Millennial college students face higher unemployment than any previous generation, but a college degree is still much more valuable than having only a high school diploma, according to a study released Tuesday by the Pew Research Center.
The report states that levels of educational attainment rose throughout the last few generations. As of last year, 34 percent of millennials had a bachelor’s degree or higher, compared to 13 percent of the Silent Generation, or those born between 1928 and 1945. The value of a college degree has increased since 1965, and the median annual earnings of 25- to 32-year-olds has grown by roughly $7,000, after adjusting for inflation.
Despite the growing college graduation rates and the higher worth of a college degree, the unemployment rate for millennials with a bachelor’s degree or higher has grown to 3.8 percent, the highest ever for a single generation.
According to the report, millennials face more roadblocks in entering the workforce, including having to search longer for a job.
Compiled by Brandon Choe, Bruin senior staff.