Everybody knows Millennials are disproportionately well-educated and disproportionately under-employed. Right?
Wrong. New Pew Research data reveal that, underneath the graduated-but-can’t-find-a-job stereotype widely reported in the media, there is a whopper of an opportunity for colleges to serve the vast majority of 18-29 year-olds who are still in school and have further ambitions. As well as those who are out of school but plan to return.
Evidence: Only one in five (19 percent) of the 18-29 year-old generation has graduated from college with a degree.
Those in school want more
Four in ten (39%) are still going to high school, college or trade school.
A third (34%) of them plan to graduate from a four-year college. Half of them want to go on to earn a graduate or professional school degree. Only the remaining 16 percent are satisfied with attaining a high school diploma, degree from a community college, or a certificate from a trade or vocational school
Those out of school want to return for more education
Two thirds (65%) of all young adults ages 18-29 who are currently not in school say they plan to go back someday. About a third of all Millennials (34%) are not currently in school, but expect to earn a future college degree. Roughly a third of those (32%) plan to go to graduate or professional school.
|
Educational Profile of
Millennials
Still in school 39%
% currently attending:
College/undergraduate 26
Grad or professional school 5
HS or trade school* 8
Not in school 61%
% who completed:
HS grad or less 34
Some college/trade school* 14
College grad/undergrad degree 11
Grad or professional school 3
*Includes trade, vocational and technical school.
|
Demographics play a role
Women are fifty percent more likely than men to have already graduated from college (21 v. 16 %).
Men are fifty percent more likely to never graduate (36 v. 26%).
Whites are fifty percent more likely to have graduated from college than Blacks and Hispanics (22 v. 10%), and those minorities are fifty percent less likely to graduate (44 v. 29%).
Lack of time and money to blame
Despite their plans and good intentions, about half (48%) of all Millennials are not college graduates or are not currently attending school.
More than a third (36%) of this group say they cannot afford school, a judgment that may reflect high tuition costs as much as it does the impact of the recession.
An additional 35 percent say they don’t have the time. No wonder. Overall, about one-in four 18- to 29-year-olds (24%) are employed and enrolled in school. About one-in-ten Millennials study and work full time, while an additional 14 percent hold part-time jobs.
Only 14% say they are not attending school because they don’t need more education.
So provide the education they want
Enrollment officers who are looking to fill seats, meet diversity goals or are aggressively seeking students for whatever reason can make this information work for them.
1. Perform a gap analysis. The Pew data is an analyst’s dream. Look at your existing student population versus the marketplace potential – men, blacks, Hispanics, age groups, demand for particular programs, etc. If you are light in a particular category, shift your marketing mix to address the opportunity with a segmented strategy.
2. Modify pricing. Sticker pricing is a deterrent to many shoppers. What do manufacturers or retailers do to make cost seem less painful? Change the math. Offer tiered pricing. Restate cost per ... per semester, per credit, per month, per job attainment, without housing. Select the increments your customers naturally want to buy.
3. Add support services. Women, blacks and Hispanics often need more help than white, male, middle class, prep school-educated students. Culturally sensitive advising is essential. Flexibility, relaxed mandatory attendance, night and weekend classes, childcare, blended or online offerings, that meet conflicted students’ work schedules and unscheduled emergencies could be a competitive advantage. Career services are a necessary factor for many Millennial students. Partnerships with local businesses can provide a strong reason to attend a particular college.