65% of Irish final year students cite funding as the biggest barrier to post graduate plans
New research from Bank of Ireland shows that only one in ten of final year students are seeking help from parents to fund their choices after college.
New research launched today by Bank of Ireland shows that lack of finance is the biggest challenge facing final year students when they are planning their next steps after college. With well over half of students (56%) planning to take up a full time job on finishing college to fund their post graduate study or travel plans.
Students are demonstrating financial independence and maturity when it comes to funding their plans after college as only one in ten will seek assistance from parents to help with their plans. Despite this independence, almost two thirds (62%) of students feel they have not been taught enough about how to make financial decisions during their time in college.
Travel and seeing the world is an important experience for those about to graduate, with 72% planning on travelling abroad on an extended holiday after college. Nearly half of those surveyed hope to work abroad when they finish their studies, the USA and Canada top the poll as the most popular destination at 59% followed by Australia at 44%. Wanting to travel weighed so high on final year students priority list that nearly two thirds (62%) said they would rather travel for 12 months without any form of technology than move back home with their parents (20%) when they finish college.
In conjunction with this research Bank of Ireland are announcing a new customer proposition for upcoming and recent graduates. The proposition includes a dedicated Graduate Hub, a market leading loan on amounts up to €5,000 at just 5% APR, for those starting their first job. In addition students financing post graduate education can avail of a loan of up to €14,000 at low rate of 5.6% APR. Graduate can also avail of, no banking fees for 2 years on their current account and a student credit card with free travel insurance.
Speaking at today’s announcement, Laura Lynch, Head of Customer Segments & Propositions at Bank of Ireland said, “We are delighted to announce our new graduate offering. We researched and spent time with graduates and asked them what they needed to help them on their way. As a result we designed a marketing leading customer proposition for those who are starting out in their career, going on to further study or travelling. Graduates are looking to take control of their own finances after college and we are here to support them.”
When it comes to seeking out future career advice, personal contacts play a key role with 41% of graduates looking to friends or family contacts to gain insights into future employers. Irish graduates are also planning ahead when it comes to finding the perfect post-college job with 60% beginning the search for full time employment while still studying with this figure increasing to 90% upon finishing their studies.
For more information on the Bank of Ireland Graduate offering see www.boi.com/grad