Confidence in value of going to university has slumped amid anger over student debt

The latest British Social Attitudes (BSA) survey found fewer people believe university is worth the time and money than 20 years ago.

The number of people saying it is not worth going to university hit a record high of 34 per cent last year, more than twice the 15 per cent who said the same thing in 2005.

Meanwhile, the belief that graduates are better off in the long run has collapsed from 50 per cent in 2005 to 36 per cent.

The findings of the BSA come amid pressure to reform the student loan system, with recent graduates describing it as unfair due to high interest rates and the unlikelihood of paying off the debt.

At the same time, opportunities for graduates have reduced, with 700,000 now out of work and receiving benefits – an increase of 200,000 since 2019, according to the Centre for Social Justice think tank.

Some politicians have also called for a reduction in student numbers and a greater focus on vocational education.

But the BSA most people continue to believe that opportunities for young people to go to university should either increase or remain the same, with only 18 per cent backing a reduction.

However, some 42 per cent of people also said there were too many recent graduates, rising to 49 per cent among those with degrees, with only 10 per cent of the public saying there were not enough.

Alex Scholes, a BSA co-author, warned that declining confidence in universities risked further exacerbating financial problems in the higher education sector.

He said: “Universities are not just education institutions, they are engines of social mobility and economic growth, and play a vital role in defining Britain’s cultural role on the world stage.

“They are also under immense financial pressure, and it appears recent debates about the fairness of student loan repayment systems and the role of AI on the job market have filtered through to people’s views about the value of a degree.

“If public confidence continues to fall, we risk seeing the financial situation become even worse.”

This comes as a coalition, including the University of Hull, issued a fresh warning about the financial crisis engulfing universities.

Destination for Education (DfE), which prepares international students for studying across the country, said that more than 5,000 redundancies have been announced at just 20 institutions in the last year.

Sarah Williamson, DfE spokesperson, said: “International students are central to the success of universities and local economies across the UK, yet recent policy changes are making the country less attractive in an increasingly competitive global market.

“The financial strain facing universities is now having direct consequences for staff and students through redundancies, industrial action and disrupted learning.

“At a time when young people already face significant uncertainty about their futures, it is vital that the UK supports one of its most successful export sectors rather than placing further pressure on it.”