One in five students would be richer off if they had skipped university with almost none benefiting financially from a creative arts degree
Study found about 70,000 a year would earn more if they’d gone straight to workInstitute of Fiscal Studies found almost no financial benefit in creative arts studyReport based on earnings of individuals who went to university in the mid-2000s
One in five students would be financially better off if they had not gone to university, a study has found.
About 70,000 young people each year would earn more had they gone straight into the workforce, it said.
Analysis by the Institute of Fiscal Studies found that almost no students benefit financially from a creative arts degree, and that few studying social care will go into high-earning careers.
About 70,000 young people each year would earn more had they gone straight into the workforce, a new study has found (file picture)
Some science subjects also struggle to provide an overall financial benefit.
Female graduates in medicine, law and economics can command an extra £250,000 on average over their lifetimes, but male graduates in medicine and economics can expect to net an extra £500,000. The IFS said the gap could be because of women taking time out to start a family.
On average, men who go through higher education receive a net gain of an extra £130,000 based on retiring at 67, while women take home about £100,000 more.
The study, for the Department for Education, also shows men from a top-ranked university can expect much higher returns than those who attend a lesser institution – but the same is not true for women.
Analysis by the Institute of Fiscal Studies found that almost no students benefit financially from a creative arts degree (file picture)
The report does not include ‘wider benefits such as increased health, happiness or job satisfaction’ in its calculations.
The Department for Education emphasised that less lucrative courses such as nursing and education are still ‘essential for our public services’.
And Alistair Jarvis, of Universities UK, argued: ‘These graduates, including those who go on to work in sectors where salaries are relatively low, make vital contributions to the wider economy and to society.’
The report was based on the earnings of individuals who were born in the mid-1980s and went to university in the mid-2000s.