What do you want to be when you grow up? Despite finally hitting 18 years of life, this question still doesn’t have a right answer. But that’s ok, because you’re an adult, and you can do whatever you want!
This is a crazy time in life, where most people have very few things holding them back from pursuing a passion, yet they still feel rushed. A large percentage of people jump right into university with the goal of getting a degree, but they accumulate thousands of dollars of debt in the process. Others dive straight into the workforce, hoping the jumpstart will put them ahead of their peers
To help guide you in this process, Your Managers has laid out the financial implications of each choice, and where it may lead you in the future.
In Canada today, a large number of Canadians are taking the jump to higher education, vying for the rewards that a University Degree can bring, and why not?! Many of the highest paid salaries come with the requirement of a university degree, including doctors, lawyers, professors, engineers, and more. In most provinces, bachelor’s degree students made on average $10,000 more a year compared to their certificate counterparts, and almost $30,000 more than those with only a high school education. Yet those numbers do come with a price, with the average debt load of students leaving university averaging out at $27,929.
Depending on the province, a leap into an apprenticeship can help you achieve salaries equitable to a degree, but with some real help on the debt load side. In Manitoba, Saskatchewan, and Alberta, Stats Canada reported average salaries of equal or higher than bachelor’s degrees, but that doesn’t mean it’s not a good idea elsewhere. All provinces have apprenticeship salaries $10,000 – $20,000 above High School grads. In Canada, 1 in 7 working people have an apprenticeship certificate, with a whopping 93% of those being satisfied with their current job.
Skip the school and jump right into the workforce is the choice of thousands of Canadians every year! Maybe you’re just taking a break, maybe you don’t know what you want to do, or maybe you’re getting ready to start your own business, it doesn’t matter, because there has never been a better time to go straight to work. 41% of university grads are working jobs that don’t require a degree, and many large employers no longer require one just to get your foot in the door (heard of Netflix?!).
“You’ll never get another chance like this”, is usually the advice of your older peers when you float the idea of doing some traveling. A short time in your life where you are willing to forgo expensive hotels, resorts, and parks, for hostels, beaches, and hiking, mostly due to the lack of dependants, debt, and an abundance of energy. While usually accompanied with a brief stay in the former category, travel tends to be a strict exchange of money and time for experiences, and is a great choice for those who are not yet sure of what they want to do with their life.
Still unsure? Not only can the team at Your Managers help guide you through the financials of this exciting time, but we all once went through it ourselves, so you can be sure to get some proper guidance on each of these choices.