Concept and Nature of Financing in Education | How to Stage in Higher Education can be Minimized

QUESTION

Explain the concept and nature of financing in education. how to stage in higher education can be minimized.

Course: Higher Education
Course code 8625
Level: B.Ed Solved Assignment

ANSWER

Concept and nature of financing in education:

Financial literacy is important because it equips us with the knowledge and skills we need to manage money effectively. Without it, our financial decisions and the actions we take—or don’t take—lack an informed foundation to maximize their success. And this can have dire consequences.

· Nearly half of Americans don’t expect to have enough money to retire comfortably.
· Credit card debt has reached its highest point ever.
· Forty percent of Americans can’t afford a $400 emergency expense.

Given the above statistics, it might not be surprising that nearly two-thirds of Americans can’t pass a basic test of financial literacy. To explore the importance of financial literacy, we turned to personal finance experts working in colleges, high schools, and credit unions. Together, the populations they serve span a broad range of ages, incomes, and backgrounds. These educators witness first-hand the impact that financial literacy—or the lack of financial literacy—can have on a person’s life.

We posed the same question to each of them: “Why is financial literacy important?” Here’s what they had to say. For college students, financial literacy is important because the formula for college success today only has two factors: grades and money. Professors and instructors thoroughly educate students on academic requirements and grading policies. It’s often new financial responsibilities and realities that campuses are not adequately educating or preparing students for success.

Research has even shown that students are more likely to drop out of school because of “outside pressures” than poor grades. Student success is no longer constrained to classrooms or defined by academic performance alone. The future success of our students relies on providing opportunities for them to learn, develop, and strengthen core life skills they need today and more importantly tomorrow as successful graduates. Our team is proud to be creating a new paradigm within higher education by bringing the topic of money out of the
shadows. We have become national leaders in our field by confirming that personal financial education services are no longer an exception for today’s students—they are an expectation.”

DEVELOPMENT:

 

The following basic questions were formulated before the methodology development:
• What basic principles should be used as a basis for the methodology?
• Should the ranking be presented in the format of a traditional system of leagues or a system of comparison/correlation of the universities?
• What data should the ranking be based on?

Round University Ranking (RUR) is an international ranking of leading world universities published by the RUR Ranking Agency (Moscow, Russia). The ranking provides a comparison of 930 leading universities from 80 countries around the world for 8 years (2010-2017) according to 20 indicators distributed into 4 areas: teaching, research, international diversity, and financial sustainability. Such a wide coverage, both geographically and temporally, makes RUR ranking a unique tool for choosing universities for study and work, as well as comparing higher education institutions on a global scale. Round University Ranking (RUR) is based on the data provided by Clarivate Analytics (formerly the IP&Science business of Thomson Reuters).

 

RUR ranking is:
• a navigator in the world of higher education enabling applicants and their parents to choose the appropriate higher institution and the way of training;
• a tool for students to choose a higher education institution for their short-term programs or change their main place of study;
• a tool for teachers and professors enabling them to find suitable vacancies and make decisions about cooperation with their colleagues in other universities;
• an assessment tool for the management of universities evaluating the competitiveness of a university on the national and global scale and making the appropriate management decisions aimed at comprehensive improvement of the university’s international competitiveness;
• one of the assessment tools for business evaluating the university and making decisions about cooperation with a particular higher education institution;
• a tool for the state to comprehensively assess the country's higher education system as well as a way of maintaining national prestige.

Publication bias

Publication bias is an issue that can lead to biased results in a meta-analysis. Publication bias occurs when not all research has been published or reported. Studies may not be reported or published because of non-significant results, or because the results are not valued properly by journal editors or by other researchers. When these studies report different results from those in the analysis, bias arises.

The majority of the studies used in this review are journal articles (46.15%). Roughly half of the studies are located outside journals, and the possibility exists that we do not have to cope with publication bias. However, we also want to draw attention to two caveats. First of all, most articles in this review sample are in the field of education economics. A tradition in this field is that unpublished articles are often made available online because of the long time that elapses before publication. As a result, some of our “unpublished” papers may be published in the future. Secondly, it is not really clear what unpublished means in the digital area.

Indeed, most documents can be easily obtained via internet searches independently of being controlled by commercial publishers.

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