Finding financial stability at any point in life is difficult, but this is harder for those that have just graduated from university. Though there are common misconceptions of postgraduates being paid significantly more right away, this is not always the case and can take much longer to be completely independent.
Here is a guide for graduates to find balance after university that may help when seeking future financial security.
Moving Back Home
One of the most significant parts about graduating is moving back home with family, which can be a time-consuming process. However, this is not uncommon. With one in three millennials now living at home with their parents after studying at university, this is not uncommon. It is often a short term solution allowing graduates to save money to put toward their own homes.
Saving To Move Out
Saving to move out is challenging for anyone, especially anyone with university loans. Now with sky-high house prices, it can take time to get the funds needed.
Though the unemployment rate following university has been slowly decreasing, there are several business sectors where it can be challenging to find a job that aligns with a specific degree of specialisation. Some graduates find a position in a supermarket can help to keep a steady stream of income to maintain a positive credit score and get by.
Even though a financial emergency can strike at any time, making it stressful to make ends meet, it is essential to maintain healthy spending habits.
For skilled workers who find themselves struggling to find the money to resolve the situation, there are several alternative finance options for students. These alternatives can help out when faced with an unexpected financial emergency, thus solving the issue.
Some good options can be found online to receive emergency funds for those that need it within just 24 hours. This is ideal for students faced with emergencies, such as a flat tire, as it can be resolved quickly and paid off by payday.
Post Graduate Pay
With the average wage of a postgraduate averaging around £25,000 per year upwards, this is competitive pay for those looking for their first job. Not only can this salary be saved for a new home, but it lays down a stable foundation for financial stability when spent wisely.
According to recent news reports, the postgraduate wage dropped by 12% in April of 2019. This equates to a drop in salary of around £3000. Note that the starting salary is entirely dependent on the degree the graduate holds. It is usually creative degrees that earn considerably less than technical subjects such as IT, mathematics and engineering.
Though they are not the most popular professions, accountants, doctors and barristers usually get the highest paying jobs. Jobs in engineering and mechanics are the second highest paying. Though the trades are something that not many people consider working in, professions such as electronics and IT mechanics often have the highest salary.
With all this in mind, finding financial stability after graduation can be a challenge. Not only are there many bills to consider, but finding a job that provides the funds to move out entirely can take time, making it harder for the young generation to be completely independent.