A new survey by fintech business Quotezone.co.uk found that only 50% of students are going to university after secondary school, with 29% heading straight to full-time work and only 13% to apprenticeships.
According to the latest graduate outcome survey, 61% of students secure full time employment after university, the highest rate in four years, since the 2017/18 survey.*
Students told Quotezone.co.uk, one of the top reasons for choosing university was the hope of a career with a higher starting salary, according to 25.6% of respondents.
Statistics show the median salary of a graduate with a first degree qualification in 2020/21 is said to be £20,000-£27,000, ranging depending upon the level of skill.*
Fintech is renowned for being one of the highest paid sectors, especially for graduates, yet 76% of those surveyed had never considered a career in the industry.
Quotezone.co.uk launched its annual Fintech Scholarship project three years ago, trying to encourage students to explore what the world of fintech has to offer plus supporting the winner with £1000 bursary towards their studies. This year they’ve also added work experience to the project – two key elements identified by students that need addressed, finance and experience.
50.3% said finances were the biggest pressure facing students in higher education and 26.1% state lack of experience and lack of awareness (35.9%) as the top two factors holding them back from the fintech sector.
Greg Wilson, Founder and CEO of Quotezone.co.uk, said: “The fintech sector in the UK is accelerating at a rapid pace. It offers great prospects for graduates from all industry backgrounds, with high starting salaries and strong long-term career prospects.
“I’m concerned that 76% of students haven’t even considered our thriving industry as a possible career and I hope our Fintech Scholarship has gone some way to encourage students to see the diverse potential in this sector.
“Congratulations to this year’s winner Aayushi Sharma from the University of Glasgow, who wrote an insightful blog on how fintech is disrupting traditional financial services.”
Here’s what Aayushi had to say about the project: “Through my essay, I aimed to shed light on how technology reshapes finance. This award fuels my passion to explore innovative solutions that will shape a more inclusive and efficient financial landscape.”
Quotezone.co.uk Fintech Scholarship 2023/24 coming soon, full details of how to apply will be available here. There is also one winner from Northern Ireland, run via Quotezone’s sister company, CompareNI.com.