MORE than one in seven UK students expect to work for less than the national minimum wage a year after graduating, according to student insurance provider Endsleigh.
The survey of over 1,800 students reveals that UK graduates have far lower wage expectations than their parents, with more than one in seven (around 15 per cent) expecting to work for less than the national minimum wage a year after graduating.
Moreover, it was reported that more than three-quarters (76 per cent) of students expect to earn less than the national average salary of £26,500 in their first year after graduating. Just one in 50 (two per cent) of students expect to earn over £30,000 or more in their first year after graduating, less than the one in thirty-three (three per cent) of students who expect to earn nothing at all when they first enter the job market.
The report also revealed students’ employment concerns beyond salaries, with around two-thirds (66 per cent) saying it was “very important” to secure a job suitable to their new qualification. Despite this, less than one-third (30 per cent) expect to be working full-time in their chosen career one year after graduating, highlighting a glaring disparity between the high ambitions of students entering university and the more realistic expectations of those leaving.
Notwithstanding this sense of uncertainty, the survey demonstrates that students are responding pragmatically. More than one in five (22 per cent) students say they are willing to compromise on the industry they want to work in to find employment, and one in four (25 per cent) are taking matters into their own hands, stating they either currently own their own business or plan to in the future.
This more flexible approach from students and graduates is down to several years of straddling the world of work and study. With rising fees and the added pressure of student loans, there is an understandable period of uncertainty for many young people after graduating.
“The cliché of going to University and leaving with a guaranteed job offer is no longer a reality for many in such a competitive job market,” said Julia Alpan, proposition manager at Endsleigh Insurance Services.
“It is encouraging to see so many bright young minds turning their hands to entrepreneurialism or demonstrating the flexible outlook to make it work in a changeable job market.”
“Endsleigh was founded to ensure students would have access to fair insurance during their studies, but we know that finishing university does not mean young people no longer need financial protection.
“We are here to give young professionals the support they need while they find their feet after university and develop their careers.”
Endsleigh is the only insurance provider recommended by NUS and offers a wide range of services including motor, home and travel insurance.
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