TEN FOR FOUR IS A GOOD DEAL
James Meadows • November 17, 2016
Although never a guarantee, the numbers reveal that the more formal education you achieve, the less likely you are to be unemployed. You can read the significant evidence published by the Bureau of Labor Statistics. If that isn’t a good enough reason to earn a degree, the Journal of the American Medical Association published research earlier this year citing that a 25-year-old who earned a college degree will typically live ten years longer than a 25-year-old who never finished high school (Ben Steverman, “Retirement’s Scariest Question: How Long?” Bloomberg Businessweek , 11/7/16–11/13/16, p. 51).
Data can unintentionally be interpreted to say many things. Some of those things might be right and some might be wrong. In this case, I don’t think we are saying that higher education all by itself makes you live longer. However, here are aspects about higher education to consider:
- People who commit to earning a college degree have an inner sense of drive that carries over to other aspects of their lives, including health and wellness. Perhaps many of these folks that gain that extra decade arrive there partially because of a personal drive for excellence. The cumulative effect of innumerable positive individual choices could be longevity.
- People who earn a college degree often find their lives enhanced in a variety of ways. Perhaps many of these folks gain that extra decade simply because their quality of life is enhanced, rendering them less prone to debilitating illnesses and ailments.
- People who earn a college degree enhance their self-worth. Having a positive self-perception is a great inoculation against poor lifestyle choices. Perhaps that enhanced self-worth predisposes those persons to avoiding addictions, risky lifestyles, and criminal activity.
Keep in mind that generalizations do not apply to everyone. I know plenty of college graduates that died very young. However, the fact remains overall, higher education tends to be associated with improved health and longevity. Therefore, wherever you see the opportunity within yourself or others, let’s encourage higher education engagement. Ten for four is a good deal any day.
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Although anyone can and will criticize higher education, millennials are evidently smart enough to know its value. In spite of the horror stories about student loan debt, academic disasters, and wrong career turns, millennials have boasted one of the highest graduation rates of any generation to date. Generation Z may soon surpass them too as Laura A. Scione, managing editor of eCampus News reports : “ Despite growing questions around the value of college and return on investment in tuition, just 25 percent of Generation Z students say they believe they can have a rewarding career without going to college, compared to 40 percent of millennials. Eighty percent of Generation Z respondents and 74 percent of millennials agree that college either has a fair amount of value, is a good value, or is an excellent value. Only 20 percent of Generation Z students and 26 percent of millennials said college has ‘little value’ or ‘no value at all.’ ” Good for them! The statistics remain on their side—and the side of anyone who pursues higher education. Anthony P. Carnevale is the director of the Georgetown University Center on Education and the Workforce. Based on his research, that trend will only continue (Gillian B. White “Those Savvy Millennials” The Atlantic , May 2015, p. 38): " In 1973, 32% of jobs did not even require a high school diploma, 9% required a bachelor’s degree, and 7% required a master’s degree or higher. It is projected that by 2020, 12% of jobs will not require a high school diploma, 24% will require a bachelor’s degree, and 11% will require a master’s degree or higher. " Derek Newton wrote an article entitled “Please Stop Asking Whether College Is Worth It” in which his opening declaration gets right to the point: “ Colleges and universities are still the best, most direct path to a good career that pays well. ” In addition to those insights, the unemployment figures consistently reveal the enduring value of higher education. The seasonally adjusted July 2019 unemployment rate for persons not having a high school diploma is 5.1% ( Bureau of Labor Statistics ). Having a high school diploma drops that rate to 3.6% and some college or a two-year degree drops it further to 3.2%. Pretty good trending, would you agree? Finally, if we look at people having a four-year degree, a graduate degree, or a doctoral degree, the unemployment rate is a low 2.2%. Higher education’s edge is especially clear when you consider the range of these numbers over the education level. Look at the two ends of the spectrum: less-than-high school (5.1%) versus a four-year degree or higher (2.2%). Consistently, regardless of the measured time, the unemployment rate for a less-than-high-school-educated worker is two to four times larger than for the college-degreed worker. This is why, when people seek my counsel about career planning, higher education remains one of my most significant emphases. Education pays. Degrees still rock. Regardless of how good or bad the economy is, regardless of how many individual academic and career disasters can be cited, and regardless of how loudly the antidegree crowd howls, you are still in a better position having a degree than not having a degree. The good news for the millennials and Generation Z is that they have arrived at the same conclusion and now they will enjoy the benefits.