REGRET: Is university a waste of time and money?
MORE THAN a third of millennials wish they had skipped university due to the huge debts they have accumulated, a report has found.
According to a report released by insurance company Aviva entitled Generation Regret, 37 per cent of UK graduates regret their decision to attend university because of the amount of debt they face.
Moreover, nearly half (49 per cent) believe that their degree has not helped them to get to where they are now within their careers.
These devastating findings are compounded by further feedback; many graduates struggle to meet their basic needs from month to month. On average, they have just £156 left over at the end of each month after paying essential living costs.
It was also revealed that most millennials – aged 18-35 – estimated that it would take up to 12 years for them to repay their university debts. 22 per cent participants stated that did not know how much money they had left to pay off, while 17 per cent of participants were hoping for a lottery win in order to improve their financial situation.
Sorana Vieru, National Union of Students’ vice-president for higher education commented: “The £9,000 fees system is a failed experiment and has not driven up quality or sustainably funded institutions as promised.” Continuing, “we urgently need to review this unsustainable funding system which will force students into a lifetime of debt.”
In spite of the report’s findings, many universities have dismissed this report, which was carried out on around 2,000 people.
The government’s Graduate Labour Market Statistics - released in April - reflect that graduates are more likely to be in work and earn much more than non-graduates.