There's one significant concern for every Parent. That is ensuring Children progress to a stable adult future. That would include the ability to earn a living wage, being engaged in a stable career, and living within their means. For many years, the emphasis on rearing Children has been to encourage a College Education. It would be fool-minded for a parent to discourage College, even today. However, some Economist are beginning to indicate it is losing luster. Especially when comparing College to a Trade-Oriented Career and affordability.
Millennial, a term touted quite often today, is an individual born between 1981 and 1996. They are currently aged between 23 and 38. Millennials, over that fifteen year range, are either completing College or fairly well established in their Career. It is dependent on the level or degree of Education they pursued. Now we are entering the Post Millennial generation. That includes Parent's of my generation (Gen-X).
Business Insider, Published an Article (1); Nearly Half of Millennials Say College wasn't Worth It, and the Reason Why is Obvious. The Author cited a clear divide between participants that have already paid-off their College Debt and those that have not. Of those 53%, that felt College was worth the endeavor, 26% responded, "Probably," Yes. Illustrating debate surrounding the question.
Despite Millennial concern over their College Debt, the National Center for Educational Statistics, under the Institute of Education Sciences, published 2017 findings (2) that Higher-Education leads to Higher-Employment rates. This was found for both men and woman alike. Males, making up just 44% of College Graduates were cited as having a slightly higher employment rate, based on percentage. Employment is closely proportionate to non-gender-specific rates. While bias of an Educational entity should be questioned, Employment growth was clearly illustrated for all Graduates.
College Graduates are slightly less likely to be Under-Employed. However, the percentage of the focus group (those Surveyed) is alarming and marginal. These findings were published by both Forbes and the Wall Street Journal (WSJ) (3) in 2018 based upon Studies from, "Burning Glass," and, "The Strada Institute". They found that 43% were Under-Employed in their first job. The term, "Under-Employed," simply means their level of Education wasn't required. Culinary took the lead at a whopping 89%. Homeland Security and Law Enforcement fell slightly but still rose significantly above half Under-Employed, at 69%. Hovering near half were three segments, from least to most Under-Employed; English Language and Literature (45%), Business Management and Marketing (47%), and Biological and Biomedical Sciences (51%). The last segment clearly shifted the averages below half. Engineering was only 29%.
College Enrollment has stayed flat, around 74% (4). Meanwhile, National Unemployment in the USA has declined to very low levels. This years reports, astonishingly, still illustrate a declining Unemployment rate. The U.S. Unemployment was at 4% in January. Economist often cite Christmas Employment Layoffs in January. This year the Economy held steadily. February and March were an indicator of a possible bottom, holding at 3.8%. Surprisingly April showed an Unemployment decline maintaining a Job Growth trend at an amazing 3.6%.
Sizing this all up is a difficult assessment. I believe all Parents have an innate desire to see their Children become adults with integrity. Young adults need to be responsible, intelligent, and willing adults. College is clearly an endeavor to help them rise above others and does not limit Children from pursuing a Trade-Oriented Career. Being Under-Employed, as cited, is not necessarily a negative. Having College can still help obtain higher income over others, in a Career that doesn't require a Degree. However, starting their adult life with a pile of debt makes them swim with lead weights. Parent's influence is limited, as it shifts to guidance. Stashing some money aside to generate passive income for them is likely the most beneficial aid we can provide. My final thought on the pay-off. College Cost has risen eight times faster than wages, according to Forbes.
1) https://www.businessinsider.com/millennials-college-not-worth-student-loan-debt-2019-4; Nearly half of indebted millennials say college wasn't worth it, and the reason why is obvious; Business Insider by Hillary Hoffower - April 11, 2019.
2) https://nces.ed.gov/fastfacts/display.asp?id=561; Employment Rates of College Graduates; National Center for Education Statistics.
3) https://www.wsj.com/articles/study-offers-new-hope-for-english-majors-1540546200; Some 43% of College Grads Are Underemployed in First Job; Wall Street Journal by Melissa Korn - October 26, 2018.
4) https://www.usnews.com/news/education-news/articles/2019-04-25/college-enrollment-stays-flat-at-69-continuing-a-decade-long-trend; US News by Lauren Camera - April 25, 2019.
