Half of young Cypriots (50%) want to move abroad as they struggle with the local job and housing markets, a Eurofound survey released last week found.
The survey revealed a significant shift in priorities among young Europeans (aged 15-29) in the wake of the COVID-19 pandemic.
While the EU youth employment rate reached a 15-year high in late 2023, concerns around housing affordability, cost of living, and mental health have eclipsed job security as the primary challenges facing this demographic.
The report highlights a potential “brain drain” within the bloc, with a significant proportion of young people contemplating emigration.
40% of respondents across the EU expressed a willingness to leave their home countries within three years if suitable opportunities arise.
This trend is most pronounced in Ireland (60%), where a severe housing crisis continues to disproportionately impact young adults. Cyprus (50%) and Hungary (50%) also show high emigration intentions, with a key difference in the immediacy of these plans. In Cyprus, 5% of young people reported intending to leave immediately, compared to 11% in Hungary.
Financial disparities persist across the EU, with eastern and southern member states reporting significantly higher rates of financial strain among young people.
Greece leads at 70%, followed by Bulgaria (42%) and Cyprus (34%). Conversely, Luxembourg (6.3%), the Netherlands (6.6%), and Estonia (6.9%) have the lowest financial strain rates. This economic disparity is reflected in housing affordability.
The survey indicates those struggling financially are less likely to move out of their family homes, potentially placing additional financial strain on households.
Cultural factors also play a role, with countries like Sweden and Finland (2%) having low rates of young adults living with parents compared to Croatia (65%) and Slovakia (60%).
Despite the positive trend in youth employment, job satisfaction among young people remains lower than in older age groups.
The report acknowledges that the EU youth employment rate has reached its highest level since 2007, with the number of young people not in employment, education, or training (NEET) at a historical low.
Job quality appears to have improved compared to the pandemic years, with fewer temporary contracts, increased job security, and better work-life balance. However, nearly half of young people intend to change jobs within a year, with a higher rate seen among those unable to work remotely. This suggests a desire for greater flexibility and autonomy in the workplace.
Looking ahead, the survey finds a strong focus on education and personal development among young Europeans. A majority of respondents expressed a desire for further education and training opportunities.
While work placements are common in the EU, the report acknowledges that gender disparities and other inequalities can negatively impact their quality.
Housing aspirations remain unfulfilled for many, with a growing desire for homeownership hampered by a challenging rental market. The survey highlights a disconnect between the aspirations and realities of young Europeans in this area.
Mental well-being, which dipped significantly during the pandemic, has shown signs of improvement in 2023.
The report also indicates a continued focus on family formation, with over half of those under 35 planning to move in with a partner within three years.
A significant proportion also plan to marry and have children in the near future.
