As the Millennial generation is becoming more and more present in the work force, they have gained the ability to impact global mobility patterns. Before choosing a country to relocate to, Millennials are weighing many factors including employment rate and opportunity, cost of living, as well as the country’s international image. These factors are all important in deciding where they want to live and work. In a world wide survey of almost 6,000 Millennials conducted by U.S. News, Millennials chose Canada, Germany and the United Kingdom as the top 3 places to live and work (1).
3. United Kingdom
The United Kingdom was ranked the 3rd best place to live in the world.
The United Kingdom (U.K.) is home to 64.5 million people with a GDP per capita of $39,511. The United Kingdom was also ranked #1 on the list for the best countries in the world for receiving an education. This gives Millennials an opportunity to upgrade their education which in return may result in climbing up the corporate ladder.
The U.K. is home to the London Stock Exchange which is the financial hub of the country. Since the U.K. is located in a central time zone, it is convenient to conduct business on both sides of the world making it a central hub for corporations resulting in a vast amount of employment opportunity. The U.K. is a great option for Millennials in globalized fields of work that are seeking a work-life balance.
Cost of Living
The average price of rent in the U.K. is 12.78% higher than in Canada at $1,288.08 a month for a 1 bedroom apartment in the city centre (2). Although the cost of living in the U.K. is 4.75% higher than in Canada, many choose to relocate to this country (2). The reason why people still relocate to the U.K. is because the income level is substantially higher than in other countries, sitting at $47,000 a year average (3).
The United Kingdom is one of the most well known countries in the world. This is due to their rich history and culture present in media outlets and pop culture around the globe. The United Kingdom is also very popular because it s native language is English, making it more accessible for all expats.
Millennials ranked Germany as the 2nd best place to live in the world.
Germany has a population of 80.9 million and a GDP per capita of $45,888. Germany was also ranked 4th on the list for the best places in the world to obtain an education.
There is plenty of opportunity in Germany for employment. The unemployment rate in Germany is below average and the minimum wage rate is the highest in the world.
The combination of low unemployment rate and high minimum wage is able to exist because Germany utilizes an apprenticeship model in its workforce which provides appropriate training for workers which ensures they remain employed in their field (4). This gives Millennials an opportunity to train in their preferred field prior to permanent placement – avoiding lengthy experience requirements for jobs.
Cost of Living
The cost of living rate in Germany is 3.81% lower than in Canada and rent prices are also 14% lower than in Canada (5). This, combined with the highest minimum wage in the world leaves Germany as a very appealing place to live for Millennials.
Germany holds an international image that is largely focused on their contribution to arts and sciences. Germany is also noted to have an excellent education system, one of the largest economies in the world, and is one of the world’s leading importers and exporters.
Millennials ranked Canada as the best place to live in the world.
Canada has a population of 35.5 million with a GDP per capita of $44,843. Canada was also ranked second on the list of the best places in the world to receive an education. There are several different reasons why people, including Millennials, choose to make Canada their home.
Canada has low unemployment rates and a steady flow of jobs being created. Canada’s social programs such as the access to employment insurance and an unemployment funds is unparalleled across the globe. These funds have also reached a surplus in recent years as unemployment rate continues to decrease (6). Millennials are also enticed by the booming computer and information systems industry in Canada (4).
Cost of Living
The cost of living in Canada is 6.6% lower than in the United States of America and rent if 26.3% lower (7). This in combination with high employment rates sets Millennials at ease.
Millennials ranked Canada as the number one place to live and work because of its international image. This includes our peace loving political image, friendly and kind demeanor, welcoming immigration policy, business-friendly environment, and our accepting nature and cultural diversity.