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Graduates relying on parents
More than half of graduates are still financially reliant on their parents three years after finishing their studies, a new report has found.
11:52 20 June 2005
More than half of graduates are still financially reliant on their parents three years after finishing their studies, a new report has found.
Seemingly contradicting the commonly held view that a degree leads to a more financially rewarding future, the research from Royal Bank of Scotland found that 58 per cent of 2002's graduates are still financially dependant on their parents, while 49 per cent are not paying into a pension fund.
But there are large discrepancies between how well-off graduates are, with what they studied and where they live largely driving their contentment.
The Royal Bank of Scotland's Graduate Satisfaction Report found engineers had the highest overall satisfaction score with 69 per cent, while the graduate population of Cambridge had an overall satisfaction rating of 73 per cent.
But overall more than half of graduates (56 per cent) were found to be dissatisfied with their salaries, while only about one in four (27 per cent) were content with their savings.
"These findings confirm that the financial path after graduation does not always run smoothly, and highlights the importance of financial management and ongoing support in keeping graduate finances on track," said Donna Ewing, head of graduate banking for The Royal Bank of Scotland.
Graduates working in the hospitality industry fared the worst, with an overall satisfaction rating of 30 per cent. Fewer than one in three (27 per cent) were happy with the hours they worked, while fewer than one in five (18 per cent) were happy with the training and development they received.
Surveyors were found to be the highest-earning graduates, with an average salary of 24,000 three years after graduation, while accountants had the most leisure time at 46 hours a week.
The top ten most satisfied graduate towns and cities were:
1. Cambridge - 73 per cent
2. Reading - 72 per cent
3. Wrexham - 71 per cent
4. Cardiff/Preston - 69 per cent
5. Southampton - 67 per cent
6. Sheffield - 66 per cent
7. Leicester - 65 per cent
8. Aberdeen - 64 per cent
9. Glasgow - 62 per cent
10. Liverpool - 61 per cent
The top ten most satisfied graduate professions were:
1. Engineer - 69 per cent
2. Trainee Vet - 63 per cent
3. Warehouse Manager - 63 per cent
4. Surveyor - 60 per cent
5. Banking Analyst - 59 per cent
6. Tourism Manager - 58 per cent
7. Teacher- 57 per cent
8. Administrator - 56 per cent
9. Social Worker - 55 per cent
10. Nurse- 54 per cent
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