Personalized funding, the key to increasing demand for vocational training, bootcamps and masters
Considering the economic situation and the complicated employment of families and, in particular, of the youngest over the past year, investment in education has become a key factor in the professional market. A new scenario with high demand and increasingly competitive, as it requires increased training and specialization of candidates.
In the 2019-2020 academic year, total household expenditure on education amounted to € 19,811 million, according to the survey on household expenditure on education published by INE. Of this figure, 79.7% was spent on educational services and the remaining 20.3% on acquired goods related to education. In addition, according to data from the Ministry of Education, the demand for online masters and postgraduate degrees has increased by more than 300% in recent months, both due to the flexibility it offers and the the need for people to adapt their knowledge to the labor market.
Funding for educational services increases by 70% among those under 30
More and more people are turning to private centers for training and strengthening their knowledge with professional courses and masters. The economic effort that families and students make to access this type of training means that more and more people are turning to new forms of payment for the outsourcing of educational products or services. Indeed, funding in this area has increased by 70%, mainly among those under 30 since the start of the pandemic, according to data from Nemuru, a technology platform that connects banks, businesses and consumers to manage 100% online and omnichannel loans.
Likewise, the demand for funding through professional profiles has increased, with commercial, technological, commercial and administrative personnel being the job profiles that most require them to expand their studies. Bootcamps are the courses that lead to the demand for student loans and with the highest amounts, increasing by 74% during this period.
Client funding opportunities increase demand in education sector
Flexibility in offering funded payment and access to student loans is essential for private schools, vocational training centers and bootcamps to generate business, which is essential these days. “Pay-by-finance is something that more and more people are turning to for access to higher value training, as well as for continuing education, which enriches their knowledge throughout their professional careers to keep a job, to find new employment options. We see in the demand for our services that, if schools can offer immediate funding to their students or their families, it helps them to increase their activity by 30% ”, explains Pere Monras, CEO of Nemuru.
Nemurua has just diversified its activity to approach the education sector with the aim of making training accessible to all and thus reducing access barriers. It offers a 100% online process, supporting schools in their digital transformation already present, offering funding of up to € 30,000 to be returned up to 36 months, even after completing the course, although currently the average the terms of the loans were maintained in 24 months.