http://www.pewsocialtrends.org/2014/02/11/the-rising-cost-of-not-going-to-college/
The Rising Cost of Not Going to College
February 11, 2014
For those who question the value of college in this era of soaring student debt and high unemployment, the attitudes and experiences of today’s young adults—members of the so-called Millennial generation—provide a compelling answer. On virtually every measure of economic well-being and career attainment—from personal earnings to job satisfaction to the share employed full time—young college graduates are outperforming their peers with less education. And when today’s young adults are compared with previous generations, the disparity in economic outcomes between college graduates and those with a high school diploma or less formal schooling has never been greater in the modern era.
These assessments are based on findings from a new nationally representative Pew Research Center survey of 2,002 adults supplemented by a Pew Research analysis of economic data from the U.S. Census Bureau.
The economic analysis finds that Millennial college graduates ages 25 to 32 who are working full time earn more annually—about $17,500 more—than employed young adults holding only a high school diploma. The pay gap was significantly smaller in previous generations.College-educated Millennials also are more likely to be employed full time than their less-educated counterparts (89% vs. 82%) and significantly less likely to be unemployed (3.8% vs. 12.2%).
Turning to attitudes toward work, employed Millennial college graduates are more likely than their peers with a high school diploma or less education to say their job is a career or a steppingstone to a career (86% vs. 57%). In contrast, Millennials with a high school diploma or less are about three times as likely as college graduates to say their work is “just a job to get [them] by” (42% vs. 14%).
The survey also finds that among employed Millennials, college graduates are significantly more likely than those without any college experience to say that their education has been “very useful” in preparing them for work and a career (46% vs. 31%). And these better educated young adults are more likely to say they have the necessary education and training to advance in their careers (63% vs. 41%).
The Rising Cost of Not Going to College
February 11, 2014
For those who question the value of college in this era of soaring student debt and high unemployment, the attitudes and experiences of today’s young adults—members of the so-called Millennial generation—provide a compelling answer. On virtually every measure of economic well-being and career attainment—from personal earnings to job satisfaction to the share employed full time—young college graduates are outperforming their peers with less education. And when today’s young adults are compared with previous generations, the disparity in economic outcomes between college graduates and those with a high school diploma or less formal schooling has never been greater in the modern era.These assessments are based on findings from a new nationally representative Pew Research Center survey of 2,002 adults supplemented by a Pew Research analysis of economic data from the U.S. Census Bureau.
The economic analysis finds that Millennial college graduates ages 25 to 32 who are working full time earn more annually—about $17,500 more—than employed young adults holding only a high school diploma. The pay gap was significantly smaller in previous generations.College-educated Millennials also are more likely to be employed full time than their less-educated counterparts (89% vs. 82%) and significantly less likely to be unemployed (3.8% vs. 12.2%).
Turning to attitudes toward work, employed Millennial college graduates are more likely than their peers with a high school diploma or less education to say their job is a career or a steppingstone to a career (86% vs. 57%). In contrast, Millennials with a high school diploma or less are about three times as likely as college graduates to say their work is “just a job to get [them] by” (42% vs. 14%).The survey also finds that among employed Millennials, college graduates are significantly more likely than those without any college experience to say that their education has been “very useful” in preparing them for work and a career (46% vs. 31%). And these better educated young adults are more likely to say they have the necessary education and training to advance in their careers (63% vs. 41%).
