Students in Fallowfield expresses concern over a new report on cost of living

• A new report shows cost of living is crises impacts the job market of students and apprentices
• Students expresses concerns over report
• expert advises students on the current report

Students in Fallowfield express concerns after a new report from the Institute of Student Employers reveals that the ongoing cost-of living is leading to a notable surge in graduates and apprentices leaving their jobs due to dissatisfaction with pay.

According to the ISE’s research, a sizeable portion of those entering the workforce prioritize higher salaries over career progression. Among 177 surveyed employers, half reported that graduates and apprentices are departing for better-paying opportunities. 

 This marks a notable increase from 2023 and 2022 figures, where 40% cited pay dissatisfaction, and an even more significant jump from 2021 and 2020, where just over a quarter expressed similar concerns. Before the onset of the cost-of-living crisis, graduates typically sought out better progression opportunities rather than higher salaries, as outlined in the report. 

In a recent interview with Edwina, a recent graduate who left her job due to dissatisfaction with pay, she shared her perspective on the current challenges facing new entrants into the workforce. 

Students in Fallowfield express concerns

 she said, “Despite working hard to excel in my role, the rising cost of living made it difficult to make ends meet on my entry-level salary. I focused on career progression at first, but the reality of struggling to cover basic expenses forced me to reconsider my priorities. I finally decided to leave in search of better options. 

Praise, A student from Fallowfield also added,” I am still a student who is graduating soon but there is a lot of pressure on me when it comes to a job due to the inflated cost of living. I must be financially independent, and the high cost of living is getting stressful with me making sure that I get good job experience and a good salary.” 

Ashley Ainomugisha, another student at Manchester University added that everything is harder for her as a student looking at the cost of living now as compared to the previous years. She said: “Looking into the future means it is going to get harder and thinking of a job means prioritising a higher pay over career ambitions. 

Moreover, the study highlights a trend towards increased applications in higher-paying sectors like finance, accompanied by a decline in interest in traditionally lower-paid public sector roles. 

Experts additions

Stephen Isherwood, Joint Chief Executive of the ISE, commented on the findings, stating, “The cost-of-living crisis continues to impact students even after they secure employment. Rising expenses in areas such as rent, travel, and general living costs have outpaced salary growth, leading more individuals to seek out better-paying opportunities.”

Elle Parker, Assistant careers advisor at Manchester Metropolitan University advised students on the kind of jobs to target amidst the high living cost crises. She said “I know that the high cost of living is impacting students and I know recent graduates will go for jobs that have a higher salary. Some of these students go for roles they do not necessarily have experience in due to higher salaries, but I will advise students to enjoy their jobs even though they aim for higher salaries.”  

As the cost-of-living shreds, new graduates, and apprentices face evolvement in the job market sector, with job decision-making relying on salary considerations.