Labour Report Points to Financial Services Employment OpportunitiesPosted: December 13, 2017 By : Knowledge Bureau Staff
Posted in: Strategic Thinking, Financial Literacy, Financial Advisor, knowledge bureau, Evelyn Jacks, retirement planning, tax courses, financial education, Real Wealth Manager, self-employment, retirement statistics, Executive Business Builder Program, online courses, entrepreneurs, employment opportunities, Labour in Canada, Labour Statistics, employment rates in Canada, starting your own business
Last month Statistics Canada released a report titled “Labour in Canada,” citing statistics from the 2016 census. Employment rates, average earning potential, part-time work trends, and the number of older workers still in the workforce all point to promising opportunities for employment in the tax and financial services industries especially, which offer high earning potential for this demographic.
Last week, we reported that average weekly earnings in the financial and insurance industries saw one of the highest increases from September 2016 to September 2017, at 8.7 percent. Additionally, individuals employed in the same industry took home earnings 38 percent higher than the national average. That in itself demonstrates that there is opportunity for Canadians to find valuable, meaningful work in the tax and financial services sectors; however, there is more good news to be found among the statistics released.
The Statistics Canada “Labour in Canada” report also indicates also indicates that although the employment rate fell over a ten-year period from 62.6 percent to 60.2 percent, the full-time employment rate for seniors aged 65 and older reached an all-time high at 5.9 percent.
Interestingly, fewer men and women aged 25 to 54 worked full-time, year-round. Just 56.2 percent of men in this age range worked full-time all year, down from 63.3 percent the decade prior. The decline was less significant for women in the same demographic, but the statistics demonstrate a similar trend, as 43.7 percent of women were employed full-time in 2015 versus 45.4 percent the decade before.
What does all of this mean and why is it relevant to financial services employment opportunities? A greater number of seniors in the workforce is indicative of the economic and social trends leading older adults to remain employed either out of necessity or by choice. Baby Boomers in particular are known for their high levels of education and desire to remain engaged thought-leaders in their industries.
The current economic climate, changing trends in family structures, and the fact that we’re living longer also make it financially necessary for many older Canadians to work well past the traditional retirement age.
Employment in the tax and financial services industries offers high earning potential for this demographic, while providing the opportunity for them to remain active business builders, with greater flexibility to live their lives their own way as business owners.
The decline in full-time employment statistics for the younger age bracket indicates a similar need there, driven by lifestyle aspirations. Personal choice is cited as one of the top reasons for the shift from full-time to part-time employment over the past decade, along with the fact that schedule flexibility and work-at-home opportunities are being offered by more employers. While starting a business certainly involves dedication, it can offer the flexibility that more Canadians are seeking. The financial sector provides a wide range of opportunities for great earning potential, with many roles offering the flexibility that so many younger workers crave today.
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