NOT so many moons ago, only the most academically able kids went on to university. The rest of us took jobs in banks, insurance companies and even accountancy firms and went to night school - either that or an apprenticeship at the local colliery.
Today, an astonishingly high percentage of young people benefit from three or four years at college or university. And, being an honorary graduate of Napier University, I understand the thrill of graduation day. But what happens after this?
What is the financial future for so many young people in Scotland? Is it really as bleak as everyone is saying? Or are there practical ways of getting out of debt, paying back tuition fees (if you attended an English university) and stepping on to the property ladder?
According to the Higher Education Statistics Office, more than two million UK residents have graduated from Britain's universities in the past five years but only 41 per cent have bought their own homes.
This is clearly having an impact on school pupils. Engage Mutual published research this week that found that nearly one in four young adults aged 18 to 24 were writing off going to university as a waste of time and money. I am an advocate for innovative "offset" products to relieve the burden on young people and parents, but this will need wider thinking from the Treasury.
I applaud political commitment across the spectrum to affordable housing for first-time buyers. But I also believe there is ample opportunity for new products with better long-term incentives tied into future pension provision and savings.
I know that doesn't help young people in the here and now. However, I think some products are moving in the right direction. For example, Scottish Widows Bank, based in Edinburgh, has some interesting products. I like the 102 per cent graduate mortgage with or without a guarantor option, but it also has a 110 per cent professional mortgage, with or without a guarantor option.
I know young people who are looking at interest-only mortgages - then using increasing equity to
remortgage in a few years. With the average property price for graduate first-time buyers now at £122,045 and having risen 14 per cent in the past year alone, this isn't such a daft idea.
But I would advise anyone considering this to speak to an independent financial adviser.
? Jim Spowart is chairman of peopleschampion.com, a price comparison website based in Edinburgh
