Every second German would take out “career loans”

The Germans are ambitious: 83 percent of working people want to further improve their job opportunities. This is the result of the representative study “Career Requirements” of our bank. Many respondents want to continue their education, study or go abroad to gain work experience. But often lack of funds for the career surge. 46 percent would therefore be willing to take out a loan for further qualification.

At the top of the list of career aspirations are language courses. 29 percent would like to learn a new foreign language or refreshed to get ahead in the job. 26 percent have even higher goals: They want to start their own business or start their own business. 25 percent would like to go abroad to work there. An education, training or retraining wish 23 percent.

Frequently, career plans of this kind are not put into action because of the lack of money. Anyone who has already completed training or studies, shuns the cost of additional training, a second degree or coaching. Others flirt with a thesis for which they have to give up the job temporarily – but have no reserves to finance the livelihood during the doctoral period.

Lending for self-employment particularly in demand

Almost every second person is considering taking out a loan to achieve their career goals. If you ask the Germans what they would actually use the money for, the start of self-employment is clearly ahead. Eighteen percent of working people can imagine becoming entrepreneurs with the help of a loan. Eleven percent would use the loan to finance education, training or retraining.

Respondents aged 18 to 24 are particularly open to this possibility: 69 percent of them would be willing to realize their career aspirations with the help of a loan. Here, too, the first place is self-employment – 29 percent would take a loan for it. For 23 percent, a loan is eligible for study and 22 percent would finance a training or further education with a loan.

Continuing education boosts employer attractiveness

The desire to obtain further education is also reflected in the expectations that Germans have of their employers. 34 percent expect their company to provide or support training. Thus training as a selection criterion is on par with “above average payment”. However, respondents are even more important: good working atmosphere (67 percent), flexible working hours (49 percent), career opportunities (40 percent) and teamwork (35 percent).

For the group of 18-24 year olds, further education is even the third most important criterion when choosing an employer. 47 percent of young respondents expect their company to do so. More important for this age group are the good working atmosphere (74 percent) and career opportunities (64 percent).

For the study “Career Requirements” of credit bankive, 1,006 participants, ages 18 and up, were surveyed online. The results are weighted and representative of the German population over 18 years old. The survey was conducted by the market research institute  in the period from 3 to 5 September 2013.