Half of those who quit during the Great Resignation are living off savings

Half of those who quit their jobs as part of ‘The Great Resignation’ are simply surviving on savings to make ends meet, according to new research from Learning 360 shared exclusively with City A.M.

New research from online education platform 360 Learning shows that 50 per cent o f those who left their jobs are living on savings, while 15 per cent are being supported by family members and a further 21 per cent are being supported by their partners.

However, the polling found that a third of those who left their jobs planned to start their own businesses, while another quarter of those who quit said they planned to become a freelancer.

The polling comes after analysis by Deutsche Bank found that more people left their jobs at the start of 2022 than at any point in the past decade, as the number of resignations hit its highest levels since 2009.

Meanwhile, redundancies are at their lowest point since the 90s, and the number of open vacancies is at its highest point ever. 

At the same time, the Deutsche Bank analysis found that a lot of people are dropping out of the labour market entirely. 

Choosing unemployment?

The Learning 360 survey also found that 40 per cent of those who quit said their requests for pay rises, growth opportunities, or more fulfilling work had been turned down by their bosses, while 73 per cent said they might have been tempted to stay if they had received more training. 

The research also found that those with children were just as likely to have quit their jobs than people without children, in a sign that people are not necessarily being to driven to quit their jobs due to childcare needs.

Nick Hernandez, founder and CEO at 360Learning, said: “It’s clear there is a major disconnect between workers and their employers right now.” 

“Our survey shows that people are craving flexibility and knowledge, as well as the chance to learn with–and from–their peers.” 

“When people don’t feel like these needs are being met, they choose unemployment and rely on savings over staying in a job where they are unhappy.”