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Pandemic prompts one in three millennial workers to move house

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Covid-19 lockdown restrictions have pushed 36% of 18 to 34-year-old employees to move home in the last 12 months, seeking improvements in their quality of life.
Pandemic prompts one in three millennial workers to move house

According to research carried out by Close Brothers, a bank, 21% of all homeowners have moved in that time, including just 9% of the over 55s.

Workers in the capital are most likely to have relocated, with 38% of London Millennial employees moving to get that better quality of life, followed by the East Midlands and the East of England (both 23%). The region in which employees are least likely to have made the shift is the North East (9%).

The new report, ‘Expecting the unexpected: a spotlight on preparing for a crisis’, reveals how the events of the past year have altered the financial plans of employees across the UK.

The findings show that 39% of workers plan to move to remote working full time as a result of the pandemic with 30% doing so part time. Around one-in-five have decided that they want to reduce the amount of time they spend working (18%), while 14% either have already retrained, or are planning to retrain, for a new career.

People’s behaviour outside of work has also changed considerably. Three fifths of UK employees are exercising more (61%), 58% intend to go out more when possible, and the same proportion are trying to connect more with friends and family. Over half (55%) want to eat a healthier diet and focus more on their wellbeing and mental health.

When it comes to finances, the research shows that around three quarters (73%) of UK female workers either plan to or have already started keeping a closer eye on their day-to-day spending as a result of the pandemic. This is the case for more than half (52%) of their male counterparts.

COVID-19 has also spurred employees to think more about planning for the unexpected. Almost two thirds (61%) are saving into an emergency fund. One in five (20%) have been prompted to write a will.

Jeanette Makings, head of financial education at Close Brothers said:

“At this moment in time employees are more focused than ever about the importance of better managing their finances. It is therefore the perfect time for employers to push harder on their financial wellbeing strategies and better support their employees’ financial health. More employees need it and more employees are ready, willing and able to listen. For those organisations doing more to improve their financial wellbeing strategies now, the rewards won’t just be felt by their employees but there will also be tangible benefits to business performance, so it’s a double win.”

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