Rise in millennials interested in emigrating as Brexit approaches

Brexit has contributed significantly to the appeal of working abroad

An interesting new study suggests that many of the UK’s so-called millennials are becoming more likely to consider a permanent move abroad as Britain’s eventual exit from the European Union (EU) edges closer. According to a survey of 2,000 people carried out by foreign exchange payments service Moneycorp, more than a quarter (27%) of 16-24-year-olds are interested in emigrating – compared with an average of just 15 per cent across all other age groups.

Since the referendum, the number of millennials interested in emigrating has risen significantly, the report reveals. The majority of survey respondents cited ‘weakened sterling and worsening inflation’ as their key motivator for wanting to move overseas. 40% of respondents said that the idea of having a ‘better quality of life abroad’ was another strong factor for them. Meanwhile, others said the cheaper cost of living and better salaries available in overseas countries made the prospect of moving abroad appear equally attractive.

Younger respondents added that they felt gaining experience of working abroad was crucial in order to boost their CVs and help them stand out in an increasingly competitive careers environment. 58% of millennials said that they felt having overseas work experience on their CVs would help to improve their employment and promotion prospects, while a further 47% said that they felt British employers should be doing more to encourage overseas work placements.

Commenting on the survey’s findings, a Moneycorp spokesperson said:

“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.