As universities in England have been hit by higher education funding cuts, students may be more and more dissuaded to go to university at all. Understandably, increasing numbers of students have been put-off going to university by the prospect of higher tuition fees, hefty student debts and years more studying without earning, but is calling it a day after A-levels a costly decision for young people?
Government figures have shown that university graduates can expect to earn up to £100,000 more over their working lives after tax than teenagers who get a job after A-levels. The Organisation for Economic Co-operation and Development, the OECD, goes further, suggesting that UK graduates can expect to gain on average 157% more than non-graduates. The OECD data also suggests that countries that have done well in raising the portion of highly-skilled workers have also seen better employment prospects for the lower skilled, as job opportunities filter down.
Not only can higher education increase the earning prospects of graduates, it can also provide numerous non-financial benefits. University allows students to experience a rich cultural and social scene, where one can meet a diversity of people with varying backgrounds. Further, higher education gives students an opportunity to expand their knowledge on the subjects they are most interested, most often with the help of professors and lecturers who specialise in their said subjects. Thus, university provides multiple social and intellectual opportunities, alongside future economic and employment advantages.
On the other hand, university is not for everyone and having a degree does not necessarily come hand-in-hand with a good job. Not every course is of equal value in market terms, for example, courses in science, engineering, maths or computer-related subjects will attract greater financial returns than humanities or arts degrees. Despite this, it is important for students not to apply for courses because of their graduate potential, but to study what they enjoy and feel passionate about. For some students though, university is simply not for them and although it may make things more difficult for them, it doesn't mean that they are any less valued in the work place.
