Is it too late for DH to go for a career change to try and earn more? He thinks so

[NC1012]

DH is early 40s and been working in the public sector for over 15 years. He has enjoyed his job over the years and worked his way up to senior management which is £55k. However he has been saying there is no real opportunities left to go higher, as the jobs are fewer plus the extra responsibility doesn’t reflect the pay.

Several years ago he said a career change might be the way to go to try and get near a 6 figure salary but has been too scared to give it a go. His friends in the private sector have done really well so he occasionally feels he played it too safe when he was younger. Also he fears a risk in career move now may not get him a higher salary plus job security could be a lot less than he has now. He is a likeable person and works hard and is dedicated.

He recently decided it is too late for a career change with a view to get a much higher salary and now it’s as good as it gets. He said he shouldn’t have sat comfortable in his 20s and early 30s.

We have dc1 5 and dc2 2, I am a SAHM so we have zero child care costs and live in a small 3 bed home. We have never been extravagant with money and have enough to live with a few treats now and then, and tbh it would be nice not to always second think about certain purchases.
Also we have been thinking of moving house to get more space but will mean a bigger mortgage for another 25 years.

Is he right and it’s too late for a career change to try and earn more?
Is the risk too great now especially with this year’s pandemic and who knows what the economy will look like next year?
Am I being unreasonable to agree with him?

Some days I think the risk is too great as he is the sole earner at the moment. But sometimes I think he is worth more but not sure he has the confidence to make a substantial career change.

My public sector friends are sitting pretty - on furlough with a top-up to 100% of their salary by their local authority employer. If you want more family money, surely it would make sense for you to get a job.

Err. No one in the public sector can be furloughed. If you are mainly paid by the public sector for your job you can’t then be furloughed

@AgentProvocateur

My public sector friends are sitting pretty - on furlough with a top-up to 100% of their salary by their local authority employer. If you want more family money, surely it would make sense for you to get a job.

The public sector can't furlough?

I’m not sure why you feel he needs to take a risk and change career when he doesn’t want to, when you currently are a SAHM. For me the obvious way to increasing family income if you are that concerned is to start working yourself. It’s not solely on him, and I think that’s actually an unfair expectation to have.

£55k is a salary I could only dream of, and I would so love to work in the public sector with its better job security and pension than private sector. I've been private sector and now in middle-age have very little to show for it.
Your DH is definitely not too young for a career change, but consider it carefully - with covid and fewer jobs, and so many people going for each job available; your DH being sole earner; £55k being already a very good salary etc. He shouldn't change just for the sake of change, or because he thinks he 'should', or because he thinks other people want him to - he needs to really want to himself.

What does "too scared to give it a go" actually mean? If it means quitting his current job, retraining and starting at the bottom, I see can see why.

If it means applying for private sector jobs he'd be joining as at lateral hire at the same senior management level, he's got nothing to lose by seeing what's out there.

I also think that people overestimate redundancy risk - I know few people who've been made redundant unwilling, and most of those got a good payoff and new job.

What does he do now - 'senior management' is rather vague. Bear in mind that although there may be a lot of transferable skill set, it may be difficult to get that 6 figure job if you don't have a history and background in it. Also, private sector 6 figure jobs will take their pound of flesh - you will be on the clock at all times. If he had always been public sector there is also a perception that this is all you can do - whether or not this is the case, and whether or not he has retrained.

Retraining - he will be going in at a lower level and it will take time for him to work his way upwards. Can you cope financially, and can he deal with 'being told what to do' - there is a big mental shift and if he's been used to being senior management, then this may not go down well psychologically. He will not be able to retrain in something and then go in at senior management - it doesn't work like that.

I have worked senior management / head of service roles in public and comparable roles in private sector - public was much much easier in terms of workload and expectations. Wider benefits are normally much better - days off, sick leave, pension - make sure you are including all of these in your calculations. He should think carefully about moving, especially if that's been his experience to date, and the impact it may have on the wider family.

I agree with PP saying he should sit tight in his secure job and you get back into work asap. I had several career changes right into my 50s, but as a HCP it was possible for me to do that. Initially I had to do a number of retraining courses and extra qualifications. It was worth it though, I started back when my youngest was a year old. The first 3 years I hardly kept any of my salary due to child care expenses, but that got better once the youngest was at school. I think it is a mistake to leave the earning to one partner.

It entirely depends on what his skills are and what he wants to do. A total change in career and expecting a 6 figure salary is probably unrealistic, at least for the short term. If it is doing a similar job then possibly (although in my experience it is a bit of a myth that private sector is way better paid - it might be slightly, but not the difference between say £55k and £100k for the same job). But there is no harm in doing some research and working out a plan.

It's never too late to make a career change. But, it is a risk and you would need to be prepared for some major financial hardship in the short term at least. With the responsibilities he has for a SAHM and young children, you should think long and hard about how feasible this really is.

His best bet is to consult a reputable career coach to look at options.

I’d hang on to a well paid, secure job in the public sector just now especially given he’s the sole earner. It’s too easy to compare with others but having worked in the private and third sectors, public sector is much more secure and has better benefits. It’s worth putting a monetary amount on things like his pension, additional holidays/public holidays, death in service, sick leave entitlement - he’d need to be earning much more than he is now to compensate for those not to mention any increase will be swallowed up by tax.

Many private companies offer statutory holidays, very limited sick leave and a defined continuation pension (as opposed to the defined benefits pension he’ll have access to at the moment).

