Age, lack of finances and opportunities key barriers to success: report

Canada ranks 10th of 22 countries in future confidence

Age, lack of finances and opportunities key barriers to success: report

Ageism and a lack of good job prospects stand in the way of future success, according to a LinkedIn study of global confidence.

Future confidence was ranked highest in developing economies and among younger generations, according to the report, as both U.S. and Canada displayed cautious optimism.

The LinkedIn Opportunity Index 2020 is a “composite measure that seeks to understand how people perceive opportunity and, more importantly, the gaps in getting to those opportunities.”

Canada was ranked as tenth most confident in the world, and number two in terms of developing countries surveyed (behind U.S.). Canada scored a 98 in LinkedIn’s confidence rating, with 100 as the baseline score. The research surveyed more than 30,000 people in 22 markets globally.

“It’s comforting to see that despite the backdrop of worry about all that is going on in the world, people are still encouraged about their opportunities to get ahead,” says Karin Kimbrough, chief economist at LinkedIn. “But we also know that the way we live and work is changing rapidly, and that people across the globe will have to adapt and adjust to take advantage of the opportunities the new economy will bring.”

This comes as many Canadian executives reported they were pessimistic about the economy over the next 12 months.

Globally, the lack of financial resources (24 per cent), age (21 per cent) and a difficult job market (21 per cent) stand out as the top three opportunity gaps that stand in the way of achieving opportunities, says LinkedIn.

About 45 per cent of baby boomers highlighted age as a big roadblock as they pursued an active lifestyle along with their passions at work. While often recognized as a barrier for older workers, age also manifested itself as a barrier in a different way for younger workers (gen Z), such as a lack of work experience (25 per cent) and confidence (21 per cent), as well as the lack of direction and guidance (13 per cent), says the report.

Stronger, more diverse professional networks boosted overall confidence, but few were actively networking, according to LinkedIn. Globally, 76 per cent respondents believe that knowing the right people and having the right connections is key to getting ahead in life, yet only 22 per cent were actively looking for networking and mentorship opportunities. This is likely because a majority of respondents (51 per cent) believed that the lack of a network was a difficult challenge to overcome.

Globally, people felt pessimistic about the state of their economy, but there were signs that this perception is changing. While 46 per cent of respondents said that they feel their economic situation has gotten worse in the past 12 months prior to the survey, only 40 per cent said they feel the situation will worsen in the next 12 months. This glimmer of hope was further underscored by 45 per cent of respondents who felt confident about finding better opportunities in 2020, says the report.

Latest stories