Experts at the University of Warwick have conducted an in-depth study comparing the experiences of recent graduates with those who graduated ten years before.
Results show that debt for graduates leaving English Universities now is 60% more than it was for those who graduated in 1999.
The class of ’99 also did comparatively well for jobs after University. The Futuretrack study found that 74% gained graduate jobs 18 months after graduating, whereas 40% of graduates from 2010 were forced to take non-graduate jobs, with many even taking unpaid work.
Almost half of graduates who started University in 2006 owe more than £20,000 and figures show the debts may not be worth it.
The salary advantage of having a degree closes by 2% every year, suggesting that having a degree is not necessarily the key to greater earnings.
In such an insecure job market, pressure is on for graduates to find new ways to make a living.
If you have a certain skill or a good idea, then why not make it your hobby to do some research and complete a business plan? Financial experts everywhere are encouraging young people to open their eyes and realise that being an employee is not the only option after graduation.
It is hoped that new innovation will boost the economy and free the UK from its current financial crisis.
Becoming a young entrepreneur takes a lot of energy, hard-work and persistence but, if the business succeeds, the rewards could be huge.
If becoming a young entrepreneur appeals to you, you’ll find a lot of useful information detailed on our Starting a Business page.
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