Graduates planning ahead ‘to avoid future debt concerns’

It appears many graduates are attempting to stave off future debt troubles by planning ahead for successful money-making careers.

New research carried out by Hiscox found many university-leavers are planning to go it alone in the workplace by setting up their own business.

The survey revealed 23 per cent of students now have a self-made enterprise either up and running or about to be launched.

Almost one-in-three (30 per cent) cited a shortage of jobs after the recession as the primary reason they are considering working for themselves.

The report looked at pupils finishing their studies in 2010 and 2011 and showed 32 per cent of those questioned have already got a business idea in mind to become entrepreneurs in the near future.

It revealed 19 per cent began their courses with the intention of being self-employed at some stage in their lifetime, while a further 23 per cent stated they started running cash-collecting schemes during their time in education.

Moreover, ten per cent indicated they do not intend to head straight for self-employment but will consider the option at a later stage in their careers.

By the age of 25, 28 per cent of respondents aim to be in charge of their own occupation and an additional 34 per cent claimed they will be their own boss by the time they reach 30.

Recent statistics released by the Association of Investment Companies showed the average student will leave university with a total debt of £21,198 hanging over their heads.

By Amy White