A third of people now think university isn’t worth the time or money. The real surprise is that two-thirds still do.
MPs are launching an inquiry into England’s student loan system after more than 50,000 graduates submitted evidence about the debt they’re carrying and the way student loans are repaid.
At the same time, new research from the British Social Attitudes survey shows public confidence in the value of a university degree has fallen to its lowest level in two decades.
According to the survey, 34% of people now believe a university education simply isn’t worth the amount of time and money involved, up from just 14% in 2005. Meanwhile, the proportion of people who believe university leaves graduates ‘a lot better off’ in the long run has fallen from 50% to 36%.
For anyone who’s followed my views over the years, none of this comes as a shock.
We’ve spent decades encouraging young people to rack up tens of thousands of pounds of debt in pursuit of degrees while overlooking the practical skills and trades that keep the country running. Now we’re seeing the consequences.
The cost of the university dream
The Treasury Select Committee inquiry will hear concerns from graduates about rising debt balances, repayment thresholds and interest rates. One graduate featured in recent media coverage saw her student debt increase from £34,000 to almost £42,000 despite years of repayments because the interest being added to the loan outpaced what she was paying back.
Others have told MPs that student debt has influenced decisions about buying a home, starting a family and planning their future. That’s not what opportunity looks like.
I have no issue with university when it’s genuinely needed. If you want to become a doctor, architect, lawyer or scientist, higher education is often essential. But somewhere along the way, university stopped being one option and became the default option.
Schools became obsessed with pushing pupils towards degrees. Politicians measured success by the number of university applications.
Meanwhile, apprenticeships and vocational training were treated as second best, which is a mindset that’s done enormous damage.
Today, businesses across Britain are desperately searching for skilled workers. We need plumbers, electricians, engineers, mechanics, builders, technicians and
countless other practical professionals. These are careers that offer long-term prospects, excellent earning potential and opportunities to build successful businesses.
Yet for years we’ve been telling young people that success starts with a student loan application.
The AI reality check
What’s even more concerning is that this debate is taking place at a time when artificial intelligence is beginning to reshape the labour market.
Many of the office-based roles that graduates have traditionally pursued are already changing. AI can write reports, analyse information, process data and automate tasks that once required teams of people. The technology will undoubtedly create new opportunities, but it will also disrupt countless existing jobs.
What it can’t do is fix a leaking pipe, rewire a property, install a heating system or carry out skilled engineering work. The future economy will still need people with practical, hands-on expertise.
That’s why I believe we need to stop treating apprenticeships as a backup plan and start recognising them for what they are, one of the smartest investments a young person can make.
You earn while you learn. You gain real-world experience. You develop skills that employers need. Most importantly, you avoid spending decades paying off debt while trying to build a life.
The fact that more people are questioning the value of university shouldn’t worry us. What should worry us is that it has taken so long for the country to ask whether we’ve been steering too many young people down the wrong path.
Leave a Comment