MILLIONS of school-leavers in the rich world are about to bid a tearful goodbye to their parents and start a new life at university. Some are inspired by a pure love of learning. But most also believe that spending three or four years at university–and accumulating huge debts in the process–will boost their chances of landing a well-paid and secure job.
Their elders have always told them that education is the best way to equip themselves to thrive in a globalised world. Blue-collar workers will see their jobs offshored and automated, the familiar argument goes. School dropouts will have to cope with a life of cash-strapped insecurity. But the graduate elite will have the world at its feet. There is some evidence to support this view. A recent study from Georgetown University’s Centre on Education and the Workforce argues that “obtaining a post-secondary credential is almost always worth it.” Educational qualifications are tightly correlated with earnings: an American with a professional degree can expect to pocket $3.6m over a lifetime; one with merely a high-school diploma can expect only $1.3m. The gap between more- and less-educated earners may be widening. A study in 2002 found that someone with a bachelor’s degree could expect to earn 75% more over a lifetime than someone with only a high-school diploma. Today the premium is even higher.
One thought on “Angst for the educated A university degree no longer confers financial security”
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A college education has other benefits besides the tangible one of a high salary. Some people enjoy
learning for the sake of learning; it exposes you to new ideas and concepts. Not to mention the fact that connections can be made in college which can be useful later on in one’s career. A degree also shows prospective employers that the candidate is tenacious and has the ability to set a goal and execute it.