over half (52%) believed advances in technology will improve their future job prospects