Workplace trends are reforming as a record number of Americans have higher education. The Census Bureau and Sallie Mae announced a never-before-seen level of education attainment in America, where now 61 million Americans have earned a bachelor’s degree or higher.
This number is equivalent to 30 percent of the adult population ages 25 or older — this means that nearly a third of adults in the country have higher education. This amount has increased from less than 25 percent in 1998 and five percent in 1947.
On average, workers with a bachelor’s degree earn 70 percent more than those with a high school degree; workers with an advanced degree earned 123 percent more. Plus, those with bachelor’s or advanced degrees were two to three times less likely to be unemployed than those with a high school degree.
“This is an important milestone in our history,” Census Bureau Director Robert Groves said. “The more education people have the more likely they are to have a job and earn more money, particularly for individuals who hold a bachelor’s degree.”
A statement from Sallie Mae says:
“Clearly, education continues to be the foundation for opportunity in America and significantly improves employment prospects and earnings power in all economic times.”
Because more Americans have higher education degrees, they work in higher-skilled jobs that are seen as more permanent or difficult to replace; because of this and increased life expectancy, the government expects that one in four workers in 2020 will be at least 55 years old.
Three trends identified by the Census Bureau were:
1. Those with bachelor’s degrees weathered recession better
2. Science and engineering degree holders concentrated along the coasts
3. Earnings tied to degree level, field of study and mode of high school completion
Clearly, those with bachelor’s degrees or advanced degrees have the advantage in the job market; but, higher education isn’t the only option. See “Looking Into A 2-Year Degree Program? Check Out These High Paying Career Options” and “No Degree? Check Out These 9 Jobs That Don’t Require One.”
Do you have a bachelor’s or advanced degree? Has it helped you in your job search?
