A new report finds the quest for continued higher education by individuals into their 50s and beyond is a robust, persistent, and widespread phenomenon, and Michigan is part of the trend.
“Late Bloomers: The Aggregate Implications of Getting Education Later in Life” finds the number of older adults in college is rising.
Chris Farrell, author of “Purpose and a Paycheck: Finding Meaning, Money, and Happiness in the Second Half of Life,” says the report points to the need for colleges and universities to become centers for lifelong learning, and not just for the young.
“At a time when four-year institutions are dealing with declining enrollments, late bloomers – this is a potential pool of applicants. Welcoming late bloomers into the academy, that’s an opportunity for growth with the aging of the workforce.”
The report, from the National Bureau of Economic Research, finds that a cohort of those age 50 or older in higher education included at least 1.3 times more women, Hispanics, and Blacks than the cohort of those younger than age 30.
Although research shows late bloomers do get a boost to their wages after they earn their degrees, it is smaller by a meaningful amount than the one received by people who graduate early in life.
