Last year, 26-year-old Rachel James quit her corporate job in London and booked a one-way ticket to Sydney, Australia. She did not have a job lined up, but she wanted a fresh start. Today, she works in marketing in Sydney. Even though her annual pay dropped from £42,000 to £37,000, she says the outdoor lifestyle and better work-life balance give her a much happier life.
Rachel is not alone. More than one in ten final-year university students in the UK are now planning to move overseas for better opportunities, up from 7.8% two years ago, according to a survey of 15,000 students. At the same time, finding work at home has become much more difficult. A report by the Institute of Student Employers shows that UK employers now receive an average of 140 applications for each graduate job vacancy—a 30-year high.
Australia is the most popular destination for British adults moving abroad. Young people benefit from a working holiday visa program that allows UK passport holders between the ages of 18 and 35 to live and work in Australia for up to three years. The United States and countries in the European Union are also common destinations, offering opportunities such as higher research funding or specialist technology jobs. According to official UK statistics, about two-thirds of British citizens who move abroad are aged between 16 and 34.
Immigration experts say that high housing costs, student loan debt, and slow wage growth in the UK are encouraging graduates to look elsewhere. As competition for entry-level positions continues to grow, many young Britons feel that taking a chance abroad offers a more promising start to their adult lives.