Research from Barclays has today revealed the true cost of getting onto the career ladder after university, with the average graduate attending four interviews and forking out a total £550 to land that all important job offer. Costs include:
- £80 on purchasing appropriate clothing
- £90 on travel and accommodation
- £205 on additional courses to improve employability
- £175 on software or additional resources to upskill
61 per cent of graduates revealed that prospective employers won’t cover even the basic costs of the interview, such as travel. As a result, over half of graduates (54 per cent) admitted they have turned down interviews, or simply not applied (51 per cent) as they can’t afford to attend.
Meanwhile, 48 per cent of graduates have had to borrow money from family and friends, take out a credit card, or go into their overdraft to cover the costs of attending an interview.
To help graduates focus on securing their first pay cheque, rather than worrying about what they will have to pay out, Barclays has launched its first ever Graduate Fund, with up to £20,000 available to help those seeking employment after university.
UK graduates who left college or university in 2018 can apply for up to £550 from the fund from 8th to 21st October 2018 to cover costs associated with finding their first job, including clothing, travel and training.
Josie Clapham, Managing Director, Community Banking at Barclays, said: “Graduating from university and starting your first job should be a really exciting time, but the associated costs can be daunting for many – particularly when those finishing their studies in 2018 are estimated to have accumulated over £50,000 of debt.
“We understand how stressful and challenging this time can be for new graduates, and we want them to be able to focus on finding the job that’s right for them – rather than fretting about whether they can afford to attend an interview. We hope the Barclays Graduate Fund will go some way to support graduates as they take their next steps and look forward to a bright future.”
To apply for the fund, graduates simply need to visit www.barclays.co.uk/current-accounts/higher-education-account/ to download an application form and return the completed form to [email protected] by 6pm on Friday 19th October.