Is a university degree worth the money? New study reveals nearly half of parents don’t think so

A new study reveals nearly half of UK parents would prefer their children to do an apprenticeship after graduating from school rather than going to university - and the reasons why are completely understandable. 

From choosing the perfect primary school, to getting kids through the exam stresses they face in secondary education, parents often have a particular hope in mind getting them through it all - that their good grades will help them get into their dream university and, thus, their desired career. 

But a new study reveals that many parents are changing their minds when it comes to career routes and are ditching the traditional stance that university will give their kids the best chance at striking gold. 

The research, conducted by the Policy Institute at King’s College London, revealed that nearly half of UK parents, 48%, would want their child to study for an apprenticeship, compared with only 40% who would prefer for them to go to university. 

So why has the traditional opinion changed so much? Well, according to the study, 31% of people now believe that university education is not worth the time and money it usually takes - that's a massive increase from the just 18% who shared that belief back in 2018.

It's something that's likely been spurred on by the increasing cost-of-living, with previous research showing that nearly 74% of grandparents are now having to providing financial support for their adult children and their adult grandchildren to attend university. 

Another reason cited by the research was the fact that a third of people said their own degrees did not 'boost their job prospects.' However, many said their university experience was still 'worth it' for the experiences they had as a student and for the friends they made while studying - but is that worth the cost of a degree, especially when you consider that many of the participants admitted they still had a significant amount of debt relating to their time at university?

Alison Wolf from King’s College said of the research, “The public understands the value of universities and graduates are positive about the experience, but there is evidence here of growing scepticism about some of what universities do and whether they alone are enough. 

“People do not see them as the most important priority for education spending: our findings confirm and build on other evidence that support for apprenticeships ranks higher. All of this will, inevitably, feed into government decisions and underlines the need to think hard about how – not whether – our university system should develop and change.”

The study adds to the scepticism already growing around university education, with many parents currently worrying about 'Mickey Mouse' degrees. Universities aren't the only education institutes currently in the news, with the new school fines for holidays also weighing heavy on parents' minds. And, as new research has revealed primary school is 'costing parents £6,000,' we share 6 ways to save money.