For back to school, CBC published this article: It’s a new school year. Here’s what some are saying about the value of getting a degree | CBC News
And Ian Hanomansing had this podcast: Is a university degree still worth it? Cross Country Checkup with Ian Hanomansing | Live Radio | CBC Listen
This is OCUFA’s response:
As the voice of more than 18,000 faculty, academic librarians and academic professionals, we at OCUFA are the first to agree that yes, university has become very expensive due to the chronic underfunding from the provincial government.
But, while very expensive, university education is still very much worth it.
First, university graduates earn significantly more throughout their career. Statistics Canada proves this: in 2020, within Ontario’s 35-44-year-old population, on average,
- A high school graduate made $46,960
- A college graduate made $56,550
- A university graduate with a bachelor’s made $80,100
- A university graduate with a master’s made $90,700
So, if you had a bachelor’s degree instead of just a high school diploma, you will on average earn an additional $33,140 in salary per year. For the rest of your working life. That is significant! That university tuition has paid for itself within 1 year. That is like getting a new car every year, or going to Disneyland ten times a year.
Second, not only do university graduates make significantly more money, they are also a lot more resilient during economic downturns. In 2023, the unemployment rates in Canada were:
- High school grad: 5.6%
- Postsecondary diploma or certificate: 4.1%
- Bachelor’s degree: 4%
- Above bachelor’s degree: 3.8%
The differences were even more stark in the years following the 2008 financial crisis, where university grads were less likely to lose their jobs and if they did, were able to bounce back much quicker.
Finally, university education is often on the cutting edge of future job growth areas, such as AI, biotechnology, urban planning, space travel, groundbreaking arts and music programs. Notably, the Conference Board of Canada pointed out that for every one dollar spent for a university education there is a 40% return on investment. While that is the monetary value, the value of university graduates to the health and social capital of a country’s society and democracy is unmatched.
Thanks to the government’s chronic underfunding, only very few can now afford the university experience – living in residence, learning critical thinking, making lifelong friendships – without being saddled with a large debt, much less reap its financial returns.
The question is not whether universities are still worth it, but rather, why have we let our government off the hook in properly funding public universities so that everyone who wants a university education and a promising future can get one? Education – including university – is as much of a right as health care and roads. It’s time we demand the Ontario government to step up and properly fund public universities to give our youth the brightest future possible.