- 21st June 2019
- Posted by: Suzy Hill
- Category: Business News
Rise in rental costs ‘deterring young people from moving around country for jobs’
Research carried out by think tank the Resolution Foundation has suggested that young people are ‘less likely to move around the country for a better job’ as a result of a considerable rise in rental costs.
The research found that the number of young people (those aged between 25 and 34) moving to a new house for a new job has fallen from 30,000 in 1997 to just 18,000 in 2018.
The Resolution Foundation acknowledges that other factors may have influenced individuals’ decisions not to move, such as wanting to stay closer to friends and family. However, it found that financial incentives for moving are now ‘much lower’.
According to the think tank, reduced job mobility could lead to fewer young people trying out new roles, and fewer people developing the skills that could help to enhance their career.
Commenting on the issue, Lindsay Judge, Senior Policy Analyst at the Resolution Foundation, said: ‘Young people today are often stereotyped as being footloose when it comes to work. But in fact they are moving around for new job opportunities far less frequently than they used to. A key reason why people move around for work is the lure of a bigger salary. But increasingly those pay gains are being swallowed up by high housing costs.’