Every month, ScholarshipOwl conducts a survey amongst college students to develop a deep understanding of the important thing traits affecting Gen Z.
Given the present financial and inflationary circumstances, in January 2023, we determined to give attention to the affect of present financial circumstances on college students’ means to afford the price of faculty. This analysis is particularly vital on condition that some research present that some college students are questioning the worth of faculty. In truth, a 2021 ECMC Group survey confirmed that lower than half of highschool college students wish to go to a four-year faculty, primarily as a result of monetary issues.
Who participated within the survey?
In January 2023, ScholarshipOwl surveyed over 9,000 highschool and college-aged college students on the ScholarshipOwl scholarship platform to seek out out the breadth and depth of the affect of financial circumstances on at this time’s college students. A complete of 9,108 college students responded to the survey. The respondents consisted of: 63% feminine, 36% male, and 1% who recognized themselves as different. 55% recognized themselves as highschool college students, with the overwhelming majority highschool seniors; 37% recognized themselves as faculty undergraduate college students, primarily faculty freshmen; 5% recognized themselves as graduate college students; and three% recognized themselves as grownup/non-traditional college students.
Survey questions
It was obvious that the financial and inflationary circumstances within the new yr had affected tens of millions’ means to afford fundamental items, however how did these circumstances have an effect on scholar’s means to afford the price of faculty?
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The primary survey query was “Have present financial circumstances affected your means to pay for faculty?” The overwhelming majority (83%) responded “sure”, that the present financial circumstances have affected their means to pay for faculty, with simply 17% indicating no affect.
As a follow-up query, we requested, “To scale back faculty prices, which of the next methods are you planning on?” College students chosen all responses that utilized to them.
The overwhelming majority of the respondents chosen a number of methods. Making use of for scholarships and dealing part-time whereas attending college full-time had been chosen most frequently. The total breakdown:
96% are specializing in making use of for scholarships
75% plan to work part-time whereas attending college full-time
38% are prioritizing affordability of the faculty over different attributes (teachers, fame, location, and so forth.)
29% plan to stay at dwelling and commute to varsity and/or attend faculty on-line
13% plan to work full-time whereas attending faculty part-time
8% plan to take a spot yr and/or delay beginning faculty
6% are contemplating working full-time and never going to varsity in any respect
The ultimate survey query requested was “When you may earn at the least one scholarship, would you are feeling extra assured within the worth of faculty? Right here, we discovered a brilliant spot to this survey, with 98% responding that incomes only one scholarship would make them really feel extra assured within the worth of faculty. This bellwether assertion is a transparent indicator that scholarships actually matter. Scholarships not solely scale back the price of faculty, however in addition they reward college students for his or her effort and resiliency, boosting their confidence as they stay up for their future past highschool.
Key Takeaways for Gen Z college students
The survey outcomes clearly point out that the present financial circumstances are having a major affect on college students. Along with financial circumstances, college students are additionally involved concerning the rising price of faculty usually. Collectively, this has resulted in college students in search of a extra reasonably priced path to varsity. A number of the options college students are selecting (working part-time or full-time, taking a spot yr) could not solely delay diploma completion, however may consequence within the scholar dropping out earlier than finishing, or not attending faculty in any respect.
These findings are coming at a time when the perceived worth of faculty has declined, even supposing a latest report discovered that adults with a bachelor’s diploma earn a median of $2.8 million throughout their careers, which is $1.2 million greater than the median employee with a highschool diploma. The report additionally indicated that for each extra degree of schooling achieved, employees are inclined to earn greater than these with much less schooling.
And all of that is additionally occurring throughout a essential time for employers, who’re struggling to fill job openings with certified candidates. Companies have a vested curiosity within the school-to-work paradigm, guaranteeing a talented and educated workforce is on the market to fulfill know-how advances and manufacturing calls for.
Manufacturers may help Gen Z college students forge a extra reasonably priced path to varsity
Regardless of the challenges confronted, the excellent news is that almost all of scholars nonetheless hope to make their dream of a school schooling a actuality. The survey signifies that college students are a wide range of choices to assist fund their faculty schooling, however two options stand-out:
96% of scholars surveyed mentioned that they’re specializing in making use of for scholarships to cut back their out-of-pocket price.
83% of scholars plan to work both part-time or full-time whereas enrolled in faculty.
Manufacturers Are Properly-Positioned To Assist Make These Options Occur:
By means of the ScholarshipOwl for Enterprise platform, manufacturers can create, launch and promote scholarship campaigns to Gen Z college students to assist scale back their price of faculty.
Manufacturers can nurture their relationship with their scholarship candidates, sharing information and details about their merchandise, in addition to selling internship and employment alternatives.
Manufacturers Additionally Profit By Being Half Of The Answer:
When a model launches and promotes a scholarship marketing campaign, that model is now “on the radar” of Gen Z. College students will develop optimistic emotions concerning the model and its merchandise, and be extra curious about studying extra.
When college students apply for a scholarship marketing campaign, they’re opting-in to a relationship with that model. This presents a chance to attach with candidates, after which deepen that relationship over time.
College students in search of internships and employment alternatives will naturally be extra curious about working for firms that care about college students. A scholarship marketing campaign demonstrates the model’s care and concern for college kids much better than an promoting marketing campaign would, and does so for a a lot decrease price. A standard promoting marketing campaign makes college students really feel focused fairly than supported, and could also be ineffective in reaching GenZ.
Scholarship campaigns can also fulfill a enterprise’ philanthropic efforts whereas supporting the corporate’s overarching mission and values.
To search out out extra about creating and launching a scholarship marketing campaign that helps college students whereas assembly enterprise and philanthropic targets, go to enterprise.scholarshipowl.com.
