- 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
- 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)
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 OneFamily.
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.”
-ENDS-
Notes to Editors
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.
What is a lifetime ISA?
Lifetime ISAs are a product set up by the UK government to help people either buy their first home or save for retirement (from the age of 60).
The government tops up lifetime ISAs by 25%, so for every £100 you save, it will give you an extra £25 on top. You can’t save more than £4,000 in your lifetime ISA each tax year so the biggest government bonus you can get is £1,000 a year.
Please note, there is a penalty charge for taking your money out within 12 months or not using it for your first home or for retirement. This is known as the government withdrawal charge.
As with all ISAs, lifetime ISAs are tax-free. This means that no matter how much your investments grow by, you won’t pay any tax on the money you make. Our Lifetime ISA invests in stocks and shares, therefore it has good potential to grow over the long-term but the value can go down as well as up.
Once opened, you can continue contributing to your lifetime ISA until you are 50.
The be eligible to open a lifetime ISA, you must be:
- A UK resident
- Aged between 18 and 39
For more information about lifetime ISAs and for the OneFamily Lifetime ISA calculator, visit: https://www.onefamily.com/lifetime-isa/
About OneFamily
OneFamily is a member-owned financial services company that offers lifetime ISAs, lifetime mortgages, junior ISAs, child trust funds, bonds and over 50s life cover.
We have over 45 years’ experience of being a trusted provider of financial solutions, with nearly 2 million customers and over £5.5 billion in funds under management at the end of 2022.
We are the UK’s biggest child trust fund provider, holding over 25% of the market.
At OneFamily, we’re owned by our members for our members – and doing right by them is at the heart of our business.
We don’t have shareholders to pay dividends to, so we reinvest our profits to provide quality products and services for the benefit of our members.
We think that financial products should be accessible to everyone regardless of how much money they have to invest. That’s why our products have low investment levels and minimum contributions, giving more people the opportunity to save regardless of their circumstances.
Inspiring Better Futures
Our Inspiring Better Futures vision underpins our commitment to doing the right thing at every level for our members and customers, colleagues and communities.
The Inspiring Better Futures vision is built on 3 pillars – Members and customers, colleagues and communities.
Our focus is on long-term sustainability, so we can continue to be relevant and impactful to our members and communities.
Access to education and training
The costs of further education and training can be a barrier to many young people and their families. This is why we offer OneFamily customers the opportunity to apply for a Young Person’s Education Grant of up to £250 – for someone aged 15-19 – to help meet these costs, when they would otherwise struggle without financial assistance.
The grant can be used towards study materials, specialist uniform, travel costs or a laptop/tablet.
Applications are open throughout the year, and grants are awarded following a random computerised draw.
We’ve improved the lives of over 3,400 people through our individual grants since 2015.
Charity Partnerships
Supporting our communities has been a key focus of ours for many years. We’ve established partnerships with local and national charities that champion access to education and improving life chances for people from disadvantaged backgrounds.
For more information on how we support our members and communities see:
Education Grants
Charity Partnerships