Graduates earn £12,000 a year more than non-graduates, according to figures from the Office for National Statistics.

The ONS Labour Force Survey (LFS), which measured average weekly earnings over the past 10 years, shows graduates aged between 22 and 64 have a median salary of £29,900 compared to non-graduates, who earned £17,800.

Ed Mellett, founder of WikiJob, says: “These statistics are good news for graduates. With the price of education rising, it is important for graduates to be confident that their degree has academic as well as financial worth.”