We’re all feeling the pinch. Here are 5 reasons why uni’s still worth it

August 31, 2023

With cost of living on the rise, we’re all feeling the pinch. Whether you’ve cut the gym membership, or are making meals last longer, many of us are changing our behaviour. Should our study goals change, too?

While a global pandemic caught us all off guard, the surprises of recent times haven’t subsided just yet. A potential recession is forcing us to adapt once again.

From small expenses to big, a magnifying glass is being held up to every cost, in every household. As for future plans? You may feel that earning money now – instead of spending it on your ability to earn in the future – is a safer bet when it comes to your education and career choices.

Here are 5 arguments for the contrary.

1. Higher education increases your earning capacity  

If you’re in the senior years of high school or have just finished, you’re likely watching those who chose trades start to earn cold hard cash already. Meanwhile, a uni degree costs money. What’s with that?

Well, choosing the university route is about playing the long-game. 

You might not see instant financial benefits, but your earning capacity will grow, and likely at a steeper incline, in years to come. Particularly if you choose to continue to upskill as the years tick by.

According to the Department of Education, “higher educational attainment leads to higher total incomes, more diverse sources of income and reduced reliance on the aged pension.”

2. You’re your own biggest asset

When it comes to financial advice, there’s one man the world listens to. And his name is Warren Buffett. 

You might have heard of him. He’s a 92-year-old investor. In fact, he is one of the best-known investors in the world. His advice is revered by those in the game, as well as the every-man.

His advice? “Invest in as much of yourself as you can. You are your own biggest asset by far.” Buffett says.

“Anything you do to improve your own talents and make yourself more valuable will get paid off in terms of appropriate real purchasing power,” he continues.

“Anything you invest in yourself, you get back tenfold. Nobody can tax it away; they can’t steal it from you.” Right on, Buffett.

3. Knowledge is an asset that does not depreciate

Depreciation is what happens when something you buy – be that a car, TV, iPhone or similar, reduces in value – often taking its steepest drop the moment you purchase it, before continuing to decrease in value over the item’s lifespan. 

There are some assets that don’t suffer from depreciation, however. One of which is purchasing property (in most cases). Another? Education.

Education is likely to increase in return on investment. Particularly if, like a flower, a plant or any living thing, you continue to water it, nurture it and watch it grow. 

That’s because once you complete your course, and if you choose to use it in the field, you’ll likely reap back what you spent over the course of your career – and then some.

4. You’re allowed to learn for passion

Sometimes, we make financial decisions that are about desire more than anything else. And that’s completely human.

If following your passion for learning a language, penning poetry or exploring the ancient ruins of Rome is a calling that just won’t quit, you owe it to yourself to follow it.

Even if you don’t see a path to earning from a left-of-field study choice just yet, you may surprise yourself. Many employers look favourably upon the dedication that completing a university course takes – no matter the subject matter. 

5. You can repay your costs once your earning capacity increases

HECS-HELP is a government loan scheme offered to eligible students studying within a Commonwealth Supported Place.

When you study through an approved higher education provider using HECS-HELP, your fees will be covered by the government in the form of a loan. You will then repay your fees once you reach a certain pay threshold in years to come. 

When you do start to pay back your HECS-HELP debt, your payments are taken out as a small percentage of your pay. Many ex-students don’t even notice the difference – as it’s done before they receive their take-home-pay.  

Check out eligibility for a HECS-HELP loan here, or book a consultation with one of our friendly student advisors. They’re experts in helping you access what you’re entitled to.  

With the above facts in your hands, you can now weigh up your future investment in you. Keen to talk things through with a friendly student advisor? We’re here to help.