A Western Mail article this week reports that more than half of school children have been in debt by the time that they reach the age of 17. The statistics were collated by the Personal Finance Education Group, and is a reflection of the general rise in debt levels across Britain.
The research highlights the fact that young people have a laid back attitude towards debt. It also suggests that young people are not phased by the prospect of having an overdraft -meaning that they can spend more than their average salary.
I am not surprised by these findings. When I was at University most of my friends, and myself included, merely accepted the fact that we would have £1000 of pounds worth of debt after graduating. We had no alternative but to accept it! The upfront fees and the living costs incurred meant that loans and repayments were a norm for us. It will certainly remain a norm for years to come unless something is done to change this debt culture.
The introduction of deferred fees merely 'defers' the burden of debt until post- graduation, when thousands of young people in Wales are forced to search for that perfect £15, 000 + 'graduate' job, when in fact there are very few such jobs currently available. As a result, a number of students are tempted to actively search for jobs lower than the £15,000 mark so that they do not have to pay back their student loan immediately after their period at University. Surely this isn't the correct attitude for our young people to be taking towards employment?
It's positive that this week, therefore, Plaid have announced key election policies, titled 7 4' O 7 - one of which will tackle student debt. Plaid are pledging to pay back a percentage of a students debt if they study and live in Wales. This is a new attempt at assisting young people, and in proclaiming that we can mount a challenge to our growing debt problem in Wales, and our attitudes towards it. I look forward to promoting this policy in the run up to the election as a young candidate, and to show young voters that we are prioritising the issues that affect them.
The research highlights the fact that young people have a laid back attitude towards debt. It also suggests that young people are not phased by the prospect of having an overdraft -meaning that they can spend more than their average salary.
I am not surprised by these findings. When I was at University most of my friends, and myself included, merely accepted the fact that we would have £1000 of pounds worth of debt after graduating. We had no alternative but to accept it! The upfront fees and the living costs incurred meant that loans and repayments were a norm for us. It will certainly remain a norm for years to come unless something is done to change this debt culture.
The introduction of deferred fees merely 'defers' the burden of debt until post- graduation, when thousands of young people in Wales are forced to search for that perfect £15, 000 + 'graduate' job, when in fact there are very few such jobs currently available. As a result, a number of students are tempted to actively search for jobs lower than the £15,000 mark so that they do not have to pay back their student loan immediately after their period at University. Surely this isn't the correct attitude for our young people to be taking towards employment?
It's positive that this week, therefore, Plaid have announced key election policies, titled 7 4' O 7 - one of which will tackle student debt. Plaid are pledging to pay back a percentage of a students debt if they study and live in Wales. This is a new attempt at assisting young people, and in proclaiming that we can mount a challenge to our growing debt problem in Wales, and our attitudes towards it. I look forward to promoting this policy in the run up to the election as a young candidate, and to show young voters that we are prioritising the issues that affect them.
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