Multi Retirements: The New Career Trend
A new trend is emerging in the world of work: 'multi retirements'. This involves taking multiple intentional career breaks, or 'nyt mini', lasting from a few months to a few years, with the intention of returning to work afterwards. A recent survey by HSBC of over 10,000 affluent adults in 12 markets worldwide reveals that the majority of those who have taken such breaks describe them as enhancing their overall quality of life.
Leading this trend are the Millennials, who plan around 6 'nyt mini' per lifetime. They are followed by Gen Z and Millennials, who aspire to take an average of three 'nyt mini' each. Gen X and Baby Boomers also express a desire for around three 'nyt mini' each. The global average spending per 'nyt mini' is estimated to reach $339,800, with most respondents estimating spending up to $100,000 USD per 'nyt mini'.
Top motivations for taking a 'nyt mini' include spending quality time with family, focusing on individual well-being, traveling, pursuing passions, and reassessing career goals. Interestingly, women express slightly higher confidence in planning for these 'nyt mini' compared to men. Almost half (49%) of those intending to take a 'nyt mini' plan to take between two and three, with a preferred duration of 6 to 12 months and an ideal age of 47 years old.
The trend of multi retirements is a significant shift in the traditional concept of retirement. It allows individuals to take time off to focus on personal growth, family, and experiences, while still maintaining a career. As the survey shows, these breaks are seen as enhancing overall quality of life. With Millennials leading the way, it is likely that this trend will continue to grow and influence future generations.
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