The number of students deferring their places at UK universities has dropped 17 per cent, as the popularity of the gap year falls.
Sandwiched between A-levels and the beginning of university, the gap year was once seen as a formative time for young people to go out into the wider world, explore, learn and party.
But this year about 4,100 fewer British and international students opted to push back the beginning of their university courses, figures from the Universities and Colleges Admissions Service show. The number fell from 24,230 recorded last year to 20,130 — a drop of slightly over 17 per cent.
When it came to 17 and 18-year-olds there were 3,320 fewer deferrals, down from 19,480 to 16,160.
The cohort of 16,160 school leavers seeking a year away from study makes up 5.4 per cent of the overall number of 17 and 18-year-olds who have secured places at university, down from 6.5 per cent of last year's total.
"There's been a drop in deferrals this year, bringing the number closer to the usual number we see given the larger number of applications this year," a Ucas representative said. "This shows students feel confident and eager about progressing to higher education."
Students seeking to defer their place at university can go about it via two routes — appealing to the institution to push back their start date or reapply to the course next year.
As students received their A-level results last week, Ucas published a video on Twitter to remind them it is not too late to take a gap year.
“You can consider deferring, in which case you need to speak to the university or college that you currently hold your place at and ask them whether that’s an option for you,” advises the Ucas expert in the clip.
“It may not be possible in all situations, particularly for very selective courses or courses where that break in your academic learning might impact your success on the course.
“But for a majority of universities and colleges, a deferral is an option. And then of course, you can always consider reapplying next year once you’ve done that gap year.”
There has also been a shift among British students in the trend to fly the nest and attend a university far away from home, with increasing numbers choosing to live at home while they study.
The cost-of-living crisis has forced students to reconsider a university experience away from home as they seek to save money on accommodation, food and other bills.
De Montfort University in Leicester is among institutions that have recorded a rise in the number of applications from local students.
Katie Normington, chancellor of De Montfort, said the university was “five or six times busier than we were last year” with pupils looking for places.
“Some interesting patterns really are local students are up, so about three more percentage points of students who have got a Leicester postcode and coming to us,” she told Sky News.
“So a sort of shift to people wanting to perhaps stay a bit closer to home. That will be to do with the economics of it and wanting to live at home while they study.”
Despite the majority of students receiving their A-level, BTec and T-level exam results last Thursday, some candidates in England and Wales who took BTec qualifications still have no news of their grades.
Some students who took Cambridge Technical results have also been affected by the delay.
Ofqual, the exams regulator in England, confirmed on Monday evening that while “good progress” was being made, some awarding organisations were still processing results.
A representative said Ofqual’s “first priority is students expecting results this year”, but added that it is “clearly important that we review what has happened to make sure that students in future years receive results when they expect them”.
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Favourite place in UAE: Al Rams pearling village
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
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Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
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Date started: October 2021
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Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates
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She says: “Everyone has a purpose in life and everyone learns from their experiences”
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