Getting boos from 16,000 people about student loans was quite an experience…

Martin Lewis opening the Rock Assembley at the O2 Arena

Martin Lewis opening the Rock Assembley at the O2 Arena

It’s not often I get to say: "yesterday I opened at the O2 Arena, for the Transformation Trust Rock Assembly". The challenge was to talk student finance to kids desperate to see Tinchy Stryder, Diversity, Chipmunk, Hadouken! and the rest. But even with the boos, I think I may have pulled it off…

Having expected 13-18 year olds, as I got to the Arena it turned out they were actually 11-16 year olds with many at the younger end of the age group – adding to the pressure, as university funding issues are a long way off for them.

But, at that point I thought what the hell, it’s better to run the very real risk of me dying on my arse, for the chance of getting crucial messages across. And actually, that nihilistic state of mind made it all a lot easier. Especially when virtually everyone I met from the Rock Assembly crew kept telling me how ‘brave’ what I was doing was.

The X Factor trick up my sleeve

Having known this would be tricky (thanks for all your top suggestions), we’d arranged a surprise bit of help. The X-Factor voice over artist, Peter Dickson, came along to do my intro (in X Factor style, playing the ‘celeb hype’ card to try and boost the attention rates) and then bring in each key point for me to explain.

Nothing quite prepares you for hitting the stage with that many people. The excitement was as thick as treacle and the noise like a wall.

I think they were just desperate for the show to get on the road – so I played an easy card first and asked whether they were looking forward to Tinchy SHRIEK, Diversity SHRIEK and Chipmunk SHRIEK - the decibels were louder than Laurence Llewelyn-Bowen’s dress sense.

Then I tried to take that momentum and shift it to: "Now shout out even louder if you want to go to University" – thankfully the shrieks continued.

We can’t let kids be scared of bettering themselves

Many schools invited to attend this charity concert have a large percentage of pupils on free school meals, as they’re from lower income families. So I went straight in, while I knew they were listening, with the meat of the message and said something like:

I’m here to tell you one thing. Whatever you have heard, there is no-one in this room, who if they get the grades and work hard, should be scared they can’t go to university because they don’t have the money. If you want to go, you can."

Hearing them cheer for this really made my day!

The boos were good news too

Tinchy Stryder

Tinchy Stryder


Then I called in Mr. X Factor to read out in his unique style the key points (each displayed behind me in 12 foot text) with me explaining each after. What was fascinating was how they keyed into each response.
  • "YOU DON’T NEED CASH TO GO TO UNIVERSITY" - CHEER

    As I explained that the fees will be paid for them by the government, there was a huge CHEER.

    But, when I went on to the fact that once you graduate, if you earn, and remember most people who go to University earn on average £100,000 more than others, CHEER, you will need to repay it, and there was an almighty BOO!

    Frankly, it threw me for a second. Yet my role as head of the Independent Taskforce on Student Finance isn’t to sell the system, it’s to explain it – so I suddenly thought hell, as long as they get the message, even if they don’t like it, I’m doing it right.

    It soon played out that it was all part of the grammar of this type of event. It’s about a vocal, good natured response that demonstrates they are engaged with what is being said (interestingly when I said the phrase ‘the Government’ there was a large boo too).

And that’s the way it went, from then on they played ‘judges’ to each of the key messages on the screen…

  • "EARN UNDER £21,000 AND NEVER REPAY" – CHEER!
  • "REPAYMENTS STOP AFTER 30 YEARS" – CHEER!
  • "YOU PAY BACK LESS, BUT FOR LONGER AND MORE" – BOO!

    The boo was especially loud when I explained that many of their generation would repay much more than current students.

  • "DONT BELIEVE THE HYPE!"

    At this point I changed the tone and took the volume down to get some silence. I explained that while they will hear lots of diverse views on the news arguing the goods and the bads of the system – that’s about the bigger picture – of the future of the whole structure.

    What they need to focus on, is that if they want to go to university and if they’re bright enough – they don’t need to have the cash and they will only repay if they earn enough once they leave.

That was it, my five minutes were up and I was off (originally I’d also planned to include "£6,000 OR £9,000 – IT’S THE SAME EACH MONTH" and "YOU GET LIVING LOANS OF UP TO £7,675", but when I realised the age group I cut these as it was too much info).

Hadouken!

Hadouken!

Overall I hope the message got across

It’s very difficult to judge how it went with so much noise and all those faces staring back at you. It got the adrenalin pumping through the system (I can hardly remember a word that I actually said). As I came off the guys from Hadouken! who were about to go on, were really kind saying how well it went.

