We’re not doomed: Graduates earn £500,000 more than those with no degree
Heart-warming new research reveals that you stand to make up to £500,000 more over the course of your lifetime than someone who didn’t go to university.
Degree-less job seekers stand to earn up to £12,000 a year less than those who enter the job market as graduates.
Over an average working lifetime this adds up to a whopping half a million quid in our pocket.
The jobs website Adzuna analysed 1,000,000 vacancies in June and reported a rapidly expanding gap between graduates and non-graduates.
They also said overall opportunities are improving for both.
There were 62,750 entry level jobs available to graduates last month across the UK, a 15.7pc increase on 2014.
Over 350,000 graduates are streaming out of university and into the world of work this summer – all expected to battle for one of those 62,750 jobs.
On average there are there are 3.98 applicants to every graduate position – a figure which rises dramatically to over 35 in the more competitive regions of London and the South East.
If you’re after the highest paid grad jobs – with an average pay close to £40,000 – you’d need to be a high-flying Cambridge student, according to Adzuna.
If you’ve just graduated from Cardiff there’s bad news: you ought to expect to earn significantly less than the national average.
The top five graduate degrees by pay, are all (unsurprisingly) incredibly boring: Civil Engineering, Engineering, Computer Science, Mechanical Engineering and Mathematics.
According to government statistics, postgraduates and graduates continue to have higher employment rates and are more likely to work in high-skilled jobs than non-graduates.
Working-age, full-time employed, graduates will earn an average of £31,000 this year, the government says, compared to £22,100 for non-graduates.
This comes as great news after maintenance grants were scrapped last week – making our uni education significantly more expensive.
The precious grants, worth up to £3,387 per year, will now need to be paid back in full after graduation from 2016-17.
But the government claim they’re burning a hole in the Business Department’s pocket – costing a staggering £1.6 billion per year.