The importance of investing in education at any age or stage in your life can never be overstated. Whether you’re a school leaver, a mid-career professional, or after personal growth, mastering new skills or developing existing ones can be transformative. 

Learning is key if you want to embrace technology, drive forward a side hustle you’re passionate about, or study for a degree to enhance your role. Education, skills, and qualifications can open doors, create exciting job opportunities, and enrich your life. 

This article explores avenues of education, examines current trends, and looks at potential future developments around paying for education.

School Leavers and University Costs

For many school leavers, university remains a popular choice for further education. A degree provides not only in-depth knowledge in a chosen field but also develops critical thinking, research skills, and personal growth. 

Universities are increasingly emphasising employability skills alongside academic knowledge. This includes integrating work placements, internships, and industry projects into degree programmes. The goal is to produce graduates who are not only academically proficient but also workplace-ready. Organisations are redefining traditional education with employability-led learning initiatives that encourage students to engage with businesses and industry while completing their degree. 

University applications and investing in a degree on either a full- or part-time basis remains popular. According to recent UCAS reports, 316,850 UK 18-year-olds have applied to university or college in 2024, up 0.7% from 2023. These figures are in spite of the financial challenges and worry from students about the debts they’ll incur once they graduate. Indeed, one of the biggest costs of university is the course with tuition in England and Wales at £9,250 (and free in Scotland). 

While students might take out loans to pay for their undergraduate tuition, the annual amount varies and need to take into account rising rents, food, and other associated costs. Some students are lucky and call on the Bank of Mum and Dad to help fund their education. Others might have older relatives or grandparents who leave money in a will or gift funds in a well-planned legacy to help loved ones with educational expenses.

Personal Value of Lifelong Learning

Continuous learning throughout life has numerous benefits, including improved mental health, increased social engagement, and a sense of personal accomplishment. Many local councils and community centres offer adult education classes, while universities frequently provide public lectures and free short courses that are open to all. 

In recent years, there has been a shift to digital learning which has accelerated the adoption of online learning courses and seen the emergence of new technologies. Many institutions now offer hybrid learning models, combining in-person and remote instruction. This shift made education more accessible to those with work or family commitments, as well as students in remote areas. 

With so many expenses to think about, research different ways to fund your studies and the other costs you need to account for. For anyone planning their finances, online or distance learning can work out to be less expensive with all things considered.

Apprenticeships that Bridge Education and Employment

However, an increasingly attractive alternative to traditional and more costly university routes is the degree apprenticeship. The apprenticeship focus was highlighted in the 2024 Government election, with proposed reforms to the existing schemes topping incoming Labour’s agenda, with one announcement alluding to future apprenticeship changes and explaining the need to correct current rigid rules that ignore vital skills and training needed to access apprenticeships. 

According to some, apprenticeship programmes offer the best of both worlds: academic study alongside practical work experience. The apprenticeship pathway allows students to earn while they learn, graduate debt-free, and gain valuable industry experience. 

Career Movers and Reskilling for Job Progression

In an age of rapid technological advancement, employer’s embracing emerging AI tools, and subsequent changes and challenges within the job markets, students, graduates, professionals and career movers need to adapt. This means learning and updating their existing digital skills or pivoting to find new career paths. 

Online courses, professional certifications, and part-time degree programmes offer flexible options for those looking to enhance their employability without leaving their current jobs. Meanwhile, ‘micro-credentials’ have gained significance in recent years. They offer a flexible, targeted way to help people develop knowledge, skills and competencies they need for their personal and professional development.

These short, focused courses provide specific skills and knowledge that are immediately applicable in the workplace. Many universities and higher educational institutions offer microcredentials, often in partnership with industry leaders and create work placements that allow students to stay current in their fields or explore new areas of interest. Microcredentials are a great way for employees and employers to address recruitment and upskilling. 

Looking Ahead

In addition to the apprenticeship reforms, other key educational areas might change under the new government or be debated further down the line, such as:

• Skills Gap Focus: Further efforts to align higher education offerings with industry needs, particularly in areas like technology, healthcare, business economics, and green energy.
• Funding Models: There may be discussions around tuition fees, student loans, and alternative funding mechanisms, including supporting students with special educational needs and disabilities (SEND), to make higher education more accessible.
• Research and Innovation: Continued investment in research capabilities to maintain the UK’s position as a global leader in innovation.
  
  In addition, supporting education and graduates will likely remain a priority especially regarding graduate employment schemes, promotion of lifelong learning accounts, and maintaining international academic partnerships. 

Education is a truly valuable long-term investment at any age. Calculating the cost versus the returns is a no brainer when you realise the long-term and significant benefits that continuous learning provides. This is true whether you’re on your first course, changing careers, or pursuing new skills to fulfil a personal dream. 

With so many different choices, however, you can accelerate your career path or learn how to start a company with a business degree that can also challenge and connect you to a wide net of industry professionals. And… for anyone who is celebrating graduating in a ‘class of 2024’ – congratulations to you all.

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Thank you to Dakota for writing this blog!

Dakota Murphey is an established freelance writer who regularly contributes to a number of authoritative resources online. She specialises in eCommerce, Digital Business, Marketing, Public Relations, Human Resources, Company Growth and Cybersecurity.

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