Adult learners fear cost of education

Thursday, October 20, 2005

The fear of debt and lack of affordability stops many UK adults who are considering gaining further qualifications from doing so.

Research by MINT loans has revealed that although most are aware of the benefits of a further qualification in the sector they work in, 56 per cent see money as an obstacle they cannot overcome.

The findings also revealed that the same people (adults aged 25-50) were more likely to spend their money on entertainment rather than a long-term financial commitment such as a loan to fund their qualification.

"It is disappointing to see over half of the UK’s would-be learners do not act on their aspirations for further learning because of the extra expense in the short term," said Richard Cole, head of product and customer marketing at MINT.

"However, with careful financial planning and sensible funding people can spread the initial outlay needed for a qualification over a fixed period of time by taking out a loan, making the cost far more manageable."

The data published by MINT revealed that on average, those who sought further education were rewarded with a much greater salary than the national average for the sector, and thus a big return on their investment.

On Tuesday, the National Institute of Adult Continuing Education reacted positively to news that the government has agreed to help those students studying part time in the same way as those who study full time.