Additional cost of learning crisis revealed
Students face a period of almost 20 weeks (4.59 months) on average of having to tread water before finding their first full-time job after university (Q12), with more than a quarter (29%) graduating with debts of between £5,000 and £10,000 on top of their student loans (Q11) they will be paying off for the next 30 years.
Indeed, while almost one in eight (12%) secure their first permanent role before graduating, more than one in six (17%) can take six to 12 months to secure their first full-time role, and the average additional debt run up beyond student loans is £5,536.86, with graduates from Cardiff owing the most (£8,784.03) in additional sums ahead of those from Plymouth (£6,463.72), Bristol (£6,193.57), Belfast (£6,167.11) and London (£5,815.30).
The cost of living crisis is putting pressure on family finances and the bank of mum and dad, with 28% of graduates admitting they were more in control of their finances pre-pandemic compared to now (Q4), according to Raisin, while more than half (56%) are open to learning more about their finances (Q6).
Aston spoke to Kevin Mountford, finance and savings expert at Raisin.
Photo by Colin Watts on Unsplash
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