A new study revealed that half of global university graduates and 45% of UK graduates would swap their degree for a trade-based role, if given the chance to start again.
MoneySuperMarket’s survey was conducted among 3,600 degree-holders across 14 countries. It found that while degrees are still considered highly among younger generations, those in their respective careers would consider retraining in hindsight.
Insights analysed by the company found that Google searches ‘trade vs degree’ have increased by 2640% in the past year, averaging 35,000 monthly searches. MoneySuperMarket said this suggests a potential uncertainty among younger age groups around which option would suit them better.
The survey findings found that on average across the globe, half of those with degrees were keen to swap them for trade-based work. South African degree-holders were the most inclined, with 69% interested in retraining, followed by those in New Zealand at 67% and Mexico at 62%.
MoneySuperMarket also revealed the main reasons for Brits seeking to retrain. The highest ranked reason was “being their own boss” at 41% and “not being sat at a desk all day” ranked in second place at 35%. This was followed by “the potential to earn more over time” at 34%.
To explore this further, MoneySuperMarket spoke to vehicle technician Hannah Gordon about the pros of self-employment.
She said: “Being your own boss in this industry is very realistic, many people working in a skilled trade are self-employed and freelance. Giving them the opportunity to work on different projects all around the world.
“Working in a practical and problem-solving way is extremely satisfying and it is the same across all trades – whether you are building a house or installing a new electrical or water system, the progress and end results are what make the job so satisfying.”
Certain industries were more interested in changing up their careers than others, with UK degree-holders currently working in IT and Technology most likely to make the move at 17%. This was followed by those working in education at 14%, healthcare at 13%, government and public sector employees at 12%, and finance and banking employees at eight per cent.
Among those willing to retrain, electrical work was the most desirable trade, both globally and in the UK. In the UK, one-fifth of degree-holders said this field was their preferred choice. According to Check-a-Trade, self-employed electricians on average can earn up to £66,000 annually.
While five per cent of UK degree holders said they wanted to retrain to be a plumber, Google searches for local tradespeople in the UK found that plumbers were the most searched for. The findings revealed that more than 1.1 million searches in the past year suggested a high demand for qualified plumbers.
MoneySuperMarket stated that to work as a tradesperson, there is more than just upskilling required. The company said that investing in the right equipment, vehicle and insurance are paramount.
Kara Gammell, van insurance expert at MoneySuperMarket, added: “When starting out in a trade, it is important that you understand that standard insurance typically won’t provide the protection you need for business use.
“Tradespeople should explore specialist commercial van insurance that reflects how much the vehicle is used, as well as considering add-ons such as tool cover, or goods in transit protection. These add ons can help safeguard your livelihood if something goes wrong.
“Having the right policy in place from day one can help reduce stress and help to avoid unexpected, and potentially costly gaps in cover.”