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Young unemployed give up on pursuing dream career

Press Release - 5 September 2012

‘No-getters’ take first job offered for quick cash

One third (31%) of young jobseekers are not working in the industry they want a career in, with a fretful 37% worried they will never get a job in their preferred field.

In fact, the dream is already over for one fifth (21%) of people aged 18 to 28, who have given up entirely on the career they planned and studied for.

One quarter (25%) have taken a job in another industry because they were so desperate for cash, with this figure rising to 34% for 18 to 21 year olds. One fifth (20%) have battled through unpaid work experience whilst trying to secure their dream job.

According to Amigo Loans, the UK’s largest guarantor loan company, over one quarter (27%) of those people not working in their chosen field will take the first job they are offered, regardless of which industry it’s in.

As 38 per cent agree there are simply too few opportunities in their chosen field, it perhaps come as no surprise two thirds (60%) would prefer to work for themselves rather than fight it out in the job market.

If they do ever get there, young jobseekers could face a career delay of over five years, prompting researchers to dub them the ‘no-getters’. Two fifths (42%) believe they may not break into their chosen career before they are 26 and 12% expect to wait at least a decade.

James Benamor, CEO of Amigo Loans, says:

There are too many talented young business people struggling to get by in the first job they can get, when they could be adding to our economy with their own ventures.

However, half of those budding entrepreneurs (29%) simply don’t think it will be possible to go it alone. The top reasons cited for not starting their own business was a lack of funds. Those questioned believed it would cost an average of £17,000 to set up a business, and 11% believe it could cost a whopping £50,000 or more.

Over three quarters (78%) say they either don’t have enough money saved , or are trapped in their current jobs, having to stay put to keep money coming in. The estimated 8,000 start ups in Britain each week* will no doubt help to boost the UK’s faltering economy, however many young ‘no-getters’ are unable to join the entrepreneurial workforce, as they are locked out of the banking system due to the current credit rating system.

James Benamor adds:

The credit scoring system used by banks often prevents young people from accessing the money they need. Consumers need to be made aware of alternative options for people to start out on their own.

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