Wednesday, August 24, 2011

If you’ve got it – use it. Forget the debt – you’re being had

Graduates now 'more likely to end up as cleaners', official figures show

Graduates are now more likely to work in low-skilled jobs as postal workers, hotel porters and cleaners compared to over a decade ago, official figures show.

Posted by dill @ 05:30 PM (1267 views)
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3 thoughts on “If you’ve got it – use it. Forget the debt – you’re being had

  • There should be a degree in professional cleaning if there is demand!

    Also 16.1 an hour for a graduate is more than twice what I earned when I graduated in 1998 (within an engineering sector in the Midlands). So graduates have it good if they are getting that. The salary of current graduates suggests their degree was worth about 5 years work experience;

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  • In 1993 12% of the UK adult population had a degree or higher (source guardian), by 2001 the figure had risen to nearly 20% of the adult population (source and by 2010 it had again risen to 25% (source guardian). However conversely in 1993 68% of graduates had a job in the highest skill group – including roles as managers, engineers or accountants – compared with 57% in 2010.

    The ONS analysis also found that the bottom 20% of graduate employees earned less than the average for those whose highest qualification was A-levels. The worst-paid 15% of graduate workers earned less than the average for those who had only GCSEs.

    Another problem is that these simple figures are skewed from the bottom up as less than 6% of 60+ year olds have a degree so the figures are being severely skewed at the bottom age range i.e. the under 35y/o age group.

    This means that over time todays university entrants especially next years who are paying severely inflated fees are going to find that only those doing premium courses and gaining sought after skills will stand any chance to getting their money back over a lifetime. Whilst those doing trumped up courses at former polytechnics will rapidly find out that their certificates are not worth the paper they are printed on.

    In other words the number of degrees are reaching bubble proportions.

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  • Anything that is over-supplied, like graduates, the money-supply or even A-grades in school exams, will end up being devalued unless there is an equal increase in demand for that thing.
    If everyone has a degree, then the degree itself doesn’t really distinguish anyone.
    And if graduate jobs are being offshore or just in decline, there is no other outcome than graduates – in huge debt – taking “menial” jobs.
    And because of the debt, they are WORSE off than if they had never gone to university.
    I can understand the anger in the younger members of society. They have had the most awful con-trick played on them.
    The promised land never came. And now they are angry.
    I really fear for how all of this is going to work out.
    Lots of angry, indebted, jobless young people is not a nice mixture.

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