A majority of Americans who changed jobs in 2021 experienced a salary reduction. Strategies for managing a lower income.

About 47 million workers left their jobs in 2021 amid the Great Resignation.

Many of them did so for less pay.

According to a January online survey of 1,000 adults by Real Estate Witch, 53% of workers who left their jobs said they made less money in their new roles last year.

According to the survey, the average pay cut was around $8,000 per year, but some workers were willing to take an even bigger reduction. Additionally, those who quit in 2021 and have not found another job indicated they would take an average $23,000 pay cut, the survey found.

The driving force behind accepting a lower-paying job is overall satisfaction and work-life balance. A survey revealed that over 60% of respondents were content with their new roles, and those who reported being extremely satisfied compared to their previous position experienced a nearly 50% increase in satisfaction.

A survey of workers from Paro, a company that offers accounting and finance services to businesses, focused on those who perform mental tasks for a living, such as programmers, pharmacists, and lawyers. The results showed that this group prioritized their work-life balance over earning more money.

"The pandemic and their experiences have changed their values, and currently, salary is no longer sufficient for them," stated Anita Samojednik, CEO of Paro.

A survey from The Conference Board found that while about one-third of workers who left jobs during the pandemic are making 30% more in new roles, about 27% who switched jobs said pay was the same or less in their new job.

What to consider

Tania Brown, an Atlanta-based certified financial planner and founder of FinanciallyConfidentMom.com, advises that taking a pay cut may not be advisable right away as it can directly affect your finances.

Before accepting a job that pays less, it's important to consider certain factors, she advised.

Before making a decision to leave your current job, consider asking yourself these questions: Are you feeling burnt out? Would a different job or career provide more fulfillment? Are you planning to relocate?

Considering the answers to these questions will prevent hasty decisions with regrets, advised Brown.

Making a math decision based on emotions is illogical, as Brown stated, and it won't yield the desired outcome.

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If you're close to achieving your financial goals, you may want to delay making any significant financial decisions.

If you don't want to leave your job but want more flexibility or a change in your role, now is a great time to ask for a different schedule, to take on different responsibilities, or to introduce other flexibilities into your job, Samojednik said.

She mentioned that she has observed numerous individuals try freelancing alongside their full-time employment as a way to explore new opportunities or establish their own leadership.

Doing the math

If switching jobs is what you truly want, then you need to do some important math, Brown said.

You should conduct a thorough analysis of your current financial requirements and objectives to determine if you can accomplish them with a lower income.

Consider reducing your take-home pay for a trial period of a few months to determine if it aligns with your goals. This test run could help you decide if a pay cut is suitable for you.

How will your new income affect the timelines for your long-term goals, such as buying a house or having a baby? If it will delay these milestones, is it worth waiting?

It is essential to discuss any relocation plans with your family members, including your spouse and children, to ensure that everyone is on board with the changes that may occur, such as reduced travel or less financial resources for additional activities.

Everyone in the household will be affected by your decision, so it must be a family decision, stated Brown.

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