I think I managed to hold their attention through it and get the message across. It’s especially important for social mobility that children from lower income backgrounds aren’t disenfranchised by thinking "I’ll never be able to go to uni", which can easily spiral into defeating all aspirations too early.

They need to understand that whatever their family finances, if they want to go to university it is attainable for them (lower income families actually get much more support see student loans 2012 for more info).

PS. It was filmed, so if I can get the footage, I’ll put it on here.

  • Anonymous

    BOOOOOOO!

  • Anonymous

    My Daughter was there and came home raving about the day, The comment that sticks in mind was ” Martin Lewis was WAY better than Handouken!!” So you did somthing right x

  • Anonymous

    It sounds to me as if it went fantastically well. It’s amazing how much information these younger children can absorb. The fact they are getting it sooner rather than later will help dismiss any anxieties that come from gossip and myths later ‘when the time is right’. Well done Martin – as always clearing the air and setting the record straight!

  • http://pulse.yahoo.com/_FLUCW6RXROO2KJTCHN2PZXAB74 Stu

    If I’m honest, that’s a huge pair you have!
    In a previous life, I’ve stood up in front of ’000s, but I wouldn’t dream of talking to youngsters about finances. It’s like talking to the elderly about future technology

  • http://twitter.com/MartinSLewis Martin Lewis

    This has made my day. Thank you. (I shall also be sending this to my little sister and neice in the hope of getting some ‘cool’ points!)

  • http://www.facebook.com/profile.php?id=698051673 Bryan Davison

    Congratulations on getting through to such a potentially  difficult audience. One thing that caught my attention above is that you say “most people who go to University earn on average £100,000 more than others”. I assume this is over their lifetime and not per year? If it’s the latter, I REALLY wish I’d gone to Uni!

  • http://twitter.com/MartinSLewis Martin Lewis

    Yes Bryan – a lifetime :)

  • http://www.facebook.com/people/Ian-Nicholson/100000752846809 Ian Nicholson

    But according to your own data (here:  http://www.moneysavingexpert.com/family/student-loans-tuition-fees-changes) graduates earning £35-40,000 (like teachers and nurses) will pay back more than £100,000 over 30 years.  That should make recruiting maths teachers challenging!

  • http://twitter.com/MartinSLewis Martin Lewis

    To an extent yes the two facts do mitigate each other – but I think you aren’t quite using the right stat.
    1. The average gain is roughly £100,000 not my stat, the one generally bandied – some gain more some less and I believe (need to double check that is at today’s prices) – while the amount repaid includes inflation and is a lot less than that at current prices. 2. The stat you quote is about STARTING salary of £35,000 to £40,000 – which is a huge amount (average graduate salary is from memory around £20k) and then assumes this salary rises at way above inflation.  Whereas a newly qualified teacher (from a 10 second google) earns £21 (more in inner london) 
    3. At the £35-40k starting salary level, thats much more than a £100,000 uplift over working life.
    Again Im not disputing your point certainly some of the gain of going to university, but I think you may’ve picked the wrong figure (sorry if my data isn’t clear enough) which means it isn’t as big an impact as you suggest.  Hope that helps.  Martin

  • http://www.facebook.com/profile.php?id=665478652 Sajad Hoffman-Hussain

    I have to laugh at this average graduate salary – its £20k if you are in London. Elsewhere you are looking at best between £16-18K …. if you are lucky. And you also don’t take into account the fact that the majority of graduates don’t end up in graduate schemes, so end up on significantly lower salaries. This statistic (and there are lies, damned lies and statistics) about graduates earning over 100K more than non-graduates is pie in the sky in my opinion and does not take into the account the massive efforts this government is going to, to screw the young. Lower pensions, longer working life, and no job security.

  • http://www.facebook.com/people/Ian-Nicholson/100000752846809 Ian Nicholson

    OK, I can see the figures are based on starting salary and assume salaries rise above inflation.  That means that the group who pay most are well-off but not the wealthiest. You’re wrong when you describe it as better than a graduate tax: as well as being unnecessarily confusing it taxes a group in the middle more than those who earn more.  A simple tax on everything above £21k would be better. even better would be a tax on everyone (graduate or not):  I’ve never liked the idea that most graduates earn more and so should be taxed more – the whole nation benefits from a better educated nation.  The average man earns more than the average woman.  The average white person more then ethnic minorities.  Should there be a white male tax?

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