Winning the heart of today’s student means showing you care about the two things: money and career.
In multiple surveys, Generation Z kids — those born between 1995 and 2014 — show they are more practical than their elders, millennials, and for good reason. The oldest among them started planning for college at around the same time the Great Recession of 2007-2010 hit, and many were among the 73% of the population directly affected. They saw family members — or members of friends’ families — lose jobs as the national unemployment rate rose from 5% to 10%. Some experienced a sudden — and traumatic — drop in standard of living.
Messages of financial stress and duress have flooded our culture for much of their conscious lives.
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Gen Z students are not the only ones prioritizing future income. “Nontraditional” students comprise nearly about half the campus population these days, rendering the term almost moot. About 38% of undergraduates are 25 or over, and 58% of all students are working while taking classes, according to the Lumina Foundation. Another 26% are raising children of their own. If asked, these so-called nontraditional students will tell you their hopes for a better career are the No. 1 reason for investing hard-earned money, time and energy in school.
The wish for greater social mobility isn’t abstract for either Gen Z or nontraditional students. Keeping these students on track for graduation means ensuring they feel as though the school cares about their financial future.
Among all college freshmen, 47% are financially independent (Mom and Dad aren’t helping with school) and a whopping 42% live near or below poverty.
Money is a constant concern.
Five ways to show you care about students’ bottom line
- Market your business as career-focused.
- Highlight career-focused books and merchandise in your store. This could include anything from putting the latest career advice books on prominent display to selling interview clothes.
- Find creative ways for students to connect with alumni professionals. Consider inviting successful alums to networking events on site.
- Help students understand textbook options. Some don’t know how to navigate the complex world of new, used, digital and rental books. Offer services aimed at making these options clear to them so they can cut expenses without forgoing required books.
- Publicize the latest online career resources like WayUp, a job site geared specifically to college students and recent graduates, which just raised $18.5 millionfrom investors.