- Four in ten (38%) teachers plan on changing their working hours in the next two years – with one in 12 (8%) leaving teaching entirely
- Almost a third (29%) of women teachers said they planned to step back from the classroom
Four in ten teachers (38%) plan to change their working hours in the next two years, according to new research by specialist financial services mutual Wesleyan.
After a challenging two years for the profession, the study found that female teachers were most eager to make a change with 29% planning on stepping back from the classroom either by taking parental leave (11%), reducing their hours (9%) or leaving the profession altogether (8%).
Worryingly, the research also revealed that many don’t understand how making these changes will affect their pension pot and retirement plans. More than four in ten (41%) don’t understand the impact reducing hours could have on their pension and 40% have not planned for this change financially.
Of those planning to change their working patterns, fewer than a fifth of women (18%) have made plans for their finances to help them cover day-to-day living expenses and longer-term financial goals such as retirement.
In contrast, over a quarter of men (26%) planning to adjust their working hours have made plans for both the short and long term.
Linda Wallace, Director of Financial Services at Wesleyan, said: “After the stresses of the past two years, it’s understandable why so many teachers are reassessing their work-life balance and well-being needs.
“But deciding to change how you work isn’t an easy decision – it’s important that it goes hand in hand with careful financial planning. As well as the immediate cost of living challenges to consider, it’s important to think long-term too, particularly when it comes to pensions and retirement planning.
“We know there is already a gap between men and women when it comes to their teachers’ pension, and changes to working patterns can exacerbate this. Setting goals now and carefully planning for the future is critical to ensuring your finances will see you through to a comfortable retirement.”