Barclays launches new graduate fund

• UK graduates spend an average of £550 to land a job after leaving university
• 54% of graduates have turned down a job interview because they can’t afford to attend
• To give university leavers a helping hand, Barclays is offering them the chance to apply for up to £550 to cover the costs of finding a job

Research from Barclays has today revealed the true cost of getting onto the career ladder after university, with the average graduate attending four interviews and forking out a total £550 to land that all important job offer. Costs include:

• £80 on purchasing appropriate clothing
• £90 on travel and accommodation
• £205 on additional courses to improve employability
• £175 on software or additional resources to upskill

61 per cent of graduates revealed that prospective employers won’t cover even the basic costs of the interview, such as travel. As a result, over half of graduates (54 per cent) admitted they have turned down interviews, or simply not applied (51 per cent) as they can’t afford to attend.

Meanwhile, 48 per cent of graduates have had to borrow money from family and friends, take out a credit card, or go into their overdraft to cover the costs of attending an interview.

To help graduates focus on securing their first pay cheque, rather than worrying about what they will have to pay out, Barclays has launched its first ever Graduate Fund, with up to £20,000 available to help those seeking employment after university.

UK graduates who left college or university in 2018 can apply for up to £550 from the fund from 8^th to 21^st October 2018 to cover costs associated with finding their first job, including clothing, travel and training¹

Josie Clapham, Managing Director, Community Banking at Barclays, said: “Graduating from university and starting your first job should be a really exciting time, but the associated costs can be daunting for many – particularly when those finishing their studies in 2018 are estimated to have accumulated over £50,000 of debt².

“We understand how stressful and challenging this time can be for new graduates, and we want them to be able to focus on finding the job that's right for them - rather than fretting about whether they can afford to attend an interview. We hope the Barclays Graduate Fund will go some way to support graduates as they take their next steps and look forward to a bright future.”

The Barclays Graduate Fund hopes to support job-seeking graduates looking to move forward from education into their chosen careers.

To apply for the fund, graduates simply need to visit www.barclays.co.uk/current-accounts/higher-education-account/ to download an application form and return the completed form to barclaysgraduatefund@hopeandglorypr.com by 6pm on Friday 19^th October.

For more information about Barclays Graduate Accounts, visit: www.barclays.co.uk/current-accounts/higher-education-account/

¹ Graduates can apply for up to £550 for any one of the following categories

• • Interview clothing

  • Travel to and from an interview

  • Accommodation during an interview

  • Training and development

  • Tools and resources to upskill

^{2  https://www.ifs.org.uk/publications/9334} 

About the Graduate Fund:

The total Graduate Fund value is £20,000.

• To apply for the fund, any graduate who finished their degree in 2018 need to:

• Visit www.barclays.co.uk/current-accounts/higher-education-account/ and download an application form

• Complete the form with their details, reasons for applying for the fund, and the amount they are applying for

• Return the completed form to barclaysgraduatefund@hopeandglorypr.com

• Graduates will hear is they are successful by Friday 2^nd November 2018

• Applicants do not need to be Barclays customers to apply for funding from Barclays Graduate Fund.

About the Barclays Graduate Account (Higher Education Account):

• Graduates are eligible for up to a £3,000 fee-free overdraft in their first year after graduating (subject to status)

• Graduates can earn cashback at over 150 retailers across the UK with Barclays Blue Rewards

• For full information and benefits of Barclays Higher Education Account, visit: www.barclays.co.uk/current-accounts/higher-education-account/

About the research:

Research carried out by Mortar, surveying 1000 Graduates in August 2018

For more press information, please contact:

Courtney Lee

Courtney.Lee@barclays.com

+44 (0)203 5550 464

+44 (0)7788 358 993