Is university worth it? Yes, both for students and society.

With the holiday season upon us, many young people are no doubt starting to consider their future options. With so many different paths to pursue, Canada’s youth unemployment rate high, and the higher education sector facing unprecedented challenges, it may be natural to wonder if university is worth it. .

In my role as Chancellor of York University, I see these issues happening every day in the lives of students and faculty. However, it is true that universities have value for both students and society. You might think I’m biased, but I have real data to back it up.

Simply put, going to university enriches both students and society in the long term. We need to ensure that students and universities are supported to ensure the widest possible access.

long term benefits

While many students entering the market fresh out of college earn entry-level wages, the reality is that their earning potential has room to grow even further over the long term. People with a bachelor’s degree earn 24% more than the national average. The more education you have, the higher your earning potential.

As the COVID-19 pandemic has shown, college graduates are more likely to find stable employment even in times of economic turmoil. Graduates are also more likely to get jobs that offer a wider range of benefits. Simply put, education increases your chances of finding a fulfilling job and living a longer, healthier life.

There are important benefits not only for individuals but also for society. Canada relies disproportionately on universities compared to other OECD countries to drive research and innovation, which are central to a productive and prosperous economy. Further research reveals that education is central to a healthy and democratic society

In the words of Nelson Mandela, “Education is the most powerful weapon you can use to change the world.”

The world faces many wicked problems, from economic inequality to climate change, geopolitical conflicts, and ongoing wars. Universities and alumni play a key role in addressing these challenges.

resilience training

Technology will never go away and it will never slow down.

A recent study found that more than 60% of Canadians’ jobs could be at risk from AI. Additionally, it is estimated that one in 10 Canadian employees is at high risk of attrition related to automation. Canada’s already volatile job market will continue to be affected.

People with higher levels of education are best able to benefit from technology in ways that complement their jobs. Graduates are also more likely to have the transferable skills needed to withstand workforce disruption.

According to the OECD, AI technologies pose fewer risks for highly skilled workers. In fact, their jobs are less likely to be replaced by automation because they have the critical thinking skills needed to oversee tasks that use AI and automation. Although these technologies are becoming more sophisticated and becoming more capable every day, they currently cannot replicate human cognitive, critical, and decision-making skills.

There is also compelling evidence that students with higher education are more likely to pursue continuing education for upskilling and reskilling, qualities that make students more agile in a changing labor market. There is also research.

The university also supports lifelong learning and builds a more resilient Canadian workforce with programs that help learners reskill while remaining employed and juggling family obligations. We are increasing the number of micro-credentials.

Ensuring access

If Canada wants to meet the growing needs of our students and our country, we must invest in higher education now. I’m very concerned about access, to make sure we don’t leave any talent behind.

According to data from the 2017 National Engagement Survey, 48% of York University’s first and fourth year undergraduates came from families where neither parent had a bachelor’s degree. Additionally, York University’s 2020 Economic and Social Impact Report revealed that 59% of students could not attend university without financial support.

Creating accessible educational opportunities for diverse learners to develop responsive skills is critical to a vibrant future workforce and resilient communities. York University and other Canadian universities have an excellent track record in this regard.

At the same time, social mobility and productivity have declined in Canada in recent years. To address these trends, it is essential to continue to ensure that eligible students have access to university education, including at the graduate level. Just one example is the large number of Canadian students leaving the country to study medicine abroad while Canada faces a significant shortage of primary care physicians.

These are worrying trends, and Canadian universities are working to address them.

investment in university

While the commitment and innovation of our universities is clear, the unfortunate truth is that real dollar funding for most Canadian universities has steadily declined over the years.

In Ontario, recommendations from the government’s Blue Ribbon Commission made a strong case for an urgent increase in funding for universities. In response to changes in Canada’s labor market, the university has developed new programs to meet talent needs in fields such as science, technology, engineering and health. We have also strengthened access through flexible educational formats and strengthened international and interdisciplinary research collaborations to address complex social problems. Universities are also increasing support for students, including activities that help students connect with their careers and become more entrepreneurial and effective.

In short, Canadian universities are one of this country’s most important assets. In order to continue to provide the high-quality education for which we are known and to continue to meet the needs of the communities that rely on us, the University must face financial challenges, especially in light of the intense global competition for talent. It is essential to ensure a sustainable model.

Youth unemployment is high in Canada, and many people are worried about how they will fare in a job market that resembles the Hunger Games. Expanding employment opportunities is necessary and requires cooperation across all sectors. But the data is clear. A college education provides young people with a springboard start and the ability to adapt as they go.

This article is republished from The Conversation under a Creative Commons license. Read the original article.