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Scholarship Conducts a survey every month to develop a deeper understanding of Gen Z students. In April, our survey focused on how Gen Z feel about brands that offer scholarships, and how those feelings can influence their interest in the products and services offered by those brands.
Who participated in the survey?
In April 2023, ScholarshipOwl surveyed more than 8,600 high school and college students on scholarship platform ScholarshipOwl to learn more about how Gen Z students feel about brands offering scholarships. Of the respondents, 61% were female, 37% were male, and 2% identified themselves as other. Almost half (48%) were Caucasian, 21% Black, 17% Hispanic/Latino, 7% Asian/Pacific Islander and 7% identified as others.
61% of the participants were high school students, the vast majority of whom were high school seniors; Almost a third (31%) were university students, primarily undergraduates; 5% were graduate students and 3% identified themselves as adult/non-traditional students.
The increasing cost of college has greatly affected Generation Z, leading to a significant rise in student debt, and a reduced ability for some students to attend college. Need-based state and federal aid is available to help low-income students reduce their out-of-pocket costs, but middle-income students are often unable to qualify for this assistance and end up taking out student loans to bear the costs. Low-income students receiving federal or state aid often get student loans because grants cover only a portion of the total cost of attendance. Scholarships offer an often untapped opportunity to cover the cost of college, but there simply aren’t enough scholarships available to meet the need.
Most scholarships are offered by non-profit organizations; However, an increasing number of brands are offering scholarships to not only help meet these unmet needs, but also to help form a relationship with Gen Z students to help achieve their own business goals. Our survey examines the relationship between Gen Z and brands that offer scholarships to determine if scholarships are a viable marketing channel for brands.
The first question in the survey was, “How do you feel about a brand offering a scholarship?” The students chose all of the responses that applied to them.
Nearly three-quarters (73%) of those who responded to the survey said they had positive feelings about the brand offering the scholarship. More than two-thirds (68%) answered that they would feel the brand understands their needs as a student, and 66% said they would feel the brand cares about them and other students like them. More than half (51%) of respondents said they would feel more connected to a brand offering scholarship, and nearly half (49%) said they would feel more loyal to the brand, its products, and services. Only 10% said their feelings about the brand would not change, and only 2% said they would have negative feelings about the brand.
As a follow-up question, we asked, “How do you feel about the scholarship offered by the brand?” The students chose all of the responses that applied to them.
More than two-thirds of respondents (69%) said they would feel the scholarship is more likely to be credible and trustworthy, and the same percentage of students (69%) said they would be more likely to apply for the scholarship. Scholarship. More than half (53%) of respondents said they would feel more interested in the grant since they already have an affinity for the brand, and nearly half (48%) said they would be more likely to share the grant with friends and/or on social media. 12% said they didn’t care who offered the scholarship – that it wouldn’t make any difference to them, and only 1% said they wouldn’t be interested in applying for a scholarship offered by a brand.
The final question in the survey was, “How do you feel about future interactions with the brand?” The students chose all of the responses that applied to them.
Of those surveyed, three-quarters (75%) of respondents said they would like to be contacted about additional scholarships offered by the brand. Nearly two-thirds (62%) said they would like to know more about a brand’s products and/or services. More than half (52%) said they would like to know more about the training and job opportunities offered by the brand, and almost the same percentage (51%) would like to learn about discounts and loyalty programs offered by the brand. 11% said that whether or not a brand offers a scholarship would not affect their interest in the brand, its products or services, and only 1% said they would be less interested in interacting with a brand that offers a scholarship.
Key points for brands targeting Gen Z students.
The survey results show that 99% of Gen Z students will not only be interested in scholarships offered by brands; They would also be interested in interacting with brands offering scholarships. Moreover, the results indicate that once a scholarship is offered, the company gains a significant percentage of the brand among Gen Z students. Brands that offer scholarships have the opportunity to build an ongoing, positive, and loyal relationship with Gen Z students, who are a distinct audience for many companies. .
To start, brands can get creative Scholarship campaigns with the Business scholarship A quick and easy scholarship launch platform for the millions of students who apply for scholarships on the ScholarshipOwl platform. By launching and promoting scholarships, brands can attract, engage, and sponsor Gen Z students to not only achieve their business goals, but also help meet the scholarship needs of students struggling to afford college.
To learn more about creating and launching a scholarship campaign, visit business.scholarshipowl.com.