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31/03/2011
Further Education Boosts Economy By £75 Billion
Further Education participants generate an additional £75bn for the economy over their lifetimes, with Apprenticeships generating around £40 for each pound of Government investment, new research shows.
The study, commissioned by the Department for Business, Innovation and Skills examined the economic value generated by Government funded post-19 qualifications - including Apprenticeships, National Vocational Qualifications (NVQs) undertaken in college and workplace settings and Basic Skills Qualifications. The estimates were calculated using data from the cohort of learners that started qualifications in 2008 / 09.
Key findings include:
“This research adds further weight to our conviction that further education has a vital role to play in ensuring we have the skills that will build a stronger and more balanced economy."
(BMcN/GK)
The study, commissioned by the Department for Business, Innovation and Skills examined the economic value generated by Government funded post-19 qualifications - including Apprenticeships, National Vocational Qualifications (NVQs) undertaken in college and workplace settings and Basic Skills Qualifications. The estimates were calculated using data from the cohort of learners that started qualifications in 2008 / 09.
Key findings include:
- FE participants that started a qualification in 2008/09 will generate an additional £75bn for the economy over their working lives, over and above what they would have contributed if they had not achieved these qualifications
- The benefits include increased wages and improved employment prospects for individuals, as well as benefits to employers stemming from increased productivity
- An apprenticeship is found to add the most value on average, compared to other learning streams. The return on Government investment for apprenticeships works out at around £40 for each £1 of Government funding, when taken as an individual’s first qualification at that level
“This research adds further weight to our conviction that further education has a vital role to play in ensuring we have the skills that will build a stronger and more balanced economy."
(BMcN/GK)
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