College was once widely viewed as a pathway to success, but today only about 1 in 4 Americans say a bachelor's degree is necessary to secure a well-paying job, according to a new
survey from the Pew Research Center.
Fifteen years ago, about 3 in 4 people
told Pew that a college degree was extremely or very important to get ahead in life. The shift comes as higher education costs continue to soar, with some universities now charging close to
$100,000 per year for tuition and other costs.
At the same time, employment opportunities and earnings for young men without college degrees have improved in the last decade, reversing some of the economic damage that eroded the group's fortunes starting in the 1970s.
"Things are looking up for less-educated young men," Richard Fry, senior economist at Pew, told CBS MoneyWatch. Americans' changing views about college could be based on "not just improving labor markets and outcomes for less educated young men, but it's also clear that there is concern about borrowing for college."
Young men with only a high school degree have seen a slight rebound in their earnings since 2014, Pew found. The median annual income for men 25- to 34-years-old without a college degree was $45,000 in 2023, a 15% increase from $39,300 in 2014 when adjusted for inflation, according to Pew's analysis of Census data.
But the data from
Pew's analysis clearly shows that the typical college graduate today not only earns far more than their counterparts with only a high school education, but also is able to amass much greater wealth as well. In other words, a college degree opens the door to a lifetime of higher earnings, which, in turn, helps unlock ways to build wealth such as jobs with 401(k) plans and stock equity plans.
That's not to say that young workers without a college degree can't also earn higher incomes or build wealth. For instance, people who go into trades like plumbing or welding typically earn higher incomes. The median annual pay for plumbers is $61,550 — significantly higher than the typical $45,000 in annual income for high school grads,
according to the Bureau of Labor Statistics.
But that's still far below the $77,000 median annual income for young male college grads and below the $65,000 median income for young women with college degrees.
All plumbers and electricians are not business owners. There are only 14,000 licensed electricians and 10,000 licensed plumbers in NJ. A significant increase in these professions would affect their income dramatically. Rutgers posters still realize a college educated our earn a high school degree grad since all on the board push their kids to a college degree.
I have not seen one poster say they have a kid not going to college or going to be a plumber, only mention their kids going to elite schools, in most cases, better than Rutgers in their mind, just my observation.