The norm used to be that you went from school to college and then all being well, with good grades, you were off to university. And once there, you were told, the world was your oyster. Well apparently, the oysters are …gone.
Oh how times have changed.
University students are now competing with the rest of the population for jobs they may be too qualified for, rather than being able to apply for fast-track jobs on the graduate ladder. According to High Fliers’ Research, almost two-thirds of employers cut graduate recruitment targets and by doing so – over 5,000 jobs have….vanished. Just like that.
To put this into real perspective, the latest Government figures confirm there are 726,000, 16-24 year olds currently jobless. And as each of these youngsters fight for the role they need, a dog eat dog approach has been taken on by many as they fight tooth and nail to get the job. With the Association of Graduate Recruiters (AGR), confirming recruiters are receiving more than 150 applications for positions advertised, this doesn’t look like it’s going to get any easier, any sooner.
So for our future generations, what does this mean? Well, in short…it means…debt.
After all that hard work, is that really how we want our children to start their adult life? Unfortunately, unless we’ve pots of money hidden under the mattress, it appears we have no choice – and neither, do they.
The Government have just released a report estimating students graduating with loans of approximately £15K will take 11 years to pay this back. However, what isn’t taken into account with this research is the lack of jobs, and the time spent with no income at all, but instead continual, growing debt as they wait for that one job offer to come through the morning post.
Reports from push.co.uk claim students graduating from classes starting in 2006/07 could be leaving with debts of up to £17.5K – I’m speechless about the lack of attention this issue is getting. These are our children. Is this what we really want for them?
By encouraging our children to get a better education, it seems we are also creating a whole new generation of debtors.
As we work and hope to recover from the recession as soon as possible, surely the approach, even now, should be prevention of debt, as well as a cure to those who have it?