Having attended university from 2008 until 2011, I had the privilege to be engaged in higher education amidst the financial crisis. The world faced an economic downturn, with large organisations shutting down and businesses entering administration due to insufficient funds and even higher loans. As a student I felt quite oblivious to this crisis as the money flow for me was still quite sufficient – loans and parents supported me until I graduated from university.
The magnitude of the global economic recession is unparalleled, and this is probably why many students were determined to remain blissfully unaware of what they will meet after graduation. Individuals entering their final year have the unfortunate realisation and experience of the saturated job market and their limited skill-set. Good at communication? Well so are the thousands of students graduating with you. In order to integrate in the job market and secure a job, it has become imperative that students understand the depth and different aspects of the financial crisis.
Basics about the Economic Collapse
The Great Recession (2007-2011) was a result of the global market collapse. This essentially means that companies had far too much debt from banks – leading to their inevitable collapse, as a result of which banks went into administration. The government spent tax money in order to bailout banks , however the downturn of the stock market and the sky-high loans became far too much to handle for the already fragile economy.
As businesses around the world struggled to downsize and avoid bankruptcy, thousands of people become redundant which lead to the high levels of unemployment. The US and the UK experienced one of their highest levels of unemployment during this period as individuals latched onto the welfare and unemployment benefits scheme.
Students: the Brighter Future?
Whilst students studied hard at university in a bid to attain an education for a better life, the economy collapsed and the debt reached astronomical levels. As we left university with our diplomas, people were handed eviction notices and forced to liquefy their companies. When the students of the world were partying hard and spending their loans, the world become a forlorn place for so many that we hit record-breaking suicide rates. Degree in hand and a large debt hovering over our head, we left university with hopes and dreams to land a job which will make university education worthwhile – this question is still to be determined.
My advice to graduates is that utilise the university experience, not just the education, to obtain the best possible result. Every single student at university will eventually obtain a degree, however what sets each student apart from the rest is their personal experiences and attributes. Build upon them while at university to ensure that you become the future of the world. There are absolutely no second chances when it comes to higher education, unless you are OK with having an even bigger loan. Make the most of what you have otherwise its from the line of getting your diploma to waiting in line for unemployment benefits.