The report, entitled Post-16 Education: Learner Participation and Outcomes in England, will show whether opportunities are being made available to offer young people a wide range of options at a time when fewer people are opting for higher education at universities.

Figures from UCAS showed the biggest fall in university applications in more than 30 years, 9% below last year's level. The statistics from UCAS are the first evidence of how would-be students are being put off by fear of debt when fees rise to a maximum of £9,000 next year.

Sarah Thwaites, Deputy Chief Executive of Financial Skills Partnership, said, “Young people may see apprenticeships as an attractive option due to rising university costs. They can be seen as part of the solution to bridge the so called ‘skills gap’ identified by George Osborne, and there needs to be more co-operation across a myriad of stakeholders.  We believe that employers and training agencies need to be actively involved in bridging this gap.”

More young people are now looking at alternative ways to enter the job market. They are keen to identify opportunities whereby they can enhance their CVs and differentiate themselves from the competition.

Sarah Thwaites said, “We know from first-hand experience and our strong relationships with careers advisers and teachers, that young people are confused as to where to start to find out about opportunities. We have recently launched the Directions portal which enables young people to obtain first-hand experience of the world of work in financial services, accountancy and finance. They get to access the opportunities that our sector can offer, understand the skills and behaviours that our industry wants, and build crucial relationships with their future employers. Such initiatives are vital in giving young people the right start in their chosen careers.”