Almost half of the capital's financial workforce would move out of the city if they could, with Edinburgh and New York the most popular alternatives.

A study of more than 1,400 finance professionals revealed that 47.5% are tired of the London lifestyle and dreaming of pastures new.

According to the survey, more than 95% of the workforce is currently based in the capital, but growing dissatisfaction with London could lead to further recruitment and retention problems.

Most thought that moving away would improve their work/life balance (50.3%) or improve their family life (16%), but only 1.2% cited financial reasons as a driver for moving on.

The poll, conducted by job site eFinancialCareers.com, found that many workers would even be willing to accept a pay cut to get out of the city.

Ian Brown, an editor at the jobsite, warned that the workforce could be decimated unless working conditions improve.

“Financial institutions should pay attention - money alone no longer seems the sole motivator for city employees. The perception in the market is that work/life balance is for wimps,” he said.

“Interestingly, it is the more experienced professionals who are keenest to switch centres.”

The most popular destinations for relocation were Edinburgh, New York, Dublin and the North West of England.