NINE million people have changed jobs since the start of the pandemic, with better pay and more enjoyable work the main motivators, according to research by Dorset-based LV=.

Although more than half of job-changers increased their income from the move, 18 per cent took a pay cut, the survey found.

The County Gates-based pensions, investment and insurance business extrapolated the numbers from a survey of more than 4,000 UK adults for its LV= Health and Wellbeing Monitor.

It found 28 per cent had changed jobs since Covid arrived – equivalent to nine million people nationally. More than one in 10 completely changed career.

Fifty-one per cent who took a new job increased their income, with 12 per cent of them boosting their pre-tax income by £10,000 a year or more.

Among households with a high income – more than £100,000 – a third of people changed jobs, while a third took up a hobby and nine per cent did voluntary work.

Clive Bolton, managing director of savings and retirement at LV=, said: “It’s understandable why many people have decided to change jobs or careers and it is good to see more people taking control of their lives and making career choices that work for them. The jobs market is relatively buoyant, and the opportunities available along with rising wages make it easier for people to manage the financial aspects of their lives.

“The Covid-19 pandemic has been incredibly difficult for the nation and had a huge impact on the lives, personal finances and jobs of millions of people. The easing of lockdown restrictions means that, as life is slowly returning to normal, millions of people are reassessing their lives and careers.

“The majority of people in our survey who have changed jobs are now on higher pay but a significant number took a salary cut. Taking a lower-paid job does not automatically mean your personal finances are affected, particularly if a new role does not include expensive commuting costs and lower child-care costs.

“It is worth revaluating your personal finances, retirement and protection plans when changing jobs. A lower-paid role is likely to lead to lower employer contributions into your work pension, and it may be that you have to increase contributions to ensure the retirement you want. A higher paid job can allow you to increase your pension contributions and attract larger contributions for your employer.”

The top reasons for changing job were a higher income (27 per cent), a more enjoyable job (22 per cent), redundancy (19 per cent), a more reliable income (18 per cent) and wanting to work from home (16 per cent).