Region’s graduates most likely to say they regret going to university

Photo by: Picture by: Chris Radburn / PA Wire/Press Association Images.
Photo by: Picture by: Chris Radburn / PA Wire/Press Association Images.

North East graduates are the most likely to say they regret going to university because of the amount of their student debt, according to two surveys by Aviva.

The two surveys also found that 18 to 35-year-olds in the region are also most likely to believe they could have achieved what they have without going to university.

Across the survey, millennials in the UK typically estimated it will take them another 11 years to clear their debts, although 22 per cent said they do not know how much they have left to pay off.

On average, they have just £156 left over at the end of each month after paying essential living costs.

Millennials in the North East were one of the most likely to say they were relying on borrowed money to cover their rent.

Louise Colley, customer propositions director at Aviva, said: “Millennials are plagued with uncertainty about the outlook for their financial futures, an issue which has not been helped by the uncertainty of today’s economic and political climate.

“The financial hangover from university has also led many in this age group to question whether in hindsight they made the right decision and how much value it has brought to their current position.”

Ms Colley suggested prioritising saving where possible, saying that even small amounts can help people feel more confident and in control of their future prospects.

In comparison, millennials in the South East were the least likely to regret going to university or say they could have got to where they are now without it.

However, they were most likely to say their generation had been priced out of the property market, with 46 per cent agreeing with this.

Those in London were the most likely to have received financial help from their parents, with 63 per cent having done so.

Throughout the country overall 37 per cent of the millennial generation regretted going to university because of the amount of their student debt.

Nearly half (49 per cent) believe they would have got to where they are now without their university education, while one in six (17 per cent) were pinning their hopes on a lottery win to improve their financial situation.

Aviva used two surveys of around 2,000 people to make the findings.

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