London house prices 'cutting off' graduates from best jobs
When you graduate from university, you momentarily feel this sense of freedom which is shortly washed away by the dreaded wave of responsibility. For many young graduates they are faced with the eventful mission of relocating to London, which involves the usual tasks of finding a job, one that pays enough to afford the home you need to work. It’s a vicious cycle; one that is deterring many young individuals from moving to the big city.
A report by the Sutton Trust suggests that the divide between those who can turn to their families for support and those who cannot is growing, with 15% of graduates choosing to live with their parents than the 11% who choose to love on their own.
So what are the reasons behind this? What is making graduates to down these kinds of opportunities? When looking at data it was clear that the areas individuals grew up in played a main role in these decisions. Individuals from privileged backgrounds are more likely to be working and living in London, whereas individuals from disadvantaged parts of the country are less likely to.
As stated by the chairman of the Sutton Trust and of the Education Endowment Foundation, Sir Peter Lampl: “So many of our leading jobs are based in London, yet the current housing situation is making it increasingly difficult for graduates from less advantaged homes to move here.”
So what can be done to help increase these statistics and help graduates follow their dreams and not their savings? Inspiration can be taken from accountancy firms like Deloitte whose new initiative will help graduates intake into housing in the former Athletes’ Village in the Olympic Park.
There is still so much that can be done, but first it’s about encouragement and instilling the responsibility into the individual’s minds.