Financial Benefits
There is evidence to show that people with a higher education qualification earn more than those without!
Of course there is debate about the figures, and they can vary widely between surveys and subjects, but the most recent Graduate Labour Market Statistics 22 from the Department for Education found that the average graduate earns £11,500 more each year than the average non-graduate (£38,500 versus £27,000). Even when accounting for differences based on factors such as age, gender, geographic region, employment sector, degree class and subject, this difference means that over their lifetimes, most graduates do earn substantially more than non-graduates. There are a number of reasons for this.
Graduates are less likely to be unemployed and often have a wider choice of jobs. The Graduate Labour Market Statistics show that in 2022, 87.3% of graduates were employed compared with 69.6% of non-graduates.
Graduates are more likely to be in senior and skilled (so better paid) employment – according to the Graduate Labour Market Statistics, 66.3% of graduates were working in highly skilled employment in 2022 compared with only 23.6% of non-graduates.
Employers often look for people with graduate-level skills, irrespective of their degree subject.
In the future, there’s expected to be nearly two million more jobs for those in higher skilled occupations. The average qualification level is expected to rise within all occupations – in fact, by 2024, around 54% of people in employment are expected to have a qualification at Level 4 or above. You can find out more in the Working Futures report.
The qualification you gain and higher skills you develop will give you an edge in the job market and help you progress in your career. So despite the costs involved, as you can see, higher education is considered a good investment in your future.