How important is a college degree to the new generation?

In the last couple of decades or so, higher education has changed drastically. In the 90s, it was the rich and privileged ones who were able to afford a college education. Then, in the following decade, a college degree became a success mantra for better jobs and eventually a better life. However, one problem has remained constant over the years. A college degree is still expensive and still a luxury.

On average, a student has more than $30,000 of debt by the end of his college. After this, there are problems with employment. A lot of students take loans which they find difficult to pay back later. There are many who can’t even think to afford it.

Despite such high tuitions, universities and colleges have not been able to keep pace with the digital age. Today the employers want someone flexible with technology, receptive to changes and someone from the digital age.

According to a survey by the World Economic Forum, less than 30% of companies believe that they have people with ‘digital talent’. There is high incompetency in the digital field. This is not only for the US, but all major developed and developing countries.

With the new generation coming up and observing their elders with debts and poor digital knowledge, they have decided to go for more employable skills rather than a costly 4-year college degree course. They look for the return on investment (ROI) aspect. Cheaper and better-paying jobs have started to take over.

College degree not as attractive as it used to be

It was the time when younger generations were instructed to get on their foot, get a job, pay off debt and then do whatever they like. Well, it looks like the generation Z doesn’t believe in these principals and abandoning them.

It’s a matter of time when the universities start to understand that the conventional means of getting a job are being replaced. In the coming college degrees won’t be as important as they once used to be for a job.

Getting an internship serves the purpose way better. Companies or institutions, rather than charging students for teaching them the work, pay them with stipends and incentives. 

With this, the traditional college and university culture are going to take a huge hit. College degrees won’t fade out, but they sure have started losing their charm. The employers, on the other hand, are happier with their interns who can serve them with digital talent.