As any parent of a teenager thinking about further education will tell you, the cost of a degree is gasp-inducingly expensive. A home or EU undergraduate will, for example, pay £9,250 in fees in the 2019-20 academic year for the privilege of an Oxford University education, while overseas students will pay as much as £36,065. And that’s just for one year!
Nevertheless, UCAS reported an increase of 0.4% in university applications this year compared to 2018 (although applications from UK domiciled students was down by 0.7%). Perhaps the strong demand for degrees is not surprising when you consider that university graduates earn on average £10,000 more than their non-graduate peers.
The link between having a degree and economic prosperity is undeniable but there are a whole host of additional benefits to being a graduate, as a study carried out at the University of Maine revealed. This gem of a report, published by the Lumina Foundation, is called It’s Not Just the Money (download here) and makes extremely interesting reading for those weighing up the pros and cons of sending their children to university. While the data was compiled in 2012 it nevertheless provides plenty of food for thought.
Here are the 15 less talked-about benefits of a university degree taken from the report:
- Graduates are 3.5 times less likely to live in poverty
- Graduates are 47% more likely to benefit from employer-provided health insurance, and we all know how important that is! If you need convincing, read our MD’s cautionary tale here
- Graduates are 72% more likely to have an employer pension
- Graduate retirees enjoy an income 2.4 times higher than non-graduate retirees
- Greduates enjoy greater job security
- Graduates are 24% more likely to be employed
- Graduates are 44% more likely to say they are in very good or excellent health
- Graduates are 3.9 times less likely to be regular smokers
- Graduates are significantly less likely to be obese and drink heavily
- Graduates are more likely to exercise, have a healthy diet, wear a seat belt and seek preventative medical care
- The incidence of a graduate having a disability which makes it difficult to live independently is 3.6 times lower
- Life expectancy at 25 for graduates is seven years higher than college leavers
- Asset income of graduates is 4.9 times greater
- The probability of being in jail is 4.9 times lower
- Graduates are 21% more likely to be married and 61% less likely to be divorced
The final point in the list of advantages in the report may just be the most important of all. It concludes that a graduate is significantly more likely to be happy. And at the end of the day, isn’t that the thing that parents want most for their kids?
If you want to give your children the best possible start in life but university fees are sending you into a spin, why not talk to one of our financial consultants about an education fee plan? They have a wealth of experience in helping families prepare for the costly, but worthwhile, university years and are experts in finding solutions tailored to the unique needs of each individual client. Contact us to schedule a chat.
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