Hoping for a home of your own? Think again ...

A report by KPMG and Shelter predicts that the proportion of young adults living with their parents will be over 50% within a generation due to the housing shortage, and that home ownership will be determined by inheritance, rather than hard work and saving. They say that 100,000 fewer homes are built each year than are needed. Marianne Fallon, head of corporate affairs for KPMG, said, “For many people, particularly those in their twenties, the aspiration of owning a home is fast becoming a fairy tale. We also know, as an employer of 12,000 people, that an unstable housing market affects our ability to attract and retain talent”.

Would you work for free?

Recruitment expert Adecco has conducted a survey as part of a research project which looks into the youth unemployment crisis. The results revealed that many young people will do whatever it takes to get on to the job ladder, with 49% saying they would even work for free.

Adecco’s discovery also highlighted that the higher the education level the young person achieved, the more willing they are to work for no wage at all. The survey found that 39% of young people with qualifications up to GCSE level would work for free, 50% with AS-level, 54% with A-levels or undergraduate degrees, and 68% of young people who have a postgraduate degree.

The reason Adecco believes that many young people are keen to work, even if it is not their career choice and the money does not reflect their skill level, is because of the social stigma that 16-24 year olds believe is attached to being unemployed.

But despite this stated willingness to work, 13% of young people have never been to a job interview due to lack of opportunity, rather than lack of trying. For the majority, the ratio of job applications to interview invitations stands at 10:1.   [ Source: Hamilton House Mailings ]

Employment trends

Just over 30 million people are in employment, up by 459,000 in one year. Employment is at its highest since records began in 1971.  The private sector has created 473,000 jobs in the past year, bringing total private sector employment to 24.7 million.  Public sector employment fell to 5.2 million, a five year low.   A report has predicted that the number of self-employed will outstrip the number of state workers for the first time by 2018.  Currently there are 5.5 million state workers, compared to 4.5 million self-employed.  [ Source GTAssociates ]

Projected increase in students not paying off loans

Research by the Institute for Fiscal Studies, on behalf of the Sutton Trust, has concluded that 73% of graduates will not have paid off their student loan by the end of the repayment period, compared with 32% under the old system. Conor Wright, director of research at the Sutton Trust, said “We believe that the government needs to look again at the fees, loans and teaching grants to get a fairer balance”. The report said “In cash terms, we estimate that, on average, graduate will now repay a total of £66,897”, compared to £32,917 which they would have paid back under the old system. The latest government estimate is that 60% of graduates will have some, or all, of their loan written off, up from 40% on the previous system.  

Meanwhile, an Australian "think tank" has suggested that the government should stop writing off student debt when graduates die as a way of making the system more financially sustainable!

[ Source GTAssociates ]

Poll suggests that more students are looking to study abroad

The number of UK students who would consider studying abroad is rising fast, according to the British Council.  A survey of more than 2,500 students found 37% would take up a degree overseas, compared with 20% in a similar poll last year.  Rising tuition fees at home was the main reason for contemplating an education abroad, as well as gaining academic credit and language skills.  The United States and Australia were considered the top study destinations.

Read the full article here. [ source the BBC ]

"Look before you leap" to a University

Despite tuition fees reaching £9,000 per year, Which? has found that 23% of students surveyed are picking higher education courses without attending university open days and 47% of those surveyed failed to talk to staff before choosing their course.  This has raised concerns that students may be choosing inappropriate courses or courses that fail to meet their needs.  These concerns are mirrored with figures which show that 6.7% of students failed to complete their first year of their degree.

“Going to university is a hugely significant financial decision so it’s worrying that so many young people say they didn't do enough research before applying or that the advice they received wasn’t up to scratch.

“The vast majority of prospective students are going through this process for the first time, making it vital that they have proper guidance and as much information as possible to help them make the right choice." Richard Lloyd, Which? executive director.

The survey also found that only a quarter of applicants under 19 felt certain they had enough advice from school or college to make an informed choice.

Read the full article here  [ Source Cascaid and The Daily Telegraph ]

Increase in STEM degree course uptake

More students than ever have been accepted on to science, technology, engineering and mathematics (STEM) courses, according to new figures published by the Higher Education Funding Council (HEFC).

In 2013-14, 98,000 students were accepted on to STEM undergraduate courses, the highest level ever recorded.  This is an 8% rise on last academic year, and an 18% rise since 2002-03. Acceptances onto engineering and technology courses "bounced back" by 6% after a decline, returning to the peak levels of 2010-11.  Acceptances onto computer science courses increased by 12% compared with the previous year, and are now at their highest point since 2003-04.

Read the full article here.  [  Source, The Guardian newspaper ]