The question of whether or not to move to the UK is one that many people, especially students and skilled workers, are grappling with. In 2024, the landscape has changed quite a bit, and the cost of living, immigration rules, and overall expenses are significantly different than they were a few years ago. In this blog post, we’ll break down the realities of moving to the UK and discuss what you should consider before making this life-changing decision.
The Rising Cost of Education in the UK
One of the biggest draws to the UK is its renowned educational institutions. However, tuition fees have skyrocketed. A few years ago, courses were priced around £12,000, but now they can range between £18,000 and £20,000. If you’re planning to study here, you’ll need to be smart about how you’re budgeting and saving your money.
Visa Restrictions and the Post-Study Work (PSW) Visa
In terms of immigration, 2024 brings stricter rules for students. For those planning to pursue a master’s degree, it’s important to note that you cannot bring dependents (like your spouse or children) unless you are coming for a PhD. On the bright side, the government has confirmed that the PSW visa is still available, which means after completing your studies, you can stay for two more years to find a job.
| Study Program | Dependents Allowed? | Duration of PSW Visa |
|---|---|---|
| Master’s | No | 2 years |
| PhD | Yes | 2 years |
Cost of Living in the UK
The cost of living has increased dramatically in the UK. The biggest contributors to this are rent, utilities, and groceries.
Rent
In cities outside of London, such as the Midlands, rent for a two-bedroom property used to be around £700-£800 per month. Now, those same properties can cost between £1,300 and £1,400. In London, the situation is even more severe, with two-bedroom apartments that once cost £1,500-£2,000 now going for £2,500-£3,000 or more.
| Location | 2010 Rent (2-bedroom) | 2024 Rent (2-bedroom) |
|---|---|---|
| Midlands | £700-£800 | £1,300-£1,400 |
| London (Central) | £1,500-£2,000 | £2,500-£3,000 |
Utilities
Utility bills, including electricity, gas, and internet, have also increased. What used to cost around £50 per month for electricity and gas now costs £120-£130 per month.
Groceries
Groceries have seen a similar rise. Previously, weekly grocery bills averaged £30-£40, but now it’s common to spend £50-£60. This excludes the cost of specialty items like Indian groceries, which tend to be more expensive.
Finding Part-Time Jobs
For students planning to work part-time while studying, the market is competitive. While part-time jobs still exist, the competition for these roles has increased. It’s important to be prepared for the job hunt and to start applying early.
The Reality for Skilled Workers
For those moving to the UK on a skilled worker visa, the situation is slightly more manageable. The advantage is that you already have a job secured, so your main focus will be settling in, finding accommodation, and managing the increased cost of living. However, you will face the same challenges in terms of high rent and utility costs as others.
A major benefit of coming on a skilled worker visa is that your spouse can work full-time, which can significantly ease financial pressure.
Managing Finances in the UK
Given the rising costs, managing your finances wisely is crucial. One strategy to consider is saving in a stronger currency like GBP or USD in a multi-currency account. This can help you protect your savings from inflation and currency fluctuations.
Benefits of a Multi-Currency Account
- Currency Appreciation: Saving in stronger currencies like GBP or USD can increase the value of your money over time.
- Interest Rates: Many multi-currency accounts offer interest rates on your savings, further growing your wealth.
- No Annual Fees: Some accounts, like digital UK banks, offer no annual fees and a high-interest rate on your balance.
| Currency | Value in 2010 | Value in 2024 |
|---|---|---|
| GBP | 65 INR | 106 INR |
Is It Worth Moving to the UK in 2024?
Despite the challenges, the UK remains an attractive destination for many people. The country, like most others, is facing economic struggles due to global factors like the war in Ukraine, rising inflation, and energy crises. However, it’s important to note that these issues are not exclusive to the UK. Most countries are going through similar struggles.
When deciding whether to move, it’s crucial to consider your personal goals. Are you seeking better opportunities for your career? A better life for your family? A global experience? The UK still offers many advantages in these areas. But, as with any big decision, there will be challenges—particularly in the early stages of moving.
Conclusion: Should You Move to the UK in 2024?
While the cost of living has risen, and the visa restrictions have tightened, the UK still offers opportunities for those willing to work hard and manage their finances carefully. If you’re prepared to navigate these challenges, the UK can still be a rewarding place to live and build a future.
In 2024, the UK is definitely still a viable option, whether you’re coming to study or work. You just need to be smart, flexible, and patient as you settle in.