– Research from the UK’s leading discount code and voucher site has revealed that it takes more than three years for graduates to recover financially after university. The study by www.MyVoucherCodes.co.uk of more than 1,000 graduates who had finished university at least five years ago, aimed to explore the time it takes for those finishing university to recover financially.
When asked “did you have a student overdraft when at university?” 67% of the 1,324 people surveyed said that they did, with a further two thirds, 66%, of these confessing that they relied on it heavily throughout their time at university. 16% said that they spent their entire time at university completely in their overdraft.
When MyVoucherCodes.co.uk asked how long it took for graduates to get out of their overdraft, three quarters, 74%, admitted that it took them longer than three years to pay it off upon completing university. 24% said it took them under three years to get out of their overdraft and a further 3% admitted that they are still trying to get out of it.
When asked the question “did you have a credit card whilst studying at university?” 61% said that they did. Of these, two thirds admitted that they still use that credit card now, with a further 13% admitting that they have never fully paid it off.
A third, 34%, of graduates admitted that university left them financially unstable for a long time, whilst 62% said that they were consistently offered extra credit whilst studying.
Mark Pearson, managing director of MyVoucherCodes.co.uk said;
“It is extremely sad that so many graduates feel trapped by their immediate student debt even after they finish their studies, with many admitting that it took over three years to get out of their student overdrafts.”
He continued
“At MyVoucherCodes.co.uk, we see the importance of saving money whilst at university; whether it is by using a discount code or by just cutting back. I think that making a few small changes whilst at university will stop graduates from having this problem.”
For more information, or to arrange interviews, please contact Gabrielle Lofthouse of 10 Yetis PR Agency on 01452 348211 or email gabrielle@10yetis.co.uk or on Twitter @Gabriella_PRowl.
Editors notes
Mark Pearson, MD of MyVoucherCodes is a regular media contributor regarding online shopping and the credit crunch. At 29, his personal worth is more than £30 million. Mark was previously a trainee chef working for Gordon Ramsay at Claridges, London.
Consumer savings on online shopping via MyVoucherCodes.co.uk up from £28m in 2008 to £52m in 2009.
MyVoucherCodes is the UKs most popular discount site.
Tags: cost of university, credit card debt, research, student debt, university debt
