{"id":1127,"date":"2023-05-12T10:33:32","date_gmt":"2023-05-12T09:33:32","guid":{"rendered":"https:\/\/www.redstarwealth.co.uk\/blog\/?p=1127"},"modified":"2023-05-12T10:33:32","modified_gmt":"2023-05-12T09:33:32","slug":"the-economic-benefits-of-libraries","status":"publish","type":"post","link":"https:\/\/www.redstarwealth.co.uk\/blog\/the-economic-benefits-of-libraries\/","title":{"rendered":"The Economic Benefits of Libraries"},"content":{"rendered":"<p>Aside from creating jobs, libraries provide other great benefits to our economy.<\/p>\n<h2>Literacy and Economic Growth<\/h2>\n<p>According to a <a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2207559\">paper<\/a> by Emile Kok-Kheng Yeoh and Kah-Mun Chu:<\/p>\n<blockquote><p><em>\u201cPeople with good literacy skills enjoy a higher standard of living, have better opportunities of finding jobs, and are able to continue to learn new skills that will help them in the workplace. [\u2026] A society\u2019s economic prosperity and literacy have great influence on each other as they jointly grow together.\u201d\u00a0<\/em><\/p><\/blockquote>\n<p>Therefore, higher levels of literacy can be integral to a nation\u2019s economic development. Given that libraries massively help to improve people\u2019s literacy, they can have significant positive long-term economic benefits.<\/p>\n<p>Libraries also provide equal access and opportunity to resources. They allow people to access books, a quiet space to use, internet access, computers, workshops, a social space, and many other things, regardless of their socio-economic background. Therefore, it could even be argued that libraries help to create a foundation for meritocratic society.<\/p>\n<h2>Encouraging Enterprise<\/h2>\n<p>Isobel Hunter, Chief Executive of Libraries Connected, asserts that public libraries are <em>\u201ccentral\u201d<\/em> to encouraging innovation and entrepreneurialism to help the economy recover and grow after economic shocks. She states:<\/p>\n<blockquote><p><em>\u201cLibraries are welcoming, non-judgemental spaces and most of their business services are completely free. It\u2019s understandable that first-time entrepreneurs can feel more comfortable seeking advice from a library than from a bank, trade association or consultant.\u201d<\/em><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-1182\" src=\"https:\/\/www.redstareducation.co.uk\/blog\/wp-content\/uploads\/pexels-pixabay-256431-scaled-e1683126623348-800x508.jpg\" alt=\"\" width=\"509\" height=\"323\" \/><\/p><\/blockquote>\n<p>In their briefing note, \u2018Supporting business and enterprise,\u2019 Libraries Connected found:<\/p>\n<ul>\n<li>98% of surveyed library services offer a form of specialist support for entrepreneurs, start-ups and SMEs (small and medium-sized enterprises)<\/li>\n<li>75% provide free workshops, seminars and training for those starting or growing a business<\/li>\n<li>75% offer specialist advice on intellectual property so that entrepreneurs can protect their business ideas<\/li>\n<\/ul>\n<p>Therefore, for some new and developing businesses which do not yet have sufficient capital or cash flows, libraries can provide invaluable help, due to many of their services being free to use.<\/p>\n<p>To read more findings from this briefing, click <a href=\"https:\/\/www.librariesconnected.org.uk\/resource\/libraries-connected-briefing-note-supporting-business-and-enterprise\">here<\/a>.<\/p>\n<h2>Falls in Funding<\/h2>\n<p><a href=\"https:\/\/www.cipfa.org\/about-cipfa\/press-office\/latest-press-releases\/press-release-library-expenditure-in-great-britain-falls-17-percent#:~:text=CIPFA%27s%20annual%20library%20survey%2C%20published,%C2%A312%2C646%20per%201%2C000%20people.\">CIPFA\u2019s annual library survey<\/a>, published in February this year, found that total expenditure on libraries in Great Britain fell by 17% in 2021\/22 from 2020\/21.<\/p>\n<p>Their CEO, Rob Whiteman, says:<\/p>\n<p>\u201cIt\u2019s encouraging to see that library visits are increasing since the pandemic, but the same cannot be said for funding and income levels, which still lag behind. Libraries are certainly facing a difficult road ahead.\u201d<\/p>\n<p>Therefore, whilst libraries can provide many benefits not just economically, but also socially and educationally, it appears that they are in a tough spot financially\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Aside from creating jobs, libraries provide other great benefits to our economy. Literacy and Economic Growth According to a paper by Emile Kok-Kheng Yeoh and Kah-Mun Chu: \u201cPeople with good literacy skills enjoy a higher standard of living, have better opportunities of finding jobs, and are able to continue to learn new skills that will [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":1128,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[1],"tags":[750,751,755,691,756,763,757,758,597,759,760,753,752,761,754,764,762],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Economic Benefits of Libraries - Red Star Wealth<\/title>\n<meta name=\"description\" content=\"Aside from creating jobs, libraries provide other great benefits to our economy. 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