Apprenticeships in Wales generate more than £1 billion a year for the country’s economy and represent excellent value for money for Welsh Government investment, reveals an important new report.
Foundation Apprenticeships (Level 2) generate around £510 million a year and Apprenticeships (Level 3) contribute £500 million to the Welsh economy, says ‘The Value of Apprenticeship to Wales’, a report commissioned by the National Training Federation for Wales (NTfW).
New evidence from the UK Government’s Department for Business, Innovation and Skills suggests that the return on every pound of public money invested in a Foundation Apprenticeship and an Apprenticeship could be as high as £26 and £28 respectively.
Return on investment is also compared between Apprenticeships and Higher Education courses. A separate piece of research, using different methodology, shows a £74 return for every pound invested in an Apprenticeship compared to £57 for the average degree. The only degrees to generate a return better than an Apprenticeship are medicine and engineering.