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ONE IN THREE WOULD QUIT THE UK TO WORK ABROAD

ONE IN THREE WOULD QUIT THE UK TO WORK ABROAD
Over half 18 24 year olds considering emigration
Nearly one in three (31%) UK employees would consider leaving the country to work abroad in the next five years in pursuit of better career prospects, according to a new study from Currencies.co.uk, the specialist currency broker1.
The research shows that 86% of would-be emigrants are drawn by the hope of a better work / life balance while 83% are attracted to the prospect of a higher salary. Almost half (49%) would consider moving in the pursuit of better job security. Indeed, 42% fear that losing their job will drive them to pursue opportunities overseas.

The younger sections of the workforce are most likely to consider moving overseas: over half (55%) of 18-24 year olds and 42% of 25-34% year olds said theyre considering leaving the UK, chiefly for better career prospects.

Australia and New Zealand are by far the most popular destinations, attracting 70% of would-be emigrants with the prospect of better economic conditions, an attractive work / life balance and a better climate. North America, cited by over half (59%) of people, ranked in the second place while around one in three (31%) would consider moving to Asia.

According to the most recent Government data2, work reasons account for over half (57%) of existing emigration with a third (32%) leaving for a guaranteed job and 25% on a speculative basis. However, Currencies.co.uks research suggests this percentage is set to rise, which in the face of an ageing population, would put further strain on the UKs wealth creation potential.

Stephen Hughes, Currency Analyst at Currencies.co.uk commented on the findings: This study demonstrates a severe lack of confidence in the employment situation in the UK, particularly amongst younger age groups. While not all of these people will end up moving overseas, unless conditions improve there is a significant risk that well see a much higher level of emigration in the years to come.

Weve seen a dramatic increase in people transferring money for rental deposits having secured employment overseas since the start of the economic crisis and this is likely to continue. People looking to move abroad for work should consider using a specialist broker like Currencies.co.uk to transfer their funds. Not only do we provide a much more competitive exchange rate than the high street banks but we offer a far better level of service.

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