The chart below on the left, which was recently presented by JP Morgan Asset Management, shows the unemployment rate for the United State starting in 1992 and the economic downturn that began in 2008. This information is current as of June 2016.
The first line shows employees with less than a high school degree: the unemployment rate increased by 7.1 percent of the workforce. The second line shows high school education with no college and the third line shows some college but no degree.
The bottom line shows the college graduate did substantially better at retaining their job with less than 2.4 percent of the workforce being released by their employer.
Hakko says there are three important facts to take away from this information:
- The odds of being let go by your employer are significantly less if you have a college degree
- The time without work is reduced
- Your income is increased
The second chart on the right shows the average income in the United States by education level.
“Remember this is an average. There are exceptional high school graduates earning $60,000 annually and people with a bachelor degree in some fields only earning $30,000 per year. In general, the chart shows the higher your education level, the more money most people will earn,” Hakko said.
Hakko said the information is clear.
“A college degree is still one of the most important investments you can make in yourself. A college degree clearly improves your employment success rate and that improves your quality of life,” he said.