The Rising Cost of Not Going to College

Full text

FOR RELEASE FEBRUARY 11, 2014
FOR FURTHER INFORMATION
ON THIS REPORT:
Paul Taylor, Executive Vice President
Rick Fry, Senior Research Associate
Russ Oates, Communications Manager
202.419.4372
www.pewresearch.org
RECOMMENDED CITATION: Pew Research Center, February, 2014, “The Rising Cost of Not Going to College”
(http://www.pewsocialtrends.org/2014/02/11/the-rising-cost-of-not-going-to-college/)
NUMBERS, FACTS AND TRENDS SHAPING THE WORLD

1
PEW RESEARCH CENTER
www.pewresearch.org
About This Report
This report is a collaborative effort based on the input and analysis of the following individuals.
Paul Taylor, executive vice president of the Pew Research Center, provided the editorial guidance
and also edited the report. Kim Parker, director of social trends research, developed and managed
the survey. Rich Morin, senior editor, wrote the Overview and co-wrote Chapter 2 of the report
along with Anna Brown, research assistant. Rick Fry, senior research associate, conducted the
analysis of census data and wrote Chapter 1 of the report. Eileen Patten, research analyst, and
Brown assisted in data analysis, chart production, formatting and number checking. Marcia
Kramer of Kramer Editing Services copy-edited the report. Find related reports online at
pewresearch.org/socialtrends
Paul Taylor, Executive Vice President
Kim Parker, Director, Social Trends Research
Rich Morin, Senior Editor
Rick Fry, Senior Research Associate
Eileen Patten, Research Analyst
Anna Brown, Research Assistant
About Pew Research Center
Pew Research Center is a nonpartisan fact tank that informs the public about the issues, attitudes
and trends shaping America and the world. It does not take policy positions. It conducts public
opinion polling, demographic research, media content analysis and other empirical social science
research. The center studies U.S. politics and policy views; media and journalism; internet and
technology; religion and public life; Hispanic trends; global attitudes and U.S. social and demo-
graphic trends. All of the center’s reports are available at www.pewresearch.org. Pew Research
Center is a subsidiary of The Pew Charitable Trusts.
Alan Murray, President
Michael Dimock, Vice President, Research
Elizabeth Mueller Gross, Vice President
Paul Taylor, Executive Vice President, Special Projects
Andrew Kohut, Founding Director
© Pew Research Center 2014

2
PEW RESEARCH CENTER
www.pewresearch.org
Table of Contents
Overview 3
Chapter 1: Education and Economic Outcomes Among the Young 12
College Graduates in the Labor Market 15
The Broader Economic Arrangements of College Graduates 23
Chapter 2: Public Views on the Value of Education 29
Education and Work 32
Is College Still Worth It? 37
The Value of a College Major 41
Appendix A: Additional Charts on the Labor Market 48
Appendix B: Data Sources 50
Appendix C: Young Adult Living Arrangements and Household Incomes 54
Appendix D: Topline Questionnaire 57
References 64

3
PEW RESEARCH CENTER
www.pewresearch.org
$45,500
$30,000
$28,000
Bachelor's degree
or more
High school
graduate
Two-year degree/
Some college
3.8
8.1
12.2
Bachelor's degree
or more
High school
graduate
Two-year degree/
Some college
5.8
14.7
21.8
Bachelor's degree
or more
High school
graduate
Two-year degree/
Some college
Overview
For those who question the value of college in
this era of soaring student debt and high
unemployment, the attitudes and experiences
of today’s young adults—members of the so-
called Millennial generation—provide a
compelling answer. On virtually every measure
of economic well-being and career
attainment—from personal earnings to job
satisfaction to the share employed full time—
young college graduates are outperforming
their peers with less education. And when
today’s young adults are compared with
previous generations, the disparity in
economic outcomes between college graduates
and those with a high school diploma or less
formal schooling has never been greater in the
modern era.
These assessments are based on
findings from a new nationally representative
Pew Research Center survey of 2,002 adults
supplemented by a Pew Research analysis of
economic data from the U.S. Census Bureau.
The economic analysis finds that Millennial
college graduates ages 25 to 32
1
who are
working full time earn more annually—about
$17,500 more—than employed young adults
holding only a high school diploma. The pay
gap was significantly smaller in previous
generations.
2
College-educated Millennials
also are more likely to be employed full time
1
The Millennial generation includes those born after 1980 (which would include adults ages 18 to 32 in 2013). Unless otherwise noted
in the text, references in this report to the economic outcomes of Millennials are based only on those ages 25 to 32, a period in which
most young adults have completed their formal education and have entered the workforce.
2
Throughout this report, references to those who are “high school graduates” or who have a diploma refer to those who have attained
a high school diploma or its equivalent, such as a General Educational Development (GED) cert ificate.
Disparity among Millennials Ages 25-32
By Education Level in Terms of
Annual Earnings …
(median among full-time workers, in 2012 dollars)
Unemployment Rate …
And Share Living in Poverty …
Notes: Median annual earnings are based on earnings and work
status during the calendar year prior to interview and limited to 25-
to 32-year-olds who worked full time during the previous calendar
year and reported positive earnings. “Full time” refers to those who
usually worked at least 35 hours a week last year. The
unemployment rate refers to the share of the labor force (those
working or actively seeking work) who are not employed. Poverty is
based on the respondent’s family income in the calendar year
preceding the survey.
Source: Pew Research Center tabulations of the 2013 March
Current Population Survey (CPS) Integrated Public Use Micro
Sample
PEW RESEARCH CENTER

