You would think by being the most educated generation in American history that these times would be very prosperous for the millennial class. However, a chilling fact emerged in the Federal Reserve’s data and was caught by the advocacy group Young Invincibles showcasing the fact that today’s 30-year-old is not earning what their parents did around their age.
With millennials earning 20% less than boomers did (median household income of $49,581) at the same age in life one might question if the education that is burning a hole in young people’s pockets is even worth it…
In fact, they are. According to think tank New America only 13% of millennials agree or strongly agree that the current education system is fine. What’s more alarming, is that 79% said they disagree or strongly disagree that the system they depend on to provide jobs is adequate. To boot, the average debt per graduate is $37,000, which is drowning this generation from getting started in life.
Unsurprisingly, parents and grandparents of millennials are much more upbeat about education as 28% say they agree or strongly agree that higher education is fine with the silent generation following suit at 39%.
But with the headwinds of:
Facing young people today, it’s time to call into question if self-education is a better way to go for some students. Watch the video below of Pay-Pal founder Peter Thiel voicing his opinion on this matter: