Last Updated: July 22, 2013
According to the Associated Press, half of recent College graduates are either unemployed or underemployed. Young adults have been hit extremely hard by the weak economy and are having a hard time finding work in their field. The “lost generation” as many label them are having a harder and harder time entering the workforce.
With high tuition and student loans, many recent graduates are barely scraping by working lower-wage jobs such as retail clerk, bartender or server. As the loan payments pile up, your local barista might be standing at work wondering why he majored in a liberal arts field.
The prospects for graduates are highly uneven depending on what field they studied in school. There are significantly more opportunities in the sciences, education and health fields, while those who studied arts and humanities are finding opportunities scarce.
The median income for those with bachelor’s degrees is down from where it was in 2000. Another bad sign is that projections are showing that many of the futures jobs will be in low-skilled fields.
Harvard economist Richard Freeman notes, “you can make more money on average if you go to college, but it’s not true for everybody. If you’re not sure what you’re going to be doing, it probably bodes well to take some job, if you can get one, and get a sense first of what you want from college.”
According to Andrew Sum, director of the Center for Labor Market Studies at Northeastern University, “simply put, we’re failing kids coming out of college. We’re going to need a lot better job growth and connections to the labor market, otherwise college debt will grow.”
The AP states “About 1.5 million, or 53.6 percent, of bachelor’s degree-holders under the age of 25 last year were jobless or underemployed, the highest share in at least 11 years. In 2000, the share was at a low of 41 percent, before the dot-com bust erased job gains for college graduates in the telecommunications and IT fields.”
This is why it is so important to search for as many scholarships as possible to make college as affordable as possible!
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Original Post Date: April 28th, 2012