Finance advice


“The cost-of-living crisis has led students to take more interest in earnings potential but we also continue to see many students focusing on job satisfaction”


grants, scholarships, family or a part-time job. “Estimate roughly how much that's going to add up to


throughout the whole year, then you can start to break this down into essentials versus non-essentials,” says Catherine Brabin, student recruitment coordinator at Lancaster University. “Weigh this up and bear in mind what you actually really need to pay for versus what is more of a treat or a luxury.” Even the best-laid plans might need adjusting so it’s


a good idea to set aside some money for an ‘emergency fund’, in case you need to pay for something unexpected.


Finance for the future Education is an investment in your future so it’s not surprising that there’s been significant research recently into which degrees could earn you the most money after you leave university. Many point to medicine and dentistry as yielding the highest earnings, while the more ‘creative’ degree courses, including performing arts, creative arts and design tend to be at the lower end of the scale when it comes to potential future earnings.* “Earnings data five years after


graduation reveals that degree subjects which tend to lead directly to a structured career path have the highest earnings, with for example, medicine, dentistry, veterinary sciences and pharmacology


topping the list,” says Gemma Kenyon, director of careers and employability at City, University of London. She adds that the vast majority of graduates from these subjects will follow the structured entry route into their profession which has been clearly mapped out for them. Subjects at the bottom of the list such as performing arts and media can lead to higher earnings but the route to those potential higher earnings isn’t as clear and it may take more time to get there. “The cost-of-living crisis has led students to take more


interest in earnings potential but we also continue to see many students focusing on job satisfaction,” says Gemma. And according to the Higher Education Statistics Agency (HESA), most graduates can expect to earn more than non-graduates. l


Summary:


Ÿ Investigate any possible avenues of funding – awards, grants, bursaries, that do not require repayment. Even if it feels like a long shot, beter to know for certain than miss out.


Ÿ BUDGET – get to know how to budget, how to manage your finances, use online resources and get into good habits (which amounts to: keep track of what you spend, as you’re spending it, know what outgoings are coming up, and what you have at your disposal and how you’ll need to spread your money out – take all this, and plan!)


Ÿ What value for money does your degree give you? However, don’t forget to weigh up the obvious advantages of pursuing a path that you will enjoy and are good at!


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* The Telegraph: The best and worst degrees for earning a high salary ** (HESA, Graduate Outcomes Survey, 21/22)


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