For some, they are the lost generation; for others, it's the generation of all possibilities. Freedom from responsibilities and commitments allows them to travel the world and seek better living conditions than those provided in their home countries. But what makes international mobility such an attractive option for millennials?
What drives millennials away from home?
There are many reasons, from the need for new experiences to boost their career to discovering new countries, cultures, etc. For most of them, it's a dream come true. But in practical terms, the rising cost of living in their home countries, the challenges of buying property, the lack of career prospects, and low wages have become unbearable. So many of them, especially the most ambitious, believe that the grass is greener on the other side.
Millennials no longer think twice before leaving. It's worth noting that the rising cost of property is currently one of the key drivers of international mobility. According to CIA Landlord, a British insurance company, Paris is the most expensive capital in Europe, followed by London and Luxembourg. The price of a property in Paris is around 14,000 euros per square meter. It is nearly 13,000 euros in London and about 11,000 euros in Luxembourg -- which remains inaccessible to millennials. So renting seems to be the only option unless they look elsewhere.
In general, millennials have fewer bonds than previous generations. Most are single or in a relationship, have no children, are tenants, and are not bound by a long-term loan. This is an excellent opportunity for them to seek new experiences. European millennials are more likely to move to Spain, Italy, Canada, Australia, New Zealand, the United States, and Brazil, where they are able to enjoy not only higher wages but also greater purchasing power compared to their home countries.
Recently, Eastern European countries, such as Estonia, Croatia, Georgia, and the Czech Republic, have also been attracting more and more millennials by introducing a digital nomad visa. Although the war in Ukraine has slowed down moving abroad plans, these countries are betting massively on their lower property prices and cost of living.
How has the economic crisis affected millennials?
Countries worldwide are looking for global talent to respond to their labor shortages or for digital nomads to contribute to their economies. Meanwhile, rising inflation weighs on purchasing power. In Germany and South Africa, inflation is close to 8%. It is 8.3% in the United States, 5.2% in France, 5% in Australia, and 4.7% in Morocco. Therefore, it can be quite risky to leave your home country for another based on property prices and the cost of living, in general. Make sure you know exactly what you are seeking, as each country has particularities.
Remote work has become the new norm, especially for millennials looking for new opportunities. Career opportunities are numerous in fields such as e-commerce, engineering, video games, IT, finance, sustainable development, etc. In addition, millennials believe that international experience is an asset to their CV. This new form of self-realization contrasts with previous generations for whom settling down and having a home with a garden used to be a priority. However, crises alone do not account for this shift in values. Today, most millennials study further and have different lifestyles and rhythms.
What are their reasons for moving abroad?
Today, it's pretty common to see a young person graduating from university at the age of 30 or more if they are pursuing a doctorate, so they only join the labor market in their thirties. At this age, their parents already had one or two children, a fixed job, and even a house. As millennials join the workforce, they already feel the backlash with Covid, economic crisis, geopolitics, inflation, etc. This is why leaving seems to be the best option to compensate for wasted time. This is far from fantasy as most of them have an ordinary life when they have moved abroad. But the change of environment is satisfying.
Moving abroad is also an opportunity to learn more about oneself. Perhaps, those with a long academic path have never got the chance to travel or do an internship abroad. Living abroad, therefore, helps strengthen self-confidence by leaving a comfort zone. Millennials who have been deprived of traditional projects such as permanent work contracts, being a homeowner, etc., consider international experience a new life project, both professionally and personally. Still, nothing is definite, so they can travel as much as they want for personal fulfillment.
