The Rising Cost of not going to College
Introduction
Attending a college education is considered as an essential stage in an individual’s life because the process shapes a person’s future career prospects. The millennial generation appears to be the most affected. There is an increasing income disparity that relates to the level of education. Besides, unemployment levels appear to be primarily influenced by someone’s level of education. Therefore, it is a regular occurrence for young college graduates to outperform their peers from the job market who only possesses a high school diploma or lower qualifications. It is against this backdrop that the paper investigates the annual income disparity among millennia’s aged 25-32.
Outline
According to a study commissioned by the Pew Research Center, college graduates (25-32 years) tend to earn approximately $17,500 more compared to individuals only having a high school diploma. The research proceeds and asserts that the income gap has increasingly widened compared to previous generations, like the Baby Boomers, Generation X, and Generation Y. The graduate millennial generations have also developed a positive attitude towards work because they believe that their current job is a stepping stone towards lucrative career prospects. College-educated millennials think that it is their right to earn more because they have invested significant resources, namely time and money, in preparing for higher education. On the other hand, millennial cohort having a high school diploma or less tend to believe on the opinion that their current occupation is mainly to make ends meet, and they only consider it as a “job.”
However, the bone of contention remains the benefits of college education compared to resource previously invested to attain college degrees and diplomas. There is a school of thought anchoring on the opinion that higher education is not beneficial because of increasing student debts and alarming unemployment levels. The question that lingers in people’s mind is if the benefits of acquiring a college degree outweigh the financial burden imposed while studying. Through a unanimous response from the same age cluster, the answer is a resounding yes. However, the issue of income disparity does not only exist among the Millennial, but it also affects preceding generations.
Information from Pew Research Center estimates that 90 per cent of the respondents believe that their college education has already paid off. Another 72 per cent believe that it is likely to pay off in future. The current response is a scenario that explains the “Rising Cost of not going to College.” Individuals without a college degree are likely to earn less compared to their counterparts, even when handling the same job responsibilities. Employers appear to have developed a notion that college graduates are innovative thinkers compared to people having a high school diploma or less. One of the contentious issues regarding income disparity appears on the job experience. Experts learning through on the job experience, yet have no college degree, provide exceptional performance like their graduated counterpart. Their graduated counterparts have nurtured these experts into becoming workers with extraordinary work ethics. The non-graduate high school diploma holders understand innovation coupled with efficient work processes within an organization. Employers seem to favor candidates with a college degree during their recruitment processes. Most employers prefer having job candidates with broad knowledge regarding the specific subject matter.
Despite the income disparity between graduates and non-graduate, society needs to rethink about aspects like, on the job performance, on the job experience, and the aptitude of the candidate when appraising a worker’s salary. In some instances, it is common for non-graduates to outperform their graduate counterparts in different sectors like engineering, medicine, and other technical areas.