Newspaper article Coffs Coast Advocate (Coffs Harbour, Australia)

Uni or TAFE Pays off in Long-Term; Paul Clitheroe Is a Founding Director of Financial Planning Firm Ipac, Chairman of the Australian Government Financial Literacy Board and Chief Commentator for Money Magazine

Newspaper article Coffs Coast Advocate (Coffs Harbour, Australia)

Uni or TAFE Pays off in Long-Term; Paul Clitheroe Is a Founding Director of Financial Planning Firm Ipac, Chairman of the Australian Government Financial Literacy Board and Chief Commentator for Money Magazine

Article excerpt

AROUND the country, thousands of young Australians are gearing up for their first year at university or TAFE.

Embarking on a tertiary education is a significant milestone, and I reckon one of the best decisions a young person can make is to get some post-school qualifications.

Australia is lucky to have a relatively healthy economy, and our overall unemployment rate of 5.1% is low compared to many developed nations.

But the latest government figures show 39% of people without a job are aged between 15 and 24.

Without qualifications or experience it's very easy for young people to become victims of long-term unemployment.

That's why taking on tertiary study Co be it TAFE or uni, is an investment in yourself that reaps valuable long-term rewards.

The trouble is, tertiary qualifications don't come cheap.

University students, for instance, are asked to pay for their studies through the Higher Education Contribution Scheme (HECS), and popular Bachelor degrees can cost upwards of $20,000.

This doesn't take into account other costs like textbooks and equipment.

Nor does it include lifestyle inconveniences like sharing a flat with several other uni mates and being fourth in line to the shower each day.

But the investment is worth it. A 2009 report by AMP and research group NATSEM found that over a typical working lifetime, young Australians with a university degree can expect to earn $1.5 million more than their peers who stopped studying after Year 12.

To put that in perspective, graduates from uni have almost double the earning power of those who skip it. …

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