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Up to 10.9m people plan to retrain for new jobs

However, retraining and finding a new job does not come without a cost – the research shows that on average they will spend &pound8,500 doing this. Just 14% of those who are planning to retrain say it won’t cost them anything.

Of those people planning to retrain, just over one in five (22%) said that they wanted to work in healthcare, and this was followed by education(18%) and financial services (12%).  

Sector people want a new job in after retraining

Percentage of those who plan to retrain over the next three years

Number of people

Healthcare

22%

2.34 million

Education

18%

2.02 million

Financial Services

12%

1.33 million

Leisure

8%

871,000

Legal

5%

550,000

Sports

5%

504,000

Beauty

2%

229,000

Pay4Later’s education and training finance platform enables employers, education and training organisations to offer funding to students, professionals and parents to finance private education and career development courses.

Scott Law, CEO of Pay4Later, said, “There are so many job opportunities open to people today, but often to realise their dreams they have to train and pass professional qualifications, which can come with a financial cost.  Our platform of  lenders enables organisations to offer financial support to their students or employees.”

Workers in London are the most likely to retrain over the next three years – around 38% of adults in the capital say they are looking to learn new skills. However working adults in Wales are the least likely to retrain with just 16% saying they will do so over the next three years.

The peak age group for retraining or starting new courses is 18 to 24-year-olds – around 48% say they will retrain to start a new job in a new industry. However 39% of 35 to 44-year-olds are also considering retraining by 2018.

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