LONDON RANKS 15TH OUT OF UK’S TOP 20 CITIES FOR THE QUALITY OF LIFE IT OFFERS YOUNG ADULTS

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Published on Tuesday, 08 October 2013 09:00

Last Updated on 02 October 2013

Monica Costa

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London ranks 15th overall of the 20 cities in a new “UK Today: Best City to be Young” Report, which looks at quality of life for young adults.

18-30s in the UK’s capital spend an average of £936 per month on essential living costs, the highest living costs of the 20 cities in the study.

London’s young adults are also faced with the highest rental rates of the 20 cities, at £2,658 per month.

However, those living in the capital receive a higher wage than in any of the other cities, earning on average £27,500 each year.

With an unemployment rate of 3.9%, below the average of 5.3% for the UK’s most populous 20 cities, London is the 4th best city in terms of job opportunities.

Commenting on the findings Mike Lawler, Director for Legal & General’s general insurance business, said “The “UK Today: Best City to be Young” Report is specifically tailored to the cares, concerns and lifestyles of young adults and it is often in these years that important career and lifestyle decisions are made which lay the foundations for the quality of life they have in the years ahead.

We asked 18-30 year olds directly what they believe has the most impact on their quality of life and our Report reveals that London is a costly place to live for 18-30s. Those who live in the city are faced with high essential living costs and expensive rental rates relative to the UK’s other largest cities, which helps to explain why the capital is placed 15th out of the 20 top cities in our study. However, London remains a very popular place to live for young adults, which is due to an important factor for this age group – the job opportunities on offer.

Our findings also show that finances and possessions play an important role in shaping this age group’s quality of life. So it’s worrying that less than one in ten said that insurance was important to their quality of life and many don’t have any cover in place to protect themselves, their homes, their possessions or lifestyles. As a responsible insurer Legal & General wants to help individuals enjoy their life to the full. So it’s important that more young adults are aware that insurance can help by providing peace of mind, protecting their quality of life against a number of risks from loss of income as well as losing their possessions.”

Download the full “UK Today: Best City to be Young” Report here.