New statistics examining the benefits of being an apprentice issued today by the National Union of Students (NUS) have found that 64% of apprentices feel that they are in a better financial position than full time students because they earn a regular wage, have no student loan to pay off and have financial independence, however, findings have also indicated that low wages in some apprenticeships can also create financial difficulties*.
Forty-three per cent of apprentices also feel that they enjoy the same lifestyle as their friends who work full time and because of the discounts that are given to apprentices, through the NUS Apprentice extra card, they are on track to save a massive £147m a year.
In terms of lifestyle, being on an apprenticeship doesn’t put a stop to leading a fulfilled life. Many apprentices have similar interests to their friends in full time employment, including going on holiday, eating out and enjoying shopping trips, yet over half (51%) feel that full time students get more discounts and deals from brands than they do.
Personal financial management is also high on the agenda for apprentices with over a third of those that live at home stating that their parents/carers would like them to improve managing their finances and over a half ensure they redeem discounts as they use their NUS Apprentice extra Card at least once a week with two fifths socialising at least once a week.
Commenting on the results Elizabeth Bone, Student Discounts and Partnership Director at NUS, said:
“The benefits of being an apprentice are clear to see in the survey results with potential savings of over £147m every year. The reassurance of having no student loan to pay off and financial independence as well as the freedom to enjoy a lifestyle similar to friends in full time employment is a big plus when it comes to deciding to become an apprentice. The savings that can be made by using an Apprentice extra card really helps apprentices enjoy a good lifestyle.”
Sue Husband, Director, National Apprenticeship Service said:
“It is fantastic that the NUS Apprentice Extra card offers apprentices many of the same discounts and savings as full time students – with savings available to apprentices for travel, sports, books and technology.
“Through the NUS Apprentice extra card the National Society of Apprentices is able to continue to support apprentices through their learning journey - and this assistance is invaluable to the many thousands of apprentices in England.”
“Having an NUS extra card allows me to stretch my money further, while still enjoying eating out at restaurants and shopping on the high-street.” Holly Hollingworth, aged 19 from Hertfordshire who is on an Advanced Business Administration apprenticeship.
Research carried out by NUS Apprentice extra, February 2018, when they surveyed 1069 individuals.
About NUS Apprentice extra: The Apprentice extra card has been created by the National Union of Students and offers apprentices many of the same discounts and benefits as other learners. Apprentices can now save with over 140 discounts across travel, fashion, fitness, eating out, and entertainment... all for only £11 for 12 months!
The Apprentice extra card provides discounts on the biggest high street brands including 10% off at The Co-op, Amazon Prime Student Membership, 25% off at Dominos, 10% off at New Look, up to 55% off at Braun, 12% off a 16-25 Railcard, reduced price Endsleigh Gadget and Car Insurance and much, much, more!
Money generated from Apprentice extra card sales helps to fund a National Society of Apprentices, who represent apprentices across the UK and offer them support during their vocational training.
*The national minimum wage for apprentices will rise in April 2018, from £3.50 to £3.70 an hour. This is a 5.7% increase, above UK inflation. This rate applies to apprentices under 19 and those aged 19 or over who are in their first year. Apprentices must be paid at least the national minimum wage rate if they’re an apprentice aged 19 or over and have completed their first year. Additional statistics Department of Education FE Data Library - September 2017