More than a third of UK graduates regret going to university according to new research by Aviva into the finances of millennials.
Aviva found that 37% of graduates regretted university due to the high amounts of debt they now had. Furthermore, 49% said they could have got to where they are now – without their degree.
New figures also suggest millennials (aged 18-35) estimate that it will take them 11 to 12 years to repay their student debt.
Louise Colley of Aviva said: “The financial hangover from university has led many in this age group to question whether in hindsight they made the right decision and how much value it has brought to their current position. With relatively low disposable incomes and significant debt to tackle, millennials don’t have it easy when managing their finances.”
However, the report has been condemned by universities who point to the much higher levels of satisfaction shown on the annual National Student Survey (NSS). The latest NSS covers nearly half a million final year students and shows an average satisfaction rate of 86%.
The NUS declined to comment specifically on the Aviva findings but said too many students were condemned to a lifetime of debt.
Sorana Vieru, the NUS vice-president for higher education said:
“The £9,000 fees system is a failed experiment and has not driven up quality or sustainably funded institutions as promised.
In just one year the government has scrapped maintenance grants, NHS bursaries, cut the disabled students’ allowance to the bone, changed loan repayment terms to make graduates pay back their loans faster and is now planning a further rise in tuition fees. We urgently need to review this unsustainable funding system which will force students into a lifetime of debt.”