Reasons To Do An Apprenticeship - Part One: MoneyPosted: 22nd of July 2015 by
With your life stretching out in front of you, you may be wondering exactly what you are going to do with it. More and more young people are choosing to take the apprenticeship option, because of the opportunities, experience, and qualifications that this route offers. However, a lot of young people still don’t really understand the benefits of the apprenticeship route – maybe even thinking they are something is ‘below’ them without seeing the benefits. Apprenticeships have changed dramatically over the years, and with more focus set to be placed on them in the coming years, here are a few reasons why you might want to consider an apprenticeship:
- Earn While You Learn!
While university students have to pay fees to get their education, with an apprenticeship you actually earn a wage while you train. An apprenticeship takes between one and four years to complete after which you will gain a recognised qualification, but because you are doing real work in a real working environment, you will also get paid. While the apprenticeship minimum wage is lower than the regular working minimum wage, many apprenticeship providers pay over the lowest rate of £2.73 per hour. This amount is set to rise to £3.30 per hour from October. You may also get additional money for books, clothing, or equipment that you need to do your job. You may also get to contribute to a pension scheme or take advantage of employee leisure activities. While the apprenticeship wages may seem low, they can increase as you gain experience, and it has been shown that qualified apprentices earn, on average over £100,000 more across their working life than other employees!
- No Debts
With tuition fees leaving many university students with tens of thousands of pounds when they graduate, many young people are being turned off from the traditional university route. Of course, it is not just tuition fees that are costing university students, as the cost of living is another important factor to bear in mind – with many students borrowing money to cover these costs too! Of course, there are earning thresholds on repayments that ensure that graduates don’t have to start repaying their debts until they are earning a certain wage. However, it doesn’t take away the fact that graduates are entering working life with huge debts to pay back. There are some who doubt that many students will ever be able to pay back the debts they built up during their university years, so you have to ask yourself whether you want to find yourself in a similar position when you are also looking to build your life? An apprenticeship doesn’t have tuition fees, and the wage you earn can help cover the cost of living.
So with no debts, and money while you learn, an apprenticeship can make financial sense right now, as well as for your future – given the extra average earnings apprentices enjoy over the course of their careers.
Check back tomorrow for more reasons for doing an apprenticeship – where we discuss, training, experience, and opportunities!
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