Just few months ago, in the beginning of this year, everyone would’ve been planning for same traditional mode of degree education. Online was there, and in an advanced stage, gaining popularity as well. However, intervention of COVID-19, has shaken up almost every expectation for the next 30 years.
Now, even the most prominent and established educational institutions are openly debating if they can stay relevant over the next 30 years. These institutions have been rooted deeply in the traditional mode of learning and are still a formidable source of world’s knowledge. But these very institutions are now predicting the changes and revamping themselves for the future.
The same future these institutions offer will be present for your child within next few years. Advanced planning and opting for savings plans is a wise way to ensure things remain under control, no matter what. So, here’s what will change, or you should expect to change –
1. Online Will Have Major Role
By now, it is very clear that online is going to be a major factor in future education. Moreover, it will most likely begin with schooling and only gain prominence during higher education. So, if you are already experiencing a bout of ‘schooling from home’ and ‘online classes’ for your five or six-year-old, expect more so for graduation and may be even post-graduation.
Also, your children will most likely end up using the short-term online courses to upskill them throughout their education tenure. While these courses are not expensive the sheer number of them may ensure a higher expense.
2. Traditional Mode Still Relevant
Presence of online does not eliminate the value of traditional classroom mode of learning. Afterall, students need to practice the skills they gain with education in the real world. So, courses like engineering and medical sciences would still need a significant on campus time from students.
Thus, while online gains prominence, offline is cannot be completely out. However, in the light of increasing capital expense in transformation of education, it will be more expensive than ever.
3. On the Job Training – Could Involve Fee
Organisations continually struggle to find ready pool of talent which they can employ with minimum training. However, it has always been a utopian dream. Even with the increase in the number of institutions offering modern courses and infrastructure, industries remain far ahead of the curriculum.
With increasing online curriculum, students may gain good theoretical knowledge with a course but will still need on ground training to be fully functional. This may lead firms to operate internships like educational institutions with an associated fee. This will be quite the opposite of the kind of internship structure we have at present.
But, it does give the students opportunity to become employable quickly, with overall time-cost being lower than the traditional degree course.
4. Education as a Continuous Long-Term Engagement
For a large segment of future professionals, education will be inseparable from their profession. This means, for the first few years of professional life, external financial support may be important for the child.
While continuous education is already indispensable for few professions like medical services, engineering and financial services, other professions are fast catching up.
5. Increased Entrepreneurship Possibilities
Availability of numerous online education options will bring the opportunity for capable students to earn and learn at the same time. However, some of these opportunities, especially in the field of education, can have more serious entrepreneurship opportunities.
Similarly, in the fields of software and application programming, data analytics, digital marketing and other hi-tech services will open new frontiers. But, sustainability of operations will play a crucial role for these future entrepreneurs’ success.
How to Prepare for Future of Higher Education?
Preparing for the future of higher education for your child is not a simple task of letting the ball find its course. The present scenario and speed of change makes it difficult for anyone to feel confident with existing knowledge. Even great financial resources are not a guarantee of success on the way to a sustainable profession in the future.
Here are the three areas you should focus on as parents if you want to ensure a bright future for your child:
Focus on Reliable Information Sources
Critical thinking and power of deducting relevant information from thousands of seemingly conflicting sources is the demand of the hour. While you may find it overwhelming, unless you have grown in the tech-infused environment yourself, your child will have it easier, given that you can point them in right direction.
Source of information is the most important factor if you want to find the most reliable information, whether it is about a profession, course, or university. Equipped with the correct information about the opportunities the child can make a better decision about her future.
Invest in Long-Term Financial Support
Investment in child education plans becomes even more imperative with the uncertainty in the future expenses and living cost needs. The best child education plans will not only offer better long-term investment options but also the following:
Canara HSBC OBC Life’s Invest 4G plan offers all of these benefits and more. Just make sure to choose a life cover sum assured which is more than 10 times of your annual investment. This will ensure tax-exempt status of plan’s maturity value and even let you invest more in future without affecting the same.
Expect a Period of Exploration
Despite all the preparation, information and action, your child may still need some time to settle on the profession. Although the trend of exploration has already begun a few years ago, it is only likely to grow, as the opportunities and knowledge pool grows.
Thus, financial support from parents will make a lot of difference in the quality of life of future professionals. Not to mention, their success in the profession.
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