Taking time off for vacations or leisure is common practice—and common to save and plan for. But what if a client wants to take a significant break from her job and life to pursue a passion or hobby?
A new survey from Simplii Financial, which polled more than 3,000 Canadian adults who are members of online research community Maru Voice Canada, found in October that nearly two-thirds of respondents (63%) think about taking time off or quitting their jobs to fulfill personal aspirations. Fifty percent would travel extensively, 34% would live or work abroad and 36% would start a business.
For one-quarter of those polled, thought has turned to action since they’re already putting money aside. And, for a majority (78%) of millennials (those aged 23-37) in particular, pursuing a passion is attractive.
Making a major life change may not work for everyone, but time off and life experiences remain a priority over pay, the survey suggests. Roughly half (52%) of respondents would rather get another week of vacation versus extra pay, and 81% said they get more joy out of experiences than material items.
Further, 28% said it’s not necessary to own things such as homes and cars when the sharing economy makes it easy to access them.
Still, 61% said they do go overboard in spending on everyday items. For the millennial group polled, of which 76% say they indulge, those items can include coffee, monthly subscriptions, technology and beauty care.
For more on clients’ needs and spending habits, read:
Look into, but don’t police, clients’ spending habits
Many clients want to be their own boss
Effects for clients as interest rates rise (from after BoC’s July rate hike)