We're so badly in debt we wish we'd never gone to university

Almost half of people aged between 18 and 35 in the region say they feel that they could have gotten to where they are currently in life without a university degree with young people increasingly fraught about their capacity to afford milestone purchases such as houses and cars in the future due to incumbrances of tuition fee debt.

Research from insurance company Aviva showed that the average disposable income of a millennial, the term used to describe people between 18 and 35, is just £134 per month in Yorkshire.

The average 18 to 35-year-old in the region has debts of £5,543 and millennials in Yorkshire estimate it will take them 12 years to pay off their student debt, a full year longer than the national average.

The cost of a university education has risen steadily in recent years tripling from £3,000 in 2006 to £9,000 currently, with fees set to rise again from 2017 in line with inflation. All of Yorkshire’s ten universities charge the top end amount.

Louise Colley, customer propositions director, Aviva said: “Millennials are plagued with uncertainty about the outlook for their financial futures, an issue which has not been helped by the uncertainty of today’s economic and political climate.”

The National Union of Students’ Vice President for higher education, Sorana Vieru, said: “The £9,000 fees system is a failed experiment

“The Government has changed loan repayment terms to make graduates pay back their loans faster and is now planning a further rise in tuition fees.

“We urgently need to review the funding system, which will force students into a lifetime of debt.”

The poll also revealed other statistics about millennials in the region, with 17 per cent relying on family inheritance to get by and one-in-ten hoping for a windfall by a lottery win.

Nearly six in 10 young people in Yorkshire still receive financial help from their parents, nine per centage points higher than the national average.

Melissa Owusu, Education Officer at Leeds University Union said: “We are a “free education” Union and therefore disagree with all costs attributed to a University education and continue to campaign against them. This data is very worrying and it saddens me to see so many students regretting what should be an amazing and thought provoking experience at University.

“We hope that in the future students from lower income backgrounds won’t be discouraged from attending University but we worry that the government’s further marketisation of the higher education sector and the planned continual increases in tuition fees will only worsen this situation.”

Matt Lent, director of partnerships and policy at UK Youth told The Yorkshire Post: “With young people becoming increasingly concerned about finances, it’s important to showcase that university isn’t the only option.

“Tuition fees aren’t the only financial concern that young people face today with many left with worries about their financial future. UK Youth wants to help empower young people to make the most of their money and feel financially confident. This October we’re launching our new Money for Life programme, funded by Lloyds Banking Group to help young people build their practical money management skills and become financially capable.”