New research has shown that universities inject £1.31bn into the UK’s society every

Students can add over £1bn to society, research has shown

year through wellbeing, political engagement, health and citizenship.

Called ‘Degrees of Value: How Universities benefit society’, the research by think-tank, new economics foundation (nef) and Universities UK, attempts to demonstrate how universities contribute to society by implementing a financial value.

Dr Faiza Shaheen, nef economist and the report’s author, said: “Across a whole range of issues that David Cameron and Nick Clegg allegedly hold dear – from social mobility and community cohesion to volunteering and democratic engagement – universities are already making a huge difference.

“Everyone knows that higher education is essential for a thriving economy. It’s really important that as the government starts to reform university funding and student fees that they don’t inadvertently undermine these social contributions.”

One example is Manchester Metropolitan University which has facilitated above average social mobility in the local area by taking part in outreach programmes, catering to local course demands and offering opportunities for part time students.

The social value of this outcome works out at around £147 million a year.

According to nef, universities improve political commitment whilst adopting interpersonal trust and improving health, which as a direct result benefits the whole population.

Chief Executive of Universities UK, Nicola Dandridge said: “The value of higher education is generally assessed solely in terms of how much money universities generate for the individual, for business and for the wider economy.

“Critical though these considerations are, they tend to ignore the huge public good that universities generate both nationally and locally. This study addresses the often overlooked but fundamentally important ways in which higher education makes for a better society.”

The report formed part of the second annual Universities Week, which takes place yearly from 13-19 June 2011, with the objective to increase public awareness of the wide and varied role of the UK’s Universities.

The week looks towards the many different ways in how universities affect society, from working within local communities, supporting the economy and how research programmes affect the future.

Image courtesy of uniondocs.

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