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University 'way out of recession' | University 'way out of recession' |
(10 minutes later) | |
Extra university places should be funded as a way out of recession and unemployment, says the Organisation for Economic Co-operation and Development. | Extra university places should be funded as a way out of recession and unemployment, says the Organisation for Economic Co-operation and Development. |
An annual international report comparing education systems says economies and individuals continue to benefit from higher qualifications. | An annual international report comparing education systems says economies and individuals continue to benefit from higher qualifications. |
"The benefits clearly outweigh the costs in every country," says report author, Andreas Schleicher. | "The benefits clearly outweigh the costs in every country," says report author, Andreas Schleicher. |
This year thousands of applicants in the UK missed out on university places. | This year thousands of applicants in the UK missed out on university places. |
"Countries which want to position themselves for after the economic crisis should create sufficient places in university," said Mr Schleicher. | "Countries which want to position themselves for after the economic crisis should create sufficient places in university," said Mr Schleicher. |
"It makes sense to create more places. It means more tax, better health, better participation in society," he said. | "It makes sense to create more places. It means more tax, better health, better participation in society," he said. |
Growing gap | Growing gap |
Despite the expense of university and fewer jobs, the report says there is consistent evidence that higher education is still cost effective. | Despite the expense of university and fewer jobs, the report says there is consistent evidence that higher education is still cost effective. |
"For a young person today, the best way of investing their money remains in education," said Mr Schleicher. | "For a young person today, the best way of investing their money remains in education," said Mr Schleicher. |
A degree remains good value, says Andreas Schleicher | A degree remains good value, says Andreas Schleicher |
A tougher jobs market this year prompted a surge in applications to university in the UK - and pressures on public spending limited the expansion of student numbers, leaving an estimated 40,000 well-qualified applicants without places. | A tougher jobs market this year prompted a surge in applications to university in the UK - and pressures on public spending limited the expansion of student numbers, leaving an estimated 40,000 well-qualified applicants without places. |
But for those who miss out on university, or who leave school with poor qualifications, the OECD report suggests the penalties are growing more stark. | But for those who miss out on university, or who leave school with poor qualifications, the OECD report suggests the penalties are growing more stark. |
As higher-paid jobs are taken by the growing number of graduates, those without qualifications are being left further behind, with deteriorating job opportunities. | As higher-paid jobs are taken by the growing number of graduates, those without qualifications are being left further behind, with deteriorating job opportunities. |
"They are paying a higher price than in the past, as the relative competition for jobs is growing," says Mr Schleicher. | "They are paying a higher price than in the past, as the relative competition for jobs is growing," says Mr Schleicher. |
"We can expect that to continue - poor employment and worse health." | "We can expect that to continue - poor employment and worse health." |
Across industrialised countries, more than four out of 10 adults with low qualifications - such as those with less than five good GCSEs - are unemployed, with most of these counted as long-term unemployed. | Across industrialised countries, more than four out of 10 adults with low qualifications - such as those with less than five good GCSEs - are unemployed, with most of these counted as long-term unemployed. |
In the UK, there is a particularly high level of young people not in education, employment or training - so-called Neets. According to the OECD figures, the level is more than three times higher in the UK than in France. | In the UK, there is a particularly high level of young people not in education, employment or training - so-called Neets. According to the OECD figures, the level is more than three times higher in the UK than in France. |
This divide in employment chances is exacerbated as the numbers going to university increase. | This divide in employment chances is exacerbated as the numbers going to university increase. |
Since the mid-1990s, the proportion of young people going to university in OECD countries has almost doubled. | Since the mid-1990s, the proportion of young people going to university in OECD countries has almost doubled. |
And these graduates are likely be wealthier and healthier - and of greater value to their economies. | And these graduates are likely be wealthier and healthier - and of greater value to their economies. |
The report highlights the competition to invest in higher education among the leading economies - with the number of graduates in the OECD increasing by an average of 4.5% every year for the past decade. | The report highlights the competition to invest in higher education among the leading economies - with the number of graduates in the OECD increasing by an average of 4.5% every year for the past decade. |
This has seen the UK slipping in graduation rates from third place in 2000 to 11th in 2007. | This has seen the UK slipping in graduation rates from third place in 2000 to 11th in 2007. |
The Russell Group, representing the most prestigious universities, warned that spending on higher education had to be increased. | |
"Today's report confirms that the UK is below the OECD average in terms of overall higher education investment," said the group's director general, Wendy Piatt. | |
"We are not only behind the US, who spend over twice as much as the UK as a proportion of GDP, but countries closer to home like Denmark, Portugal and the Netherlands are investing more than the UK." | |
Cash value | Cash value |
For the first time, the OECD has sought to quantify the financial advantages and disadvantages of going to university rather than leaving school and entering work. | For the first time, the OECD has sought to quantify the financial advantages and disadvantages of going to university rather than leaving school and entering work. |
The biggest financial disadvantage is likely to be three years of lost earnings, along with the cost of fees and living expenses for students. | The biggest financial disadvantage is likely to be three years of lost earnings, along with the cost of fees and living expenses for students. |
But these are outstripped by higher earning power. Across the OECD, the average financial advantage gained from a degree is worth £113,000 extra in earnings for men and £81,000 for women. | But these are outstripped by higher earning power. Across the OECD, the average financial advantage gained from a degree is worth £113,000 extra in earnings for men and £81,000 for women. |
There are no separate figures for education systems within the UK, but for a male graduate in the United States, the advantage of going to university rises to £222,000 during a working life. | There are no separate figures for education systems within the UK, but for a male graduate in the United States, the advantage of going to university rises to £222,000 during a working life. |
In England, the funding of university - and the levels of tuition fees paid by students - are set to be examined in a major review carried out by the government. | In England, the funding of university - and the levels of tuition fees paid by students - are set to be examined in a major review carried out by the government. |
University leaders have suggested that tuition fees will have to rise if universities in England are to have sufficient funding. | University leaders have suggested that tuition fees will have to rise if universities in England are to have sufficient funding. |
The Higher Education Minister for England, David Lammy said: "As this latest OECD report shows, the proportion of adults in the UK holding a degree is above average with them enjoying a better return on their qualifications than most comparable countries. | |
"There are currently more students than ever before at UK universities and our support has helped more than 2.8 million people to gain basic skills qualifications since 2001." | "There are currently more students than ever before at UK universities and our support has helped more than 2.8 million people to gain basic skills qualifications since 2001." |
Steve Smith, the incoming president of Universities UK said: "It's vital that we continue to invest in our university sector. Our world-class higher education sector is one of the UK's outstanding success stories." | Steve Smith, the incoming president of Universities UK said: "It's vital that we continue to invest in our university sector. Our world-class higher education sector is one of the UK's outstanding success stories." |
"We know that, as the economy continues to shift towards more knowledge-based activities, the UK is going to need more people with higher-level skills. And of course, these same people - and society generally - benefit from the life-enhancing experience of higher education." | "We know that, as the economy continues to shift towards more knowledge-based activities, the UK is going to need more people with higher-level skills. And of course, these same people - and society generally - benefit from the life-enhancing experience of higher education." |