Economic Impact on Adult Student Programs
I have been asked several times in the last few months how I think our nation’s current economic situation will impact the enrollment of adult (undergraduate and graduate) students in higher education. Without a doubt, this is a question that is on the minds of people who run adult student programs, and the institutions that benefit from them. I wish the answer were easy, but as with all difficult questions about predicting the future, it is not. I do believe, however, that the best indicators of the future may be revealed from the past.
Taking into account that higher education didn’t begin to see truly significant numbers of adults returning to school until the end of the Vietnam War, it’s safe to say that we haven’t encountered this type of national crisis, as it applies to our adult student market, before. That being said, many cities that house colleges or universities have seen tremendous economic uncertainty; mass layoffs, the closing of businesses, and the offshoring of jobs that once held communities and their members in solid financial shape. These communities, and the colleges and universities within them, will tell you that, in most instances, the loss of employment within that community actually created an increase in the number of adults who came back to school to retool themselves for another career.
The other piece of this puzzle, the one that few people talk about, is that the United States is approaching what some consider a workforce crisis. Our country does not have an educationally sophisticated enough workforce to remain competitive in the global economy. In addition, the Bureau of Labor Statistics has forecasted that 24 of the 30 fastest growing jobs between 2004-2014 will require postsecondary education. The bottom line: we are lagging behind; locally, nationally, and internationally we are not well educated enough to remain a major force in our global economy.
So based upon the economic and workforce issues our country is facing, does this mean a college or university can count on an increase in their adult student population? I will answer that question with another; can any college or university count on an increase in their traditional student population? We are not at a time in higher education, nor any industry, where anything comes with a guarantee. The importance of careful planning, strategic maneuvering and evaluation have never been higher. This is truly a time when all options must be carefully weighed when investing limited resources into any market—traditional, returning adults, or graduate students—needs to be considered carefully.
Photo by: caitlinator
