The capital is losing its draw for millennials as more than half of them do not consider moving to London for work a viable option, new study from Lloyds Bank has found.
The survey shows that 51 per cent of people born between 1980-2000, who would be happy to move anywhere for the right job are not keen on living in London.
Only 8 per cent of those polled were insisting to relocate to the capital and nowhere else.
The findings are good news for small businesses outside London, since millennials are estimated to account for more than half of the global workforce by 2020, Lloyds says.
The research found that location ranks quite low (7th) on the millennials’ top 10 priorities list. The most important factor that would attract them to a business is salary (49 per cent), followed by flexible hours (35 per cent), career development opportunities (35 per cent), training opportunities (28 per cent), benefits package (25 per cent) and option to work from home (22 per cent).
Gareth Oakley, managing director of Lloyds Bank’s SME banking division, said: “Our research shows that the vaunted ‘brain drain’ to the capital – where the brightest young minds abandon their home towns to seek opportunities in London – isn’t as evident as previously thought.”
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