TheParagon-Education

Some university graduates earn less than minimum wage five years after finishing their degree, a think tank has revealed.

The bottom quarter of graduates in 15 out of 34 subjects, such as sociology and performing arts, earn less than minimum wage five years after graduation.

Meanwhile more than two fifths of graduates fails to secure full-time work 15 months after finishing university, a Policy Exchange report found.

Just 57% of graduates are in full-time work one year and three months after ending their degree, meaning 43% are not.

Shadow Education Secretary Laura Trott MP said: "Young people should not be encouraged to take on substantial debt for courses that leave them financially worse off."

Read more: Martin Lewis says people who left uni in these years ‘owed hundreds'

She added: "For too long, too many young people have been pushed into courses that leave them with large debts, limited teaching time and poor employment prospects. Young people deserve far better from a system that is too often failing them.

"The report exposes just how unfair and demoralising the current system has become. Many graduates do exactly what they were told would secure a better future, only to find themselves burdened with debts for qualifications that do not provide the opportunities they were promised."

Policy Exchange said a typical graduate leaves university with around £50,000 of debt - and a typical graduate who took out a loan between 2012 and 2023 needs to earn £66,000 just to cover the interest on their student debt.

Official figures released earlier this month found more than one million people between 16 to 24-year-old were not in education, employment or training - the highest level in more than 12 years.

The report blames a combination of mass expansion and marketisation of universities as being responsible for the crisis.

Suella Braverman MP, Reform UK spokeswoman for education, skills and equality, said:

"Policy Exchange's report provides a detailed analysis of all that is wrong with our rigged university system.

"Our young people have been sold a lie about university, wasting three years of their lives to get massively into debt, while we have a chronic shortage of nurses, builders and care workers."

She added: "Policy Exchange's report argues we have a funding system that does not enjoy the confidence of the public, and yet subjects universities to year-on-year real terms cuts while loading graduates with debt. We have a regulatory system that is heavy-handed and costly - and yet does not provide ministers or the public assurance that quality and standards are maintained. We have a system that was intended to have the student at its heart - and yet struggles to supply basic needs such as a liveable maintenance allowance, available accommodation or mental health support."

The think tank made 40 suggestions to reform the higher education system, including making overpayments on loans tax deductible, freeze tuition fees for five years and abolish real interest rates on Plan 2 Student Loans.

It also suggested capping the proportion of firsts and 2:1s each institution can award at a maximum of 15% firsts and 60% combined 2:1s and firsts.

One can consider 'Apprenticeships' and look at a trade e.g.: electrician, plumber, bricklayer, plasterer, carpenter, painter, mechanic, a toolmaker, HGV drivers and there are many more labelled occupations, also many within the health services, however; the question is; are the courses relevant into today's economic climate? Some will question the directions that politicians are heading towards with our workforce and it seems for many looking suicidal for the country and UK citizens are being pointed towards long-term unemployment and in some cases the 'cliff edge. We can see this daily...
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Unemployment is rising and opportunities have been limited with cut-backs, some within a two-tier society, there are more illegals entering the UK and undercutting the home market value of those born here. This is what open boarders will establish.

For those (Us, our indigenous population) that find themselves unemployed and are offered training for a trade could find this to be the best direction to go, initially; the training is accompanied by a training allowance or unemployment benefit for the duration, this leading to the relevant qualification on completion, noting one qualification is any guarantee. This cost does not have to be paid back and is better than having to find £50K+. Yes! We can agree it may not be the ideal dream or visualised outcome of a job from one hoped for, yesteryear or even yesterday, we are on survival mode. Within a twelve month period it is possible to complete a number of Level two and Level three qualified and recognised certifications, more so via on-the job experiences and this can open doors to further level 3/4 courses. (these can accumulate also, helps for entry into higher education at a later date). The outcome allows for a multifaceted CV for employment and will depend obviously on the company and trades one chooses, one will also need to consider how robust the company is by comparing their economic standing with others competing within the market. The varied disciplines chosen and completed will help to cover the needs of yourself and the company one is targeting for employment and will help one to survive and keep food on the table.

The end note: Fortunately, political parties, 'General Elections' do eventually take place and at times, different governments will change the dynamics hopefully being in one's favour, even though this may not be their true intentions on the surface. (One may suggest this is cynicism), but we see the evidence every day, and the population is slowly waking up to the realism to the existing programme e.g.: Pensions, savings and entitlements, value, access, finding them reduced and is being controlled, via excessive tax reforms in favour of those in government or those in control of the coffers, the costs of living i.e. costs of transportation, food, clothing essentials, utility bills, gas and electric, politicians are showing their contempt to the people they were voting in to serve, only to be seen a corrupt system diluting the wealth of the majority, (which is very little) of it and we must wake-up to these facts and voice our discontent of this observations and experience, as no-one else will.