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With Utah's red-hot economy, locals are considering the value of college education more carefully than ever before. Today's employers desperately need workers and it's tempting for many to jump directly into the workforce.
While requiring an investment of time and effort, college education offers many long-term benefits for both individuals and communities. According to the Kem C. Gardner Policy Institute at University of Utah, higher education not only supports workers, but society benefits from the vibrant economy and high quality of life that comes with having a well-educated populace.
Advantages of higher education for individuals and families
Several studies, including one from Georgetown University, confirm that employees who pursue higher education generally have increased earning power, especially over time. While Georgetown's study acknowledges exceptions, the report concludes that lifetime earnings typically rise with each level of education. Even for those with some college but no degree, lifetime earnings are $300,000 more than those with only a high school diploma. Workers with associate's degrees fare even better, earning about $400,000 more than a typical high school graduate.
Education also promotes economic stability and upward mobility. The Kem C. Gardner Policy Institute report shows those with some post-secondary education are less likely to experience unemployment and poverty. The report also cites that nationally, children of college graduates are more likely to earn higher incomes than their parents.
How higher education improves communities
Utah values higher education and significantly invests in its colleges, universities and technical schools. In fiscal year 2020, Utah dedicated $1.3 billion in state funds to higher education. Such a substantial investment is well worth it. The Utah System of Higher Education estimates that every $1 spent on higher education results in $3 of tax revenue. This kind of return contributes significantly to regional economic vitality and benefits all who call Utah home.
Other societal benefits of a college education include less reliance on public assistance, reduced health care costs and increased voter participation. Nationally, people who have attended college are less likely to participate in programs such as Medicaid and during the November 2020 election, their voting rate was 14% higher than that of high school graduates.
In terms of lower health care costs, college-educated Utahns are more apt to practice healthy behaviors and carry insurance, which improves the state's overall health care system.
Many paths to college education
When thinking of college, people usually assume the primary goal is to earn a bachelor's degree. The fact is there are many ways to participate in higher education. Students with two-year degrees or certificates of completion are often well-qualified to work in many of Utah's high-demand industries. People also turn to college for classes and training to enhance or re-start careers, providing value to employers and financial returns for employees.
Post-secondary education is also increasingly important for finding success in today's workplace. Many of Utah's fastest-growing occupations require some level of higher education, and employers depend on a skilled workforce to maintain growth. As a result, college education leads to more employment opportunities for individuals and strengthens Utah's economy by making the state a desirable place for conducting business.
Invest in a bright future at Salt Lake Community College
With low tuition and fees and more than 120 programs of study, SLCC is a great choice to gain the knowledge and skills needed for success in today's economy. In addition to associate's degrees, our students pursue short-term training and certifications for high-demand careers, including medical assisting, advanced manufacturing, welding, computer programming, cybersecurity, robotics, transportation and more.
If you're worried about the cost, SLCC offers numerous financial aid programs, and hundreds of scholarships for students from every background. Whether you want to earn a degree or pursue specific training, let SLCC help you create a bright future.
For more information on SLCC's programs and aid programs, log on to SLCC.edu.
