Frontpage News 2013 Give students bett...

Give students better incentives

18 December 2013

The Danish Bankers Association agrees with the Productivity Commission that recommends stronger economic incentives for students, and encourages the politicians to reform higher education.

In its fourth analysis report, ’’Education and innovation’’, the productivity commission recommends that stronger economic incentives are introduced to prospective student, for example, by changing SU to student loans or by introducing tuition fees on higher education.

Denmark spent DKK 124bn on education in 2012. This makes us the OECD country that spends most on education relative to our income. Unfortunately, the proceeds fall short of the investments and several higher educations have low study intensity and high risk of unemployment.
 
Therefore, the Danish Bankers Association encourages politicians to take the report’s recommendations seriously:
 
’’As a society, we cannot afford to invest expensively in young people’s education without ensuring that the same young people afterwards have the right competencies for the job market,’’ points Chief Economist in the Danish Bankers Association Niels Storm Stenbæk.
 
The analysis report shows that the job market increasingly demands graduates from faculties of engineering and social sciences, yet, the increase of graduates from science and the liberal arts over the past 20 years has been significantly higher than the increase in social science and engineer graduates.
 
"We have to look at whether changed economic incentives can encourage more young people to choose the technical and social sciences. Therefore, the Danish Bankers Association concurs with the Productivity Commission's proposal to introduce tuition fees on education, preferably combined with differentiated SU or harder supply management," says Niels Storm Stenbæk.
 
The Danish Bankers Association also supports the recommendation of an introduction of a sort of "label" for higher education which in a simple and clear way gathers relevant information about each program so that prospective students can orient themselves more easily.
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