It’s no secret that I love languages. Their ability to unite across cultural boundaries and grant new perspectives fascinates me. And if that wasn’t enough of a reason to learn a language, consider both the cognitive and financial benefits of multilingualism.
Numerous studies have found that learning a new language supports increased brain development. Two years ago, a team of Scottish researchers looked at a group of 800 people who had been given intelligence tests in 1947 (at the age of 11) and then again in 2014. The researchers found that the adults who spoke a second language reached a level of intelligence that was higher than the level they were expected to reach according to their 1947 results. This conclusion clearly supports learning a foreign language as promoting brain development.
But these benefits are not solely limited to your brain: Your wallet can expand as well! With growing interdependence among countries, multilingualism is becoming an increasingly important asset, especially in the workplace.
Today, the most prosperous economies in the world are driven by open- and free-trade principles. This requires constant interaction with people from all around the world, people from vastly different cultures. To successfully participate in this globalized economy, it’s important to recognize that not everyone will speak your language (that would be a rather pretentious assumption). In fact, a study conducted by the Cardiff Business School in Britain calculated that lack of foreign-language proficiency in Britain costs the British economy about $80 billion each year -- that’s 3.5 percent of the country’s GDP.
Taking the time to learn the language of, say, your major trading partner can actually help you better understand and communicate with the people of that country, especially if you are in a business such as advertising. For instance, we’re all familiar with the American Dairy Association’s “Got milk?” campaign to encourage the consumption of cow’s milk. Well, when the ADA extended these ads to Mexico, it translated the slogan as “Tienes leche?” which means “Are you lactating?” -- probably not the message they were trying to send. It’s quite surprising that an American company would make this mistake translating to Spanish, the second most-commonly spoken language in the United States after English.
Indeed, the law of supply and demand plays a significant role in determining the economic value of various languages. MIT economist Albert Saiz calculated that speaking Spanish is worth $51,000, French is worth $77,000, and German is worth $128,000. These values have nothing to do with the inherent qualities of the languages themselves. Rather, German is the most profitable language of the three because although Germany is a trade powerhouse, not many Americans speak German — at least, not as many compared to the number of Americans who speak Spanish. Therefore, to maximize your earning potential, learn a language which is in high demand, but low supply.
As college students exploring potential career paths, we can all benefit from keeping foreign language studies in our plans. Regardless of your motives, learning another language is fun and expands your social circle -- and, if nothing else, your wallet will thank you.
