The Value of a University Education - Assignment Example

?Discussion Essay 2: The Value of a Education. In these days of global economic recession, there is often an extended debate about the value of a university education. The increasing costs of higher education generate doubts as to its necessity and its effective value, both to the individual and to society at large. As governments cut costs, there is a tendency to slash public funding of higher education. This reflects a public perception that a university education is not a significant contributor to societal well-being and does not require public investment. There is a attitude that a higher education only gives added earnings to individuals and, as such, it is does not qualify for public investment. This outlook is flawed in the light of the fact that the predominantly industrial economy of the nineteenth century has now metamorphosed into “a knowledge-centered, as opposed to a manufacturing-centered, economy” (The Task Force on Higher Education and Society, 2000, 17). This change demands a new set of skills. Knowledge is now the new agent of change and betterment. Previously, the literacy and numeracy skills imparted by a primary education were sufficient to power an economy. Now, it is familiarity with advanced theoretical and technological knowledge which increasingly determines the progress of a nation. It must be acknowledged that it is universities which impart the skills and the knowledge required in the contemporary economy. Universities are “‘crucial national assets’, being sources of new knowledge and innovative thinking, providers of skilled personnel and credible credentials, contributors to innovation, attractors of international (and national) talent and business investment into a region, agents of social justice and mobility, and contributors to social and cultural vitality” (Williams and Cochrane, 2010, 2). Universities cater to the acquisition of knowledge by the individual and also create a ripple effect which encompasses the nation. A university education imparts value to the individual, the local community and society at large. A university education is an important contributor to individual well-being. This includes both monetary and non-monetary benefits. The most obvious individual benefit of a higher education is monetary. Studies consistently demonstrate that graduates have higher levels of earnings than high school graduates. According to the US Census Bureau, the median earnings of bachelor’s degree recipients working full-time year-round in 2008 were $55,700 - $21,900 more than the median earnings of high school graduates. Individuals with higher levels of education are more likely to have earnings and more likely to work full-time year round. Eighty percent of college graduates ages 25 or older had earnings in 2008 and 60% worked full-time year-round. In comparison, only sixty-three percent of high school graduates ages 25 or older had earnings, and only 44% worked full-time year-round. When lifetime earnings are computed, the typical bachelor’s degree recipient can expect to earn about 66% more during a 40-year working life than the typical high school graduate earns over the same period. After the fall in employment rates at the start of the economic recession in early 2008, it was four-year college graduates whose employment levels first recovered in 2010, with a 2% increase. Individuals with higher levels of education report greater job satisfaction and derive a sense of fulfillment from their work. Finally, the unemployment rate for university graduates “is consistently about half the unemployment rate for high school graduates” (Baum, Ma and Payea, 2010). Higher education also confers non-monetary benefits to individuals. These include health benefits and an improved sense of self-esteem. As the medical consensus on the adverse health effects of smoking became more emphatic, the smoking rates for college graduates showed a much more rapid rate of decline than that for high school graduates. By 2008, only 9% of college graduates smoked, in comparison with 27% of high school graduates. Again, individuals with higher levels of education are more likely to engage in exercise. This holds good for all age groups. In line with these findings, it is also seen that the rates of obesity are lower among adults with college education than for high school graduates. College graduates have reduced BMI. This correlation carries over to children. Statistics from the National Center for Health show that children living in households with more highly educated adults are less likely than other children to be obese. Again, mothers with higher levels of education are less likely than others to have low-birth-weight babies and are more likely than others to breast-feed their babies. Parents with higher levels of education are also more likely to take their children to libraries and concerts and to participate in community and ethnic activities. (Baum, Ma and Payea, 2010). College graduates are statistically more likely to be involved with their children’s educa­tion both inside and outside of school. Studies show that more than 90 percent of preschoolers whose mothers are college graduates are read to at least three times a week, compared to 76 percent of preschoolers whose mothers are high school graduates. College graduates are also less likely to have illegitimate births (Cunningham, n.d.). Other studies also demonstrate that higher education leads to greater life-satisfaction. In the context of social distance and relationships, it is seen that university graduates have a larger number of close friends and have a better relationship with colleagues, employees and management than high school graduates. College graduates also work in sectors with lower risks of injury or death (Savage and Norton, 2012). The individual benefits of higher education are carried over to the local community. The local community gains substantially from higher education, as universities interact with local and regional consumers in various ways. Universities transform the local communities “through the skilling and re-skilling of the workforce” (Williams and Cochrane, 2010, 2). Many universities recruit local students and transform them into a skilled work force. This skill development is a crucial contributor to increased competitiveness. Universities are large-scale employers and greatly increase local employment opportunities for all skill levels. Staff and students are significant consumers who benefit the local economy through their purchasing power. Universities develop partnerships with local developmental agencies and invest funds in development activities and property development. Universities often engage in local business and community activities. They also play a role in addressing social disadvantages in the locality. A major thrust of policies to counter social inequality and deprivation is through increased economic competitiveness. This obviously requires skill development and the university is best placed to provide such skills. Universities help socially disadvantaged regions by raising and changing aspirations and attainment levels of students and employers, making them aware of the value of education and skills development. Young people who were earlier excluded from higher education and aspired only to get a job are encouraged to become graduates. Universities facilitate access to higher education by establishing satellite centers in the sub-region. This is particularly significant, as socially disadvantaged groups are usually not mobile and there is