Posted: Wed Jun 20, 2007 9:32 am
Young people 'reject university to avoid debt'
Young people in the UK are increasingly finding their options constrained by worries about debt, a new report suggests.
Alliance & Leicester found that 43 per cent of people aged between 16 and 24 said that concerns about debts accrued while studying at university stopped them continuing their education.
A further 26 per cent said that they already knew that they could not afford to go university.
However, the study also revealed that young people expect to stay out of debt during their life. Nearly a quarter (24 per cent) think they will be able to earn twice the national average salary within a decade.
As a result, 32 per cent of young people believe they will be debt-free by the age of 35.
"These days, young people have high financial and lifestyle aspirations and getting on the career ladder early can be the quickest way to achieve their goals for many," explained Helen Palmer, a current accounts manager at Alliance & Leicester.
"As a group they recognise the growing trends of graduate debt, and in contrast the potential advantages of going straight into employment."
Recently, a spokesperson for the charity Credit Action, said that student loans helped encourage a culture of debt among young people.
Source: moneyhighstreet.com
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Young people in the UK are increasingly finding their options constrained by worries about debt, a new report suggests.
Alliance & Leicester found that 43 per cent of people aged between 16 and 24 said that concerns about debts accrued while studying at university stopped them continuing their education.
A further 26 per cent said that they already knew that they could not afford to go university.
However, the study also revealed that young people expect to stay out of debt during their life. Nearly a quarter (24 per cent) think they will be able to earn twice the national average salary within a decade.
As a result, 32 per cent of young people believe they will be debt-free by the age of 35.
"These days, young people have high financial and lifestyle aspirations and getting on the career ladder early can be the quickest way to achieve their goals for many," explained Helen Palmer, a current accounts manager at Alliance & Leicester.
"As a group they recognise the growing trends of graduate debt, and in contrast the potential advantages of going straight into employment."
Recently, a spokesperson for the charity Credit Action, said that student loans helped encourage a culture of debt among young people.
Source: moneyhighstreet.com
Please post any news stories about IVAs here:
http://www.iva.co.uk/forum/default.asp?CAT_ID=5
See my Blog:
http://ivanews.blogs.iva.co.uk