Figures show that just one-in-eight final year undergraduates are planning to take 12 months off to travel or do voluntary work this summer – the lowest number on record and down by two-thirds in a decade.
Most students are sacrificing a gap year because of mounting competition to find a well-paid job in the economic downturn, it was revealed.
According to research, the number of applications for graduate positions has increased by an “unprecedented” 40 per cent in just two years.
In all, the average student is now applying for a record seven jobs before finishing their final year of university.
The disclosure – in a survey of almost 18,000 final year undergraduates – will prompt fresh concerns over graduates’ prospects as businesses struggle to expand during the recession and public sector jobs are cut to save money.
The struggle to secure employment comes despite students leaving university with record levels of debt.
According to the study, the average undergraduate will owe £19,400 this year, rising to around £30,000 for those taking degrees at some London universities. A quarter of students also have short-term loans or credit card bills that need to be cleared within two or three years, it emerged.
Debt levels are certain to soar next year when student tuition fees almost triple to a maximum of £9,000.
Martin Birchall, managing director of High Fliers Research, which carried out the study, said: “The proportion of final year students planning to take time-off or go travelling after their studies is at an all-time low and record numbers of students are now opting to research their career options in their first or second year at university, rather than leaving job hunting until the final six months.”
The study – based on a survey of students at 30 universities across Britain – found that just 12 per cent were taking a gap year, down from 17 per cent in 2009 and 20 per cent in 2001.
At the same time, students are applying for graduate jobs in record numbers.
More than four-in-10 undergraduates now start making applications as early as September or October in their final year – almost 12 months before graduating, it was revealed.
In all, students are chasing seven jobs each, rising to almost 12 among those from the London School of Economics and 10 for University College London students.
The study said: “Together, these results account for an unprecedented 40 per cent rise in the overall volume of job applications compared with two years ago.”
Some 360,000 job applications have been submitted by students at the 30 universities so far this year, compared with 343,000 in 2011 and 257,000 a year earlier.
Source: Graeme Paton, Telegraph.co.uk, Tuesday 22nd May 2012
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