Many young people have worked hard to get into university, sustained by the hope that their efforts will pay off in the form of enhanced lifetime earnings. This is what politicians usually use as their argument when they want to push more young people towards academic study. However, new figures published by the Office for National Statistics (ONS) indicate that an apprenticeship could prove more valuable for many youngsters. The website Not Going to Uni has done some calculations which show that graduates can end up earning less than employees who have completed an apprenticeship.
According to the ONS research, 27% of university graduates currently earn less than former apprentices. In addition, 26% of lower-paid graduates were found to be doing part-time jobs, while the proportion for employees with an apprenticeship was 11%.
Not Going to Uni delves deeper into the matter, tackling some numbers typically cited by politicians defending their focus on academic study. According to the most popular statistics, a university degree is likely to add some £150,000 to a person’s lifetime earnings. The estimate for those with an apprenticeship on their CV is for an additional £100,000 or more. But there is one major flaw in these popular statistics: they do not take into account the money spent on obtaining a degree. This will cost at least £53,000 and the figure can be much higher for those studying in London. As Not Going to Uni notes, that level of debt erases any advantages a degree may offer in terms of earning power and leaves graduates with lower lifetime earnings than former apprentices.
For more information on Apprenticeships and the current vacancies that exist visit www.atgapprenticeships.com