often a lack of public transport and low levels of car ownership. University staff and students engage in volunteer community activities. Universities give local groups access to university facilities, establish links with museums, art galleries, music venues and theatres, and sponsor local festivals. Here, universities function as agents of cultural change. Academic research at universities is practically applied in community practice through tie-ups with local authorities and hospitals. The presence of a university contributes to regional economic and cultural regeneration and raises the public visibility and prestige of a region. There is improved national and international perception of the region. This encourages new business investments in the region. The competitiveness of the region is increased as universities create new knowledge and also facilitate the exchange of existing knowledge through consultancies. There is no doubt that universities contribute to the economic growth and social cohesion of a region (Williams and Cochrane, 2010). University graduates are seen to experience a stronger sense of belonging to their local community (Norton and Savage, 2012). These local benefits of higher education are magnified in society at large. Society at large derives significant value from higher education. It is widely acknowledged that higher education increases “political participation, electoral turnout, civic engagement, political knowledge, and democratic attitudes and opinions” (Hillygus, 2005, 25). University education curriculum which emphasizes language and civic skills contributes to the understanding of the political process and election campaigns, the ability to research and evaluate candidates and provides access to politically active social networks. Graduates have greater belief in the political process. It is clear that “Graduates not only contribute to the economy but to the cohesiveness of society and demonstrate the attributes of active citizenship” (Murray, 2009, 236). Data shows that graduates are more likely to choose career options which “provide broader public benefits (such as teachers and nurses)” (Norton and Savage, 2012, 45). From another perspective, Bureau of Justice Statistics show that “The incarceration rate for adults with at least some postsecondary education is about a quarter of that for individu­als whose highest educational attainment is a high school diploma” (Cunningham, n.d.).This represents a significant gain for society in the light of escalating prison costs per inmate. There is also a correlation between higher education and racial tolerance and graduates tend to have greater levels of acceptance of people from other religions and races than non-graduates. This ethnic tolerance contributes to the smooth functioning of society (Savage and Norton, 2012). The individual health benefits of higher education translate into substantial benefits for society in terms of decreased national spending on health and welfare. College graduates are more likely to receive health insurance and pension benefits from their employers. Data from the Economic Policy Institute show that 68% of college graduates were covered by employer-provided health insurance, in comparison with 50% of high school graduates. Therefore, college graduates are less likely to depend on social welfare programs and, at the same time, pay higher federal, state and local taxes. Contribution to the tax base increases with higher education. This larger tax base bolsters national social benefits. Higher education reduces public expenditure. (Baum, Ma and Payea, 2010). Most community organizations which contribute to the public good are largely dependent on volunteer work. Statistics show that graduates have a higher probability of volunteering and also spend longer hours in volunteer activity and charitable work (Savage and Norton, 2012). Access to higher education is an important factor in promoting social mobility. The income growth generated by graduates leads to higher standards of living for all society. In terms of the development of the larger society, it is higher education which produces the scientists and engineers who can provide “appropriate solutions in such vital areas as environmental protection, the prevention and treatment of illness, industrial expansion, and infrastructure provision” (The Task Force on Higher Education and Society, 2000, 92). Higher education is also the crucible which produces visionary leaders for social change. It is clear that university education imparts value to the individual, the local community and society at large. Individual benefits are both monetary and non-monetary. Monetary benefits include increased income and consistently high employment rates. Non-monetary advantages range from to better health and healthy lifestyles to a greater sense of well-being and better care of children. In the context of the local community, universities develop the skills of the local community by enlisting and training local students, generate employment opportunities on the campus, participate in community activities, give local community access to university facilities, address the issue of social disadvantage in the locality and raise the prestige and visibility of the region. Society at large benefits in several ways from higher education, with graduates showing greater political participation, decreased crime and incarceration rates, more racial and religious tolerance and less dependence on public welfare programs. The higher wages of college graduates obviously translates into a higher national income, which leads to a healthier population and a better functioning society. The benefits of a university education are indisputable. As it is evident that the benefits of higher education are not confined to the individual alone, but also spill over into the local community and society at large, public investment in higher education is a step in the right direction. University education is the best way to ensure that the well-being of all citizens is enhanced and that the nation retains its competitiveness in the knowledge economy of the contemporary world. References. Baum, Sandy, Ma, Jennifer and Kathleen Payea 2010, Education Pays 2010. The Benefits of Higher Education for Individuals and Society, Available from the College Board, (25 May 2013). http://trends.collegeboard.org Cunningham, Alisa n.d., The Broader Societal Benefits of Higher Education, Available from John Carroll University, (25 May 2013). http://jcu.edu/academic/planassess/planning/files/Planning%20articles/Broader%20Social%20Benefits.pdf Hillygus, Sunshine D. 2005, ‘The Missing Link: Exploring the Relationship Between Higher Education and Political Engagement,’ Political Behavior, Vol. 27, No. 1 (Mar., 2005), pp. 25-47. Murray, Joy 2009, ‘The wider social benefits of higher education: What do we know about them?’ Australian Journal of Education, Vol. 53, No. 3, 2009, 230-244. Savage, James and Norton, Andrew 2012, Non-financial benefits of Higher Education, Available from the Grattan Institute, (25 May 2013). http://grattan.edu.au/static/files/assets/22a1de70/164_graduate_winners_non-financial_benefits.pdf The Task Force on Higher Education and Society 2000, Higher education in developing countries : peril and promise (Extract , Available from The World Bank (25 May 2013). http://www.worldbank.org/ Williams, Ruth and Cochrane Allan 2010, ‘The relationships between universities and their regions in alleviating social disadvantage in the UK,’ Proceedings of the Conference of the Regional Studies Association, Pecs, Hungary. Read More