Why Higher Education Still Matters in 2020

Today, higher education is becoming increasingly essential in every part of the world. It’s one of the most crucial sustainable development goals that can make the world a better place. As the last step of formal education, higher education comprises of a bachelor’s degree and more specialized programs like masters and doctoral degrees.

While some people have questioned the relevance of higher education in today’s society, many professionals affirm that higher education plays a significant role in their lives. In its latest poll, WGBH ascertained that 68 percent of Americans claim that higher education will help them get ahead in life. That shows how most people still value higher learning.

Reasons Why Higher Education is Still Important

Higher education contributes greatly to economic growth and development by improving skills and innovation in a country’s workforce. It’s one of the most effective ways to raise the quality of life as it provides immediate solutions to global challenges like health risks.

Now, let’s delve a bit deeper into the benefits of higher education in the 21^st century.

1. Gives You a Competitive Advantage in the Career Market

It is no secret that finding a job in these hard economic times is quite tricky, especially if one doesn’t have excellent academic qualifications. Higher education offers a competitive edge in the job market. People without higher education remain unemployed for longer.

In today’s world, new job seekers compete with experienced personnel who have already been in the job market for a while but are also looking for better opportunities. It is higher education that can set apart well-trained job seekers from their untrained counterparts.

Most employers today prefer hiring personnel with higher education to job-seekers with only high school education.  The higher your education level, the higher the chances of getting hired. In the future, it won’t be easy to get employed without higher education.

As the job market evolves, bachelor’s degrees are also becoming common, lowering their value. A study by the Conference Board of Canada found out that undergraduates who go back to school for more specialized training increase their chances of getting hired.

2. Helps you Learn New and Better Skills

Did you know that people with higher education are great problem solvers in the world? Higher education gives learners the chance to interact with professionals in their fields of study and learn new and better skills. That builds their creativity and critical thinking.

An undergraduate or graduate degree equips you with knowledge and practical skills that you can apply in workplaces. For instance, a degree in business administration increases an individual’s skills in accounting, helping them to understand various financial concepts.

Besides equipping you with practical skills, higher education can also improve your ‘soft skills,’ including communication and team building. Such interpersonal skills are of crucial relevance in any organization and can enhance your competitiveness in the job market.

3. Improves Your Chances of Getting a Better Pay

Most people enroll in colleges and universities to increase their chances of earning more money in the job market. Post-secondary degrees, including bachelor’s, master’s, and doctoral, are a standard route to improve skills and the demand for better pay.

It is no secret that higher education graduates earn more money than workers with only a high school education. According to a 2018 report by the Bureau of Labor Statistics, the median weekly earnings for individuals with the highest education levels were thrice the earnings for those with the lowest education levels.

Earnings potential also varies based on the field of study and work. For example, a master’s degree in engineering is worth more than a master’s degree in education.

4. Promotes Job Satisfaction and Security

Post-secondary degrees tend to result in job satisfaction. With higher education, you get the freedom to pursue the career of your interest, inspiring you to put more effort into your studies. Besides, you also have a higher chance of getting the job you want.

Higher education renders you a valuable asset to a company that you work for, promoting your job security. You won’t get replaced so quickly when the company is recruiting other employees. Workers with lower education levels usually suffer most during job cuts.

Most companies understand that workers with higher education are more productive than those with only high-school diplomas. Some employers will even pay for their employees’ tuition fees to foster their productivity. That shows how much companies value degrees.

5. Encourages Networking

It’s easy to look at the benefits of higher education in terms of better earnings and job security. But what most people forget is how higher learning can contribute significantly to networking. You interact with many, including the professionals in your field of study.

With a well-established professional network, you can learn about job opportunities and scholarship programs before others do. Besides, networking with professionals can also help you get quality recommendations for job applications.

Colleges and universities are also full of professional societies and organizations where you’ll meet and interact with people in your field of study field. It helps you learn about internship opportunities and get direct links to resources that can improve your knowledge.

6. Enhances a Happier and Healthier Life

Communities and societies that prioritize higher learning have happier and healthier lives. Highly-educated individuals actively engage themselves in activities that promote societal development, including volunteer programs, voting, and political interests.

Higher education will also help you understand your capabilities in promoting health and wellbeing. With the knowledge and life skills learned in higher learning institutions, you can healthily improve your life. Your experience can also help the whole world.

It is no doubt that spending years in college or university developing yourself will make you happier. Having a higher education makes you feel contented with your life. Besides, you won’t engage in practices that can risk your health, like becoming a drug addict.

7. Improves Self Confidence and Self Esteem

Higher education will build your confidence, allowing you to speak with courage. After studying in college or university for many years, you can handle any life challenge that comes your way, boosting your self-esteem.

When you complete higher education successfully, you gain a sense of fulfillment that no one can take away from you. Your academic accomplishment will be helpful in your entire life, even if you change your career. You’ll know how to handle situations professionally.

How to Invest in Higher Education

With its numerous benefits, higher education is worth an investment. While it can be costly to invest in higher learning, its rewards are promising. It helps you achieve your career goals to become one of the most valued people in society as well as in the job market.

As you plan for your higher education, you should also think of investing in your children’s future education. If you hail from Canada, you can create an RESP account for your child. It’s the easiest and most profitable way to save for a child’s higher education in Canada.

How Registered Education Savings Plan (RESP) Works

RESPs are government-sponsored savings accounts that help Canadian parents put aside money for their children’s post-secondary education. After opening an account at a reputable RESP company, parents must contribute towards the accounts periodically.

Registered education savings plans come with numerous benefits. The government offers incentives to beneficiaries to encourage savings for higher education. The incentives are in the form of grants and non-taxable growth of all the investments in RESP accounts.

The government guarantees a 20 percent Canada Education Savings Grant (CESG) of all the parents’ contributions up to CA$2,500 per year. In other words, the maximum grant that a beneficiary can receive from the government in a year is CA$500.

According to A Knowledge First Financial Guide on How to Use RESP Money, Canadians with RESPs are also eligible for other grants like the Canada Learning Bond (CLB). British Columbia and Quebec also offer provincial government grants to residents.

All the money in RESP accounts grows tax-free, including investments, capital gains, and government grants. When beneficiaries enroll in a higher education program, they can withdraw the money in the form of educational assistance payments (EAPs).

Conclusion

Higher education helps people address complex issues facing the entire world, including the business, political, and environment sectors. Learners with advanced education can professionally address these challenges with determination.

If you don’t have enough savings to fund higher education, you can apply for financial aid programs that support higher learning. Most organizations offer scholarship opportunities to students with excellent academic capabilities but have no money for higher education.