Average salaries for this year’s graduates have risen by an inflation-busting 8%, according to the 2001 NatWest Graduate Survey. Nearly one third of graduates had a job lined up before they finished their exams and, on average, they will be earning Â£13,410.
The hike in salaries has perhaps been driven by the hard bargaining of this year’s debt ridden graduates who are finishing their studies with average debts of Â£9,000. This is a rise of 40% on last year’s figure and graphically illustrates the full impact of the withdrawal of local education funding and the introduction of tuition fees.
Despite the prospect of finishing college with huge debts, graduates have a positive outlook: 58% claim not to be worried about the money they owe, and getting a job just to pay off their debts is the least important consideration when they are looking for that first job. Only 37% cited paying off debts as an important reason for choosing a particular job, whereas 74% said that a job with long term career prospects was more important and 84% said that a job which they enjoy was the most important factor when finding a job.
Commenting on the Money Matters Survey, Ann-Marie Blake, Head of Graduate Banking Services, said: “This is encouraging news for students worried about the amount of debt they will have when they finish their studies. Whilst debt is rising, so too are their prospects of finding a well paid job.”
NatWest Graduate Package in detail:
ADVICE AND SUPPORT
Â· 60 specially trained Graduate Advisers available in most university towns.
Â· A job finding, home finding and car finding service via Â· .
Â· The Graduate Travel Club offering cash discounts on a range of holidays, car hire and flights. The club also includes discounted Travel Insurance along with commission free currency and American Express travellers cheques.
OVERDRAFTS AND LOANS
Â· The interest-free overdraft is Â£2,000 in the first year after Graduation, reducing to Â£1,000 and Â£500 in the 2nd and 3rd years after graduation respectively or
Â· The Graduate Overdraft Repayment Plan to repay student overdraft interest-free in structured monthly payments up to a maximum of Â£2,000. These repayments can be spread over three years with loan repaid by the end of graduate terms and
Â· Graduate Loan for borrowing between Â£1,000 and Â£10,000 at a preferential rate (7.5%) with optional repayment holiday of four months or up to 12 months if the graduate is travelling. The loan is available for five years for up to and including Â£5,000 and up to seven years for loans between Â£5,100 and Â£10,000.
BANK ACCOUNT FACILITIES
Â· Cheque book and Switch card.
Â· Free access to 28,000 cash machines in the UK and over 500,000 world-wide.
Â· Free 24-hour telephone banking and a free Internet banking service.
Â· Graduate mortgage deals.
Â· Up to 100% mortgages.
Â· No Mortgage Indemnity Insurance fee payable.Details