The Education " Money Trap " !

It is now familiar lore that without a university education todays children are destined to join the vast majority who will face long term unemployment as the world embraces both robotics and AI.  Gaining that all important degree is fast becoming an obsession with many parents who make sacrifices to ensure that their children attain the " good life " !

Unfortunately, we are seeing many students both failing to adjust to university life and dropping their studies because they are not mentally tuned to academic study.  In Australia, they walk away owing a HECS debt, but many overseas students studying at our universities pay full fees upfront.  In most cases, that money comes from their parents pocket.

Education in Australia is one of our major export industries.   We gain a whopping £ 21.8 billion annually educating the world's children and our universities are magnets for attracting students from both China and India. In foreign eyes, an education in Australia is deemed far superior to what is offering in their home country.

That Australian university education used to almost guarantee both a good job and a big salary.  The number of people who now attain university qualifications is diluting the job markets and this is specially prevalent in China.  A survey of 150,000 Chinese overseas students has revealed that they now make only 500 Chinese Yuan ($100 ) more a month than Chinese educated university graduates.

The problem is that for the average Chinese parent the cost of sending their sole son or daughter for an Australian education is financially crippling.  In many cases they can only raise that sort of money by selling their home and many make that sacrifice in the expectation that it will bestow wealth on their child.  In China, a lack of welfare results in most children caring for their parents in their old age.

The warning sign is both loud and clear.   If this flow of overseas students diminishes sharply our universities will be in dire financial trouble.  Melbourne's big Monash university gained income of $ 652 million from overseas students last year - and that was an increase of 23 percent on the previous year.

We seem to becoming hostage to public opinion.   The pundits are emphatic that we are facing a jobs drought and the uneducated are doomed to penury, but not all children are suited to academic study and many are being pushed into universities who would be better off learning a trade.  We are now finding that most trades deliver as good a financial return - if not better - than many qualified people in professional fields.

Unfortunately, the solution is not in our hands.   Chinese parents were artificially forced to limit family size and consequently they bestow great hope on a single son or daughter.   Their hopes often exceed that persons ability to cope with their expectations, leading to financial disaster.

We can only await the inflow of students finding its own level, but we would be wise to strictly monitor the credentials of learning institutions offering education in this country.  Some have recently closed their doors, leaving students stranded without promised diplomas and doubt has been cast on their achievement levels.  It is essential that oversight achieves probity to maintain the integrity level that makes Australia a worthy educational destination on the world stage.