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How has the income gap between college-educated and non-college-educated workers changed over the past 20 years?
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According to a 2019 report by Georgetown University, two-thirds of jobs require post-secondary education and training. By comparison, in the 1970s, three-quarters of jobs required a high school diploma.
According to a July 2022 Bureau of Labor Statistics report, workers with a bachelor’s degree earned more, with an average weekly income of $1,547 in 2020, compared to $838 for workers with high school degrees. . In the second quarter of 2022, a bachelor’s degree earner earned 61% more than some college or associate degree holders. An employee with a college or associate’s degree earns 15% more than an employee with only a high school diploma. Those with a high school diploma earned 22% more than workers without a high school diploma.
The Minneapolis Federal Reserve’s Inflation Calculator shows that inflation has grown 64% since 2002. That’s about the same weekly earnings growth rate for a bachelor’s degree, and faster than for a high school or college graduate. Since 2002, wages have risen faster than inflation only for those without a high school diploma.
College Ave compared how average weekly earnings changed between the second quarter of 2002 and the second quarter of 2022 for workers with different levels of education based on BLS data. In addition to weekly income data, the number of workers in each education level as of August 2022 was also included. The data focus on workers aged 25 and over.
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high school graduate and below
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– Number of employees: 8.2 million
– Median typical weekly income in 2002: $390
– Median regular weekly income in 2022: $689
– 20 years growth rate: 76.7%
Job opportunities for those without a high school diploma or GED are limited, but opportunities exist, especially in roles that provide on-the-job training. Cooks, drivers, janitor, landscapers, waiters, warehouse workers are among the options. But young people without a degree are definitely in the minority. According to the National Center for Education Statistics, the percentage of people aged 25 to 29 who graduated from at least high school increased from 89% in 2010 to 94% in 2021. According to the BLS, the unemployment rate for people over 25 without a high school diploma was 4.3% in February 2022. This compares with her 3.8% of those with college credits or associate degrees.
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High school diploma, no college
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– Employees: 34.4 million
– Median regular weekly income in 2002: $532
– Median regular weekly income in 2022: $838
– 20-year growth rate: 57.5%
High school graduates without a college degree struggle to find well-paying jobs, but some areas of employment are expanding. For example, according to BLS, a flight attendant will earn about $61,640 a year in 2021, and the sector is expected to add 22,100 jobs to him by 2031. Salaries for real estate and property managers will be about $59,230 in 2021, with an additional 11,100 jobs potentially available by 2031. According to the BLS, the unemployment rate for high school graduates over the age of 25 who have not completed college was 4.5% in February 2022.
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University or Associate’s Degree
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– Employees: 34.1 million
– Median typical weekly income in 2002: $634
– Median regular weekly income in 2022: $961
– 20-year growth rate: 51.6%
Even a two-year graduate from a community college can qualify you for a high-paying job. The BLS says it has designated 99 occupations that generally require post-secondary education, usually requiring an associate’s degree or certificate, but not a bachelor’s degree. For example, medical equipment that needed to be installed and repaired earned a field worker about $49,910 in 2021. An associate’s degree in biomedical technology or engineering is usually required, but a bachelor’s degree may be required for promotion. Another promising field of employment, geological and hydraulic engineers often require an associate’s degree in applied science or science-related technology. They worked with scientists and engineers to explore and extract natural resources, earning about $50,080 in 2021.
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Bachelor’s degree or above
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– Employees: 61.9 million
– Median typical weekly income in 2002: $939
– Median regular weekly income in 2022: $1,547
– 20-year growth rate: 64.7%
The number of workers with a bachelor’s degree or above is increasing. According to the Pew Research Center, as of 2021, 38% of adults over the age of 25 had a bachelor’s degree. That number includes 14.3% of her who also earned a graduate or professional degree, according to the Census Bureau’s current census. In 2022, he will have 38% of adults with a tertiary education, up from 30.4% in 2011. Occupations in this category range from being a high school teacher with a bachelor’s degree and earning $61,820 a year, to being a physicist or astronomer (often with a Ph.D.) earning $147,450 a year, to a medical degree with a salary of $306,220 a year. Ranging from dollar orthopedic surgeons. Workers with at least a bachelor’s degree are more likely to earn more than high school graduates.
This story originally appeared on College Ave and was produced by
Distributed in partnership with Stacker Studio.
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