The ‘Cost’ of Being an Apprentice
It may feel as though money has been ‘tight’ for some time, however financial analysts are stating that the cost-of-living crisis has ‘only just begun’!
Of course, the current financial situation impacts everyone, particularly those who are already on a low income, so it is not surprising to hear that financial perceptions of undertaking training through an apprenticeship are at a 4-year low. However, despite this, it appears that 7 in 10 parents (72%) have discussed apprenticeships with their child and 27% are more likely to encourage them to do an apprenticeship that pre-pandemic. No doubt the parents appreciate the benefits of ‘learning on the job’, but also the ‘earning while learning’ aspect of an apprenticeship may be a more attractive prospect than ‘no income’ full-time education – any additional income coming into the household coffers being helpful no matter how small.
Even so, in a recent survey by the NUS of 3500 students and apprentices, it was found that 96% of students are cutting back on spending with almost a third left with just £50 a month after paying rent and bills.
Now, perhaps more than ever before, students and apprentices need to be ‘canny’ and make the most of any special offers or cost-saving tips. With this in mind, our colleagues at the Dorset and Somerset Training Providers Network have pulled together these cost-of-living resources to support learners through this difficult period. Support can also be via these sites:
Dorset Council – Cost of Living Help
Somerset Council – Cost of Living Advice and Guidance
Money Saving Expert (Martyn Lewis)
The most important thing is to TAKE ACTION and plan ahead to avoid money concerns – don’t let the current financial crisis restrict your learning choices.