The Sutton Trust has reported that a UK graduate faces a higher amount of debt than their counterparts in the US, Australia and Canada. On average, after university fees have been raised to £9000 the total debt is £44,000. In other ‘English speaking countries’ the debt is lower from between £15,000 to £29,000. For instance, American graduates are charged £20,500, for students at public or private non-profit universities whilst Canadian counterparts have an average of £15,000 of debt. Along with this another report noted that graduates’ wages have been stagnating.
With increasing levels of debt students must make a decision whether a degree will correlate with their future ambitions. In fact, in some instances it may be more worthwhile to pursue apprenticeships or attend training programmes rather than attend university.
As Sir Peter Lampl, Chairman of the Sutton Trust, states there should be more effort in encouraging ‘good apprenticeships’ so students have a variety of options available. However, a graduate is still more likely to employed, earn more and more likely to be employed in higher skills jobs than their non-graduate counterparts.
The government should implement new policies to reflect the changing burden of debts on young people by investing more resources into apprenticeships and training programmes that do not require students to attend university. Moreover, more businesses should be encouraged to offer apprenticeships to young people. Apart from this career advisors who continue to advise most students to attend university, though their skills and personal aspirations may be different, should encourage more students to pursue apprenticeships.
Apprenticeships provide a vital resource in society and develop skills that are essential today especially for the growth of businesses. For example, research from the government demonstrates that 8 out of 10 managers believes apprentices are important in ‘growing their business’ and those that employ apprentices are far more likely to expand their business. This research highlights that apprenticeships are important in growing businesses and creating more employment in the future. Young people should be encouraged to pursue any career option which best suit their interests, skills and aspirations.
Moreover, some graduates continue to work in non-graduate jobs therefore, it remains important to inform young people about the importance of apprenticeships and the increasing burden of debt on young people. Government policy still does not reflect a society were apprenticeships are given equal standing as a university degree. Young people should be advised to follow any aspirations they wish whether to attend a university or pursue apprenticeships.
