Savvy student ‘gappers’ prefer to earn cash

The days of students back-packing around the world during their gap year could soon be over – as more than half (54%) of school leavers considering a gap year would prefer to earn cash to support themselves at university over globe-trotting.

According to NatWest research, over 50,000 new students will shun the traditional year-long getaway and take on either full or part-time work or will work for part of the year, banking the money to ease the financial cost of furthering their education.

The findings also reveal that school-leavers will earn an estimated £212 million during the twelve months spent working before they embark on university life. This includes those working full time, part time or just for part of the year. One in four young people who left sixth-form earlier this summer will take a gap year.

Mark Worthington, Head of NatWest Student Banking, said: “It is easy for students to get caught up with the excitement of taking a gap year, and forget about what great money-saving opportunities it can present. It is therefore encouraging that young people are thinking ahead and using their gap years as a valuable opportunity to save for their future studies.”

The change in attitude comes at a time when students expect to pay on average almost £35,000 to get a three year degree and those students who expect to graduate with debt, predict that they will owe up to £15,000 on average after graduation.

Mark Worthington said: “As the anticipated cost of university continues to increase, and following the recent rise in tuition fees, school leavers are becoming increasingly forward thinking and enterprising during their gap years. They recognise the huge strain that university puts on their finances, and are starting to take preventative action.”

NatWest polled 3,488 school leavers, current students and graduates and discovered school-leavers worry more about the financial cost of three years at university than they do about securing top grades. Worryingly, over half (55%) of school leavers think they are not financially prepared for university, with 17% anticipating that it will take them over ten years to pay back their student debts.

What’s more, one in three graduates admit that they would have re-considered their decision to go to university if they knew the level of debt they would have to deal with on leaving.

Mark Worthington said: “Starting university should be one of the most exciting times of your life, but it can be stressful. Our research shows that students are becoming more aware of the financial realities of university. In light of this, it is encouraging to see that school leavers are preparing for university with their eyes wide open and putting their gap years to such a good use.”