Is going to university really worth it?

The question of university’s ‘worth’ is something that comes up frequently in opinion pieces across the political spectrum.

A lot of this discussion is framed around tuition fees and student loans. Because of this, the current conversation on the value of a degree (within the UK context at least) is often framed in fiscal terms. However, while ‘value’ can be understood in financial terms, it can also refer to personal, social, cultural and societal values too: something that is rarely touched upon.

I do not want to focus on the financial debate, as I think these overlooked (or ignored) types of value are worth further consideration. However, the financial aspect should probably be addressed and can be quickly summarised. Despite all the discussion of whether university is financially worth it, the long and short of it according to the data we have is, quite simply, ‘yes’. For an individual, we have data that shows graduates in every region of the UK earn at least a third more and generally earn more over their lifetime than those who could have gone to university and chose not to. From a national perspective, we have data showing that the higher education sector is worth around £265 billion to the UK economy. So, financially, university seems pretty worthwhile for students and the national economy alike.

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Now that the financial bit has been addressed, let’s think about the social and cultural benefits – or ‘value’ – that come with going to university. I am the first in my family to go to university, so I have experienced first-hand the benefits that will never show up on an accountant’s spreadsheet. What’s more, with the benefit of hindsight, I can say I didn’t take full advantage of the opportunities available at university, so there’s even more value than I have experienced myself!

Universities are cultural melting pots that bring together people from all walks of life, whether this is in terms of international students and staff, to different religious and political beliefs, all the way through to domestic differences of class and regional backgrounds from within the UK. 

This is one of the fundamental benefits of going to university. It provides a space where we get to meet people from completely different backgrounds, have our opinions and beliefs (respectfully) challenged, and allows us to learn about different cultures, beliefs and approaches to life that we may never come across otherwise. While this is great in itself, this experience provides life skills as we learn to engage with different ideas, discuss these respectfully, and assess our own beliefs and values in light of these. It also enables us to make lasting connections with people internationally that go beyond undergraduate study. My own experience has allowed me to meet people from 78 different countries!

Building on this, university also allows us to meet people that can end up in professions that we would be pretty unlikely to meet otherwise. While this sort of social and cultural connection is available to some within society, this is not true for everyone. During my undergraduate study, I was fortunate to make friends with some brilliant people that I would likely never have met otherwise. These friends have now gone on to become solicitors, CEOs of their own start-ups, senior managers in different industries, and accountants. If I had not gone to university, I wonder how else I could have met people in these sorts of positions.

Aside from the benefits of meeting such a diversity of people, there are also a wealth of skills that are developed through degree-level study. Irrespective of the topic studied (though some will focus on certain areas more than others), university study equips us with critical thinking, data literacy, adaptability, ‘soft skills’ such as a multicultural education, introduction to new thoughts and beliefs, and respectful debate – all in a setting where you can be wrong or change your outlook and the stakes not be too high. Perhaps most importantly, going to university gives you the time and space to study something you care about whilst reflecting on what you care about: crucial dimensions to working out the career you might want to aim for.

Universities offer a huge array of opportunities if you’re willing to take them up on it. There are opportunities to travel abroad, to gain industry experience, and all sorts of mentoring programmes on offer. What’s more, most have dedicated careers teams who will help with CV building, finding internships and placements, hook you up with a mentor, and offer all sorts of advice on the career journey you think you might want to try out. My advice on this area is to make as much use of these opportunities as possible.

These are some of the benefits I have experienced myself and I think are really important areas to think about when we discuss whether university is still worth it. Yes, the financial discussion matters, but data shows that university still pays off and focusing solely on this part misses so much of the ‘worth’ going to university delivers. Between my own experience and the opportunities that I readily admit I should have taken advantage of, I would argue that university is absolutely still worth it!

Dr Craig Henry Jones is a lecturer in management and society at Lancaster University Management School.

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