Leading up to YMS18, Vox Pops International, conducted some qualitative research (87 respondents) into students and their opinions towards student finance and university, which unearthed some interesting insights.
As well as a paper survey, Vox Pops took to the streets to interview some respondents on film. Watch the videos below to hear what young people think about their financial situation before, during and after university - in their own words!
70% of pre-university students thought university would be good value for money, whereas only 6% of graduates felt this way.
Out of the current university students, almost a quarter (23%) aren’t sure if going to university is worth the debt, with 57% feeling university is bad value for money.
All 3 groups of respondents knew very little about how much interest they would be charged. Those who were about to start uni represented the most clued-up group, but 70% still didn’t know.
Over half (56%) of post-university respondents didn’t know who they were borrowing from.
All pre-university respondents said going to uni would affect their spending, whilst none of this group had any idea of how to take out a student bank account.
94% of post-uni respondents are with the same bank since graduating and over half of all respondents expressed that they thought uni would be/is/was worth it.
A surprising majority across all of the 3 groups had little knowledge of the full ins and outs of their student finance. However, all 3 groups remained very loyal to their banks. This presents a potential opportunity for the banks, which, by nurturing students through their university years, have a good chance of developing a relationship with students as long term customers.
In regards to university itself, as respondents progressed from pre, to current, to post-university, students seemed to develop the feeling that university was bad value for money. Despite that, the majority of all 3 groups said they thought university was worth it – perhaps this just goes to show how highly students value the life experience gained in the process – either way, it would seem universities may need to do more to convince their students that their money is spent wisely.
To see all of the statistics and insights unearthed by Vox Pops International's research project, click through the presentation below. For more information about how you can use video to bring your insights to life, get in touch with Voxburner’s 2018 media partner, Vox Pops International and find out how they could help.