Two thirds of Londoners (64%) aged 18 to 40 say they are likely to move to a different part of the UK in the future, according to research by financial services organisation, OneFamily.
- Around two thirds of Londoners (64%) aged 18-40 say they are likely to relocate to a different part of the UK in the future, according to the new research
- Despite two thirds of Londoners in this age group saying they are likely to relocate at some point, the majority (72%) who live there say they are happy with where they live
- But 62% of 18-40s in the capital say they are worried they might have to move due to not being able to afford the rise in the cost of living where they’re currently based
- The average individual contribution towards rent for those in London is £834.50, which is 30% higher than the average for UK 18-40s (£614.70)
The research, which was conducted by Opinium on behalf of the financial services organisation, surveyed 2,000 people aged 18-40 about the best places to live and work in the UK.
Across the country, just under half (49%) say they would be likely to relocate.
But despite two thirds of those in London saying they will relocate at some point, a large majority (72%) of them say are happy with where they live.
The research suggests that 18-40s are looking to move due high costs, as 62% say they are worried they might have to move due to not being able to afford the rise in the cost of living where they’re currently based. A similar amount (61%) of those in London say they are worried they won’t be able to save money for a property if they don’t relocate.
The average amount these individuals contribute towards rent in London is £834.50, which is 30% higher than the average of what 18-40s are paying across the UK (£614.70).
The Lifetime ISA is a product set up by the UK government to help people buy their first home or save for retirement. The government tops up lifetime ISAs by 25%, so for every £100 saved, an extra £25 will be added on top. The maximum saving limit into a lifetime ISA per year is £4,000, which equates to an annual bonus of up to £1,000.
Jackie Davies, Head of Customer Service and Direct Sales at OneFamily, said, “The increase in day-to-day costs is affecting everyone and forcing people to make difficult decisions about their budgets, particularly around their savings.
“There many are ways to maximise your savings and get the most out of your money. If you’re looking to get on the property ladder, a lifetime ISA could be a great option as the free government bonus gives an extra boost to first-time buyers.”
(Additional information: Unless otherwise stated, all research conducted by Opinium, on behalf of OneFamily, 25th September – 9th October 2023, among a sample of 2,000 UK adults aged between 18-40.)
