Britain’s graduates entering the working world for the first time this year are facing a massive bill of £378m just to get themselves through the office door – that’s nearly £2,000 per graduate, according to a new report.

And when they start work graduates are in for a further financial shock as there is an average 30% gap between what they expected to earn when they graduated and what they’ll actually get.

The study by Norwich Union of more than 500 university and college leavers reveals that they will spend around £230 on clothes and accessories; £50 on books and equipment; £1,500 on a car and £24 on grooming just to get them to their first day at work.

With the average starting salary at £16,000, graduates have a disposable monthly income of just over £1,000, although nearly a quarter admit that their basic outgoing expenditure is more than their monthly wage.

More than a third (36%) of graduates starting work said they live at home and pay rent/keep to their family and one in five fork out £100 or more a month to help pay off their debts.

The research also revealed that three-quarters of graduates leave college with a student loan, with the average debt standing at £13,000 which is more than many will take home in their first year’s salary. Nearly half of these people are also saddled with an overdraft with their bank.

James Evans, Norwich Union says: "The fact is many graduates will probably have to borrow more money just to get them to the office door on their first day. Many will also be weighed down with student loan debt and a bank overdraft that at some point will have to be repaid.”

"While a good degree and landing a first job are great achievements students need to be more realistic about their initial earnings potential and should not get carried away with spending when they start to get their pay cheques."