Millions of young Britons could become expats in pursuit of better retirement prospects, new research has found.
The survey, conducted by wealth management firm True Potential in collaboration with YouGov, found that nearly half (44 percent) of people aged 18 to 24 would consider relocating abroad to achieve their retirement goals.
The desire to move abroad to enjoy a better retirement declines with age but a notable 27 percent of people aged 25 to 49 and 19 percent of people aged 50 to 64 said the same.
More worryingly, nearly six in 10 adults (57 percent) admit they are unlikely to be able to achieve their retirement goals or are uncertain about achieving them. This includes 60 percent of the UK’s 5.3 million 18 to 24-year-olds.
Breakdowns show while 29 percent of 18 to 24-year-olds admitted they were unlikely to achieve their retirement goals, an additional 31 percent were uncertain.
True Potential’s calculations suggest that this could mean as many as 3.2 million young people may choose to leave the UK.
Daniel Harrison, CEO of True Potential commented: “These findings underscore the need for policymakers and financial institutions to address the growing concerns surrounding the quality of life in the UK.
“Many younger Brits are feeling the effects of stagnation that has been prevalent in the UK for years now, and struggle to see a long-term future here, seeing greener grass in other countries, like Australia and the US.
“There needs to be a concerted effort to alleviate Brits’ anxieties and provide a brighter outlook for their working lives and golden years.”
The findings raise questions about the future of the UK’s workforce, given so many young people’s willingness to leave the country to achieve their financial goals.
Half of those surveyed said that securing a better job or a pay raise would have the most impact on achieving their retirement goals. Nearly two-thirds (63 percent) identified the high cost of living as the biggest obstacle hindering their progress.
Other countries are already targeting younger UK workers. Earlier this year, the government of Western Australia launched a campaign to lure doctors, police officers and teachers with the offer of better-paid jobs, a lower cost of living, and better healthcare services. These sectors are already facing staffing shortages in Britain.
Although the research shows that the desire for financial security is a compelling motivator for change, only 37 percent said they would relocate within the UK rather than abroad if it meant they could achieve their retirement goals.
