A survey commissioned by moneycorp reports that young people aged 16–24 are nearly twice as likely to consider moving abroad due to Brexit. Just over a quarter (27%) of young Brits said they are more likely to emigrate since the Brexit vote, compared to the national average of 15%. The report also shows that Brits of all ages are becoming more likely to consider moving abroad, the closer we get to leaving the European Union.
The survey of 2,000 Brits also reveals the percentage of young people with concrete plans to move abroad is twice the national average of one in twenty.
Moneycorp commissioned the survey to explore the push and pull factors influencing the decision to move overseas for work following the EU referendum.
Increased living costs in the UK with the weakened sterling and inflation was the biggest push factor for Brits. Although nearly half of respondents said they would not consider moving abroad at all, 40% cited better quality of life overseas as the biggest potential pull-factor. Other factors most likely to influence Brits’ decision were cheaper cost of living and salary increases. Young people were more influenced by every pull factor compared to the national average, reflecting that this age group is more attracted to the benefits of living abroad.
The career benefits working abroad can offer were also most obvious to the 16-24 age group, with nearly three in five (58.8%) agreeing that working overseas boosts a person’s CV and increases employment and promotion opportunities. Nearly half (47%) of young people believe that UK employers should be doing more to encourage people to work overseas, compared to 37% of Brits generally. 21% of 16-24 year olds say that they are considering moving abroad for work or have concrete plans to do so in the next 12 months
Zoe Dawson-Williams, Managing Director, Private International Payments, moneycorp:
“Our research shows that for 16-24 year olds, Brexit has contributed significantly to the appeal of working overseas, which comes as no surprise, considering 75% of this age group voted to remain within the EU.
“Although push and pull factors will change as the Brexit deal takes shape, young people remain the most open-minded section of society regarding global mobility, in both Europe and further afield.