Ultimately, however, more than 50 million members may be best remembered for whether they can overcome the dire financial issues many of them face.
As a fellow Generation Y-er I have found it increasingly worrying how this could have, or may affect me.
We’ve been brought up in a world of easy credit, where spending money you didn’t have was encouraged and as a result Gen Y is criticised for being frivolous spend thrifts, with their multiple maxed-out credit cards. But we didn’t really mind: debt had lost its stigma, because everyone was doing it. Besides, we were told that if we got ourselves into even more debt by going to university, we would be able to secure a job so that we could live a life, content in debt...or gradually pay it off.
But those promised jobs and employment security have vanished. This year alone, figures show that graduate unemployment has risen again, from 10.6% to 20%. However, when researching official statistics, it was near impossible to find any media channels reporting the same consistent figures.
A degree was going to open up doors and infinite possibilities, but according to media reports, this is not the case for everyone. The BBC recently found 28% of graduates from 2007 still have not found full time work. Those who fall into that category may try their luck with an internship; however, it appears that a growing number of organisations are not prepared to pay out for such opportunities- regardless of whether they are mutually beneficial. So unless you have parents or family that can support you financially, it is very difficult for many people to work several months for no pay, especially in places like London. I’ve noticed some employers tend to use the carrot and stick approach by raising the hopes of an intern by convincing them that there is a good chance there will be a job waiting for them at the end of their stint, but often ending in unemployment. Again.
However this is not always the case, as myself and many of my university friends have found full time employment, and putting our degrees into action. There are many employers out there that are eager and welcoming to take on graduates and run internships; but you have to be prepared to move to different parts of the country. To me, a lot of the graduate unemployment has many contributing factors and it is worth considering the following before going to university and once you’ve graduated. What degree are you taking? Is it specific enough, too specific? Academic and/or transferable? I.e. Philosophy is a very specific subject and may give you limitations when it comes to work, unless you specifically want a job that is directly relevant to philosophy. English is a degree that is more transferable, you can enter jobs in different industries that require skills like analytical thinking and reading, proofing, copywriting, journalism, communication, teaching...you get my point the list goes on. Another thing worth considering is whether you would consider moving to a different city in order to chase your dream career. If you are more willing to re-locate, you are more likely to find employment.
So are degrees worthwhile, or is this unemployment malarkey down to poor reporting, spin on statistics or poor choice of degree? I’d say a mixture of the above. I’ve highlighted a few obvious pros and cons about attending university.
Pro:
- opens doors to jobs that would otherwise be near impossible for you to get
- allows you to continue studying for a masters degree or beyond
- exposes you to more learning you might otherwise not experience
- you don't have to worry that someday your field will require a degree. I.e. they tell you to get one or you will be let go or can't get promoted
Con:
- likely to have more debt when you graduate
- you can graduate without having gained any 'work experience' i.e. book knowledge vs real life experience
- a degree doesn't guarantee a job or career
So is a degree worth it?
I think it all depends on the degree in question, the commitment from the individual and their willingness to relocate.
@kayle_grierson
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