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Research Report Highlights that Work Is Dominating Our Lives More than Ever

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’.

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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