It might be worth considering in the longer term but the best way to increase your household income is for you to find a job. Any earnings would benefit from the personal tax allowance and his benefits would be protected. Safe isn’t a bad thing in the current climate.

Not a good move at the moment and he might really struggle although it can be done (I've done it after 19 years in public sector). Will you be back at work fairly soon?

A change to what career. He earns quite a reasonable salary already. Why don't you train for a job with a view to going back to work when you children are at school. And your DH could move into a higher tax band if he earns more. It would be better if you work

If the grass is greener in the private sector (great pension and job security aren’t a given in every public sector role, but they are a feature of many) why isn’t he jumping ship to a similar role in the private sector? Why does he need to retrain?

I don’t think he really has the drive. Of course the higher level roles in his current field thin out. They’re still there though. So what if he doesn’t think the added responsibility is adequate reward for the additional money? It’s a stepping stone. He wants a 6 figure salary, but he’s shying away from opportunity and responsibility. Won’t get just do the same in the private sector? What interests and skills does he have for a new career that’s going to quickly replace this £55K plus pension at a higher rate?

He’s got a great salary, and it sounds like he’s just top out in the private sector too. He might even be overpaid for his skills now.

I agree with those that have said retraining (or return to work training, skills updating) should focus on you. Can you get to a £45K role quicker than he can get to a £100K role? I expect so. And at household take home level, that’s better. And mitigates your risk.

Could he do some further study to compliment his skillset? I think a career change when you're the only earner is risky at the best of times but now? Too much.

Dh did a 180 in his career at late 30s but he started studying towards the new area from early 30s and when he went for the change I was the main breadwinner.

He's now quite a high earner, but more importantly, loving his career.

As others have said, I'd be very wary of him giving up a secure, reasonably well paid job at the moment. Can you not start working to increase the household income? Less of an all eggs in one basket situation if you are earning too.

Definitely not too late for a career change, But I would be concerned that his only motivation is financial. Obviously money is great, and I understand why he would want more, but a complete career change in middle age would probably be a mode successful venture if he's doing it because he is passionate about something and wants a more fulfilling job. Just purely wanting more money sounds like a fairly flimsy reason that might cause him to feel regret and frustration down the line.

It’s never too late- if he wants to. If he doesn’t then £55K in a very secure job with a good pension scheme and work-life balance is excellent if he’s sole earner in a pandemic year. Security is good.

I’m afraid I’m echoing everyone else that if you want better family finances then you working is the route to that goal.

Two earners on respectable salaries is better for everyone, financially and emotionally, than one stressed out sole earner.

@theleafandnotthetree

If you would like your family income to increase, then the best option is for you to go out to work also surely. If he is reasonably happy in his job, then I would say that salary and taking into account pension, job security etc is not something to be given up lightly. I know I haven't really answered your exact question but you earning also seems the obvious solution surely

This.

He could always get his CV up to date on the side and send it out to a few recruiters or set up some alerts, but right now I'd be focussing on what you'd need to do to start earning.

@Rollingpiglet

As others have said, I'd be very wary of him giving up a secure, reasonably well paid job at the moment. Can you not start working to increase the household income? Less of an all eggs in one basket situation if you are earning too.

Agree with this.

You haven’t said whether he has any idea what this career change could be. If he’s a ballet dancer who actually is really good at cyber - then yes, he already has the aptitude for a better paying career. But it sounds more like he’s been musing that some other things pay more - rather than actually having any aptitude or drive to do those things. I could double my salary with an internal move to sales... except I couldn’t, cos I’d be shit at sales What was he actually considering a switch to? Did he really play it safe in his 30s? Or did he not actually ever want to do anything else - so he’s just a bit envious about friends having more money, but he never actually did make an active decision to choose “safe”?

I think it is too late to be honest. That isn’t meant to be negative, but realistically he’s on a great salary and his role is secure, starting over for a ‘6 figure salary’ is not realistic.

I don't think he's too old, but I left the private sector for the public sector and you would have to pay me hell of a lot more to swap back.

My colleagues who have only been exposed to the public sector complete baffle me as they are constantly moaning about pay and benefits, whilst on 30-40 days annual leave depending on their service plus bank holidays (I had 20 plus 8 bank holidays that were in lieu because I had to work actual bank holidays), flexible working arrangements, generous sick/m/paternity leave, something like 5 training days a year, encouragement to look after well-being with courses etc etc. I think that in the current world, leaving the public sector is probably not advisable.

I wouldn't right now. I am in a private sector senior role. Nearly everyone I know in the private sector has had to endure almost annual restructuring over the past 5 years, with a number of folk losing their jobs each year. Its brutal.

@Jellycatspyjamas

I’d hang on to a well paid, secure job in the public sector just now especially given he’s the sole earner. It’s too easy to compare with others but having worked in the private and third sectors, public sector is much more secure and has better benefits. It’s worth putting a monetary amount on things like his pension, additional holidays/public holidays, death in service, sick leave entitlement - he’d need to be earning much more than he is now to compensate for those not to mention any increase will be swallowed up by tax.

Many private companies offer statutory holidays, very limited sick leave and a defined continuation pension (as opposed to the defined benefits pension he’ll have access to at the moment).

It might be worth considering in the longer term but the best way to increase your household income is for you to find a job. Any earnings would benefit from the personal tax allowance and his benefits would be protected. Safe isn’t a bad thing in the current climate.

Very well put.