University not worth the investment?

The Future of Britain Project has reported that nearly half of young people (49%) say that a university degree will not be worth the investment of their time and money.

It would be a great shame if this is true, and particularly damaging for young people from the poorest backgrounds who have most to gain from a university degree. 

A study for IntoUniversity by Unite Student Housing has shown that graduates can expect to earn significantly more than those young people who finish their education after A Levels.

 Source: Office for National Statistics Report 6 April 2011 – ‘Graduate earnings over the last decade’ (data from Labour Force Survey)

Unite also reported that graduates enjoy better employment prospects.  Typically 22% of non-graduates were unemployed or economically inactive (between 09/11 and 11/11) whereas only 9% of those who complete an undergraduate degree were unemployed after 6 months of graduating - falling to 6% amongst postgraduates. (Source: Labour Market Statistics January 2012, Table A06)

A 2013 report by university think-tank million+ and London Economics, concludes that '… a UK degree remains an exceptionally good investment for both the individual undertaking the qualification, as well as the Treasury funding the provision – and therefore, by default, the taxpayer.'  (million+ and London Economics, 'Behind the headlines: What's the value of a UK degree?', January 2013)

A research summary in the United States (Sandy Baum, Jennifer Ma, Kathleen Payea, ‘Education Pays 2010: The Benefits of Higher Education for Individuals and Society’ College Board) shows that higher education levels are associated with a range of other positive social and medical outcomes including, lower smoking rates, lower obesity levels, greater likelihood of voting and greater likelihood of volunteering.

Overall, therefore, the long term benefits of a university degree are undeniable.