College isn’t as interesting as it used to be, right? Well, that’s how Gen Z thinks about it. Gen X and Baby Boomers had an amazing college experience that was full of debt-free opportunities. But this isn’t the same for Gen Z.
New figures have been released by the National Student Clearinghouse Research Centre, US. The report says college enrollment across the country has dropped by half a million students, followed by a 400,00 drop-off in 2020. This was partially caused by the pandemic and online learning which is at no discount to the cost of admission fee.
COVID is one of many reasons why Gen Z is avoiding college. Other reasons include financial circumstances, people falling ill, and some losing interest in attending college.
6 Reasons why Gen Z is rejecting university:
- Higher Fees:
Education much more expensive now than it was in the past. Not everyone can afford it. 25 per cent of young college graduates with student loans say they are living comfortably in comparison to 45 per cent of young college graduates. 67 per cent of generation Z indicate their top concern is being able to afford college. Whereas, one in five opts for a debt-free alternative. - Increasing Education Alternatives:
75 per cent of Gen Z is looking for other education alternatives. Like MissionU, CAPS, Theil Fellowship, and a lot more. - Lengthening Life and Innovative Terms:
The Global life expectancy has increased from 31 in 1900 to 71 in 2015. As Medicine and Technology continue to advance, humans will live longer.
Dell technologies predict that many jobs which will exist in the year 2030, haven’t been invented yet.
Gen Z is asking only one question: How will a 4-year degree help me for my 100+ year career in this competitive world? Consistency is all they need in learning and developing new skills which can help them in the future. - Education is Going Corporate:
Gen Z is opting for companies that provide college-like training rather than going to MNC’s.
James Manyika, Chairman, and Director of the McKinsey Global Institute said:“On college campuses, something unusual is happening: [Generation Z] students are asking corporate recruiters whether companies will help them get new skills as jobs shift.”
- Shifting Priorities for Parents:
Boomers viewed education as a dream. Millennials saw it as a cultural norm and now, Gen Z is beginning to see it as something for law and medicine only. The need for education does differ through generations. Many think that the only reason college remains relevant today is because of societal pressure. - Growing Gig Economy:
Gen Z believes that they would be entrepreneurs rather than employees when they graduate.
Brad Smit, Intuit’s CEO says:“The gig economy…is now estimated to be about 34% of the workforce and expected to be 43% by the year 2020.”
Growing up in a gig economy has made a lot of difference in how Generation Z views employment and the education required to begin working.
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