How Economic Conditions Affect Educational Needs
About 10 years ago when the economy was booming all of the companies and employees were very happy. They were satisfied with their work conditions, salaries, and profit margins. The real estate industry was doing well, foreign trade was great, and there was a money surplus in the United States. It’s funny, when all of this was going on, no one was thinking about attending school or furthering their education. Why? Because everyone was making money! The economy and continuing education are actually counter-cyclical. This means when the economy is doing well not as many people are attending classes. It also means when the economy is not doing well more people are going back to school. In this article, we are going to talk about some of the reasons economic conditions affect enrollment numbers in colleges and Universities.
Think about when the economy was doing well and you had a stable job. Were you thinking about furthering your education? Probably not. Many individuals do not feel the pressure or need to go back to school when things are good. Their company is doing well, they are moving up in their department, and they have job security are just a couple of the reasons many individuals put school on the back-burner in excellent economic conditions. Remember when the real estate market was booming? Many of the real estate agents decided to get their license and sell real estate instead of going to college. They were making a ton of money and never thought they would need a degree. Now that the real estate market has tanked more and more agents are going back to school for their degree so they can find a job.
The same goes true for when the economy is in a slump. Many people are enrolling in school for a number of reasons. Whether they want to secure their job, find a job, or want a promotion in hard economic times the education industry actually prospers. More people are going back to school than ever before. Sometimes they even go back to school so they can receive financial aid and use the aid to pay their bills. When times get tough, individuals will do whatever they have to when trying to survive a tough market. If the unemployment rates continue to increase, you can expect more and more individuals to enroll in post-secondary education to complete their degree.