Graduates expect to be married at 30 and have their first child at 31
Two-thirds earn under £19k a year
Two in five (42%) recent graduates are currently living with their parents, according to research published today by Endsleigh, which has been insuring students, graduates and young professionals since 1965. Endsleigh also found that 60% of graduates have lived with their parents at some point since graduating and only one in ten (9%) are currently renting with their friends.
Endsleigh’s 2015 study of graduates was conducted by NUS Services Research Department, which surveyed 1,149 university-leavers who had left university within the last four years from across the country. Nearly half (42%) cite the high cost as the most stressful aspect of moving home, with the average estimate of moving house standing at £2,242, which includes the cost of a deposit. When it comes to paying rent, graduates pay on average £480 a month – with the average London rent standing at £621.84. 31% of those surveyed say they pay rent themselves, 19% split the cost with their partner and 14% rely on their parents.
Home sweet home?
According to the findings, graduates remain optimistic about their prospects of owning their own home, with 62% saying they envisage getting on the property ladder within the next five years and 68% of those having already started to save. On average, respondents said they started to plan owning their own home at the age of 23 and believe they will achieve this by the age of 30. The main barrier for them achieving this is cost – with 86% saying this is what they are most worried about when trying to buy a property.
Unsurprisingly, money in general continues to be a concern, as 46% say their salary was less than they expected after leaving university - with two-thirds (66%) earning less than £19k a year in their first year after graduating. Despite this, nearly four out of ten graduates (37%) say that they are putting aside £50 - £199 each month and of those who received an annual bonus, 29% used the money for savings, 15% for paying off debt and 9% towards putting a deposit on a home.
When looking at their priorities, 91% say that becoming established in their career is important to them and over half (52%) of the graduates surveyed said working and employment is the top priority in their life.
The heart of the matter
As well as focusing on their careers and trying to get on the property ladder, graduates are also thinking about getting married and starting a family. Out of the 56% of graduates surveyed who are currently in a relationship, 75% say that they expect to marry that person, with the aim of achieving this by the age of 29. Starting a family also remains important for graduates, with the average female anticipating this will happen at the age of 30 and the average male at the age of 32.
Sara Newell, Head of Student & Graduate Markets at Endsleigh, said:
“Despite the cost of living continuing to rise and the number of graduates now living with their parents at an all-time high, it is good to see that graduates are stepping up to the challenge of achieving their goal of getting onto the property ladder. It is clear to see that graduates are starting to plan early for their post-university lives, with the majority envisaging themselves being on the property ladder within five years and a large proportion having already started to save for a deposit. They are clearly optimistic about moving to a new stage of their lives as they leave their university years behind them, with plans for marriage and starting a family also featuring highly on their list of priorities.”
For more advice on life after leaving university visit the hub from Endsleigh.
Notes to Editors
The survey was conducted online during July 2015 and surveyed 1,149 representative graduates.
Endsleigh is the trusted brand for student insurance, and the only insurance provider recommended by NUS.
Endsleigh is an independent intermediary specialising in the provision of insurance and financial products for career people.
Originally founded in 1965 to serve the student market, Endsleigh has since broadened its products and services for graduates and professionals, as well as being the preferred insurance supplier for a variety of trade unions and professional organisations. The company offers a wide range of services including motor, home and travel insurance.
Endsleigh also offers business insurance through Endsleigh’s Business team and financial advice through the Endsleigh Financial Advice team.
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