4
PEW RESEARCH CENTER
www.pewresearch.org
86
63
53
46
73
55
36
43
57
41
37
31
Bachelor's degree or more
Two-year degree/Some college
High school grad or less
... they are "very satisfied" with
current job
... their education was "very useful" in
preparing them for a job or career
... they have enough education and
training to get ahead in their job
...they have a career/career-track job
than their less-educated counterparts (89% vs. 82%) and significantly less likely to be unemployed
(3.8% vs. 12.2%).
Turning to attitudes toward work, employed Millennial college
graduates are more likely than their peers with a high school
diploma or less education to say their job is a career or a
steppingstone to a career (86% vs. 57%). In contrast,
Millennials with a high school diploma or less are about three
times as likely as college graduates to say their work is “just a
job to get [them] by” (42% vs. 14%).
The survey also finds that among employed Millennials, college
graduates are significantly more likely than those without any
college experience to say that their education has been “very
useful” in preparing them for work and a career (46% vs. 31%).
And these better educated young adults are more likely to say
they have the necessary education and training to advance in
their careers (63% vs. 41%).
But do these benefits outweigh the financial burden imposed
by four or more years of college? Among Millennials ages 25 to
32, the answer is clearly yes: About nine-in-ten with at least a
bachelor’s degree say college has already paid off (72%) or will
pay off in the future (17%). Even among the two-thirds of
college-educated Millennials who borrowed money to pay for
their schooling, about nine-in-ten (86%) say their degrees have
been worth it or expect that they will be in the future.
Of course, the economic and career benefits of a college degree
are not limited to Millennials. Overall, the survey and
economic analysis consistently find that college graduates
regardless of generation are doing better than those with less
education.
3
3
For a detailed look at economic outcomes by education, see the Pew Research Center blog post “ The growing economic clout of the
college educated” by Richard Fry.
Education and Views
About Work
% of employed adults ages 25 to 32
with each level of education saying …
Notes: Based on currently employed 25- to
32-year-olds (n=509).
PEW RESEARCH CENTER Q34,28,2c,20

5
PEW RESEARCH CENTER
www.pewresearch.org
$38,833
$41,989
$44,770 $43,663
$45,500
$33,655
$36,498
$34,595
$32,173
$30,000
$31,384 $32,299
$30,525
$27,883 $28,000
$20
$30
$40
$50
Bachelor's degree
or more
Two-year degree/
Some college
High school
graduate
Silents
(1965)
Early
Boomers
(1979)
Late
Boomers
(1986)
Gen Xers
(1995)
Millennials
(2013)
thousand
But the Pew Research study
also finds that on some key
measures, the largest and
most striking disparities
between college graduates and
those with less education
surface in the Millennial
generation.
For example, in 1979 when the
first wave of Baby Boomers
were the same age that
Millennials are today, the
typical high school graduate
earned about three-quarters
(77%) of what a college
graduate made. Today,
Millennials with only a high
school diploma earn 62% of
what the typical college
graduate earns.
To be sure, the Great
Recession and the subsequent
slow recovery hit the
Millennial generation
particularly hard.
4
Neither college graduates nor those with less education were spared. On some
key measures such as the percentage who are unemployed or the share living in poverty, this
generation of college-educated adults is faring worse than Gen Xers, Baby Boomers or members of
the Silent generation when they were in their mid-20s and early 30s.
But today’s high school graduates are doing even worse, both in comparison to their college-
educated peers and when measured against other generations of high school graduates at a similar
point in their lives.
4
For a detailed look at the impact of the Great Recession on various demographic groups, see the Pew Research Center report “How
the Great Recession Has Changed Life in America”
Rising Earnings Disparity Between Young Adults with
And Without a College Degree
Median annual earnings among full-time workers ages 25 to 32, in 2012
dollars
Notes: Median annual earnings are based on earnings and work status during the calendar
year prior to interview and limited to 25- to 32-year-olds who worked full time during the
previous calendar year and reported positive earnings. “Full time” refers to those who
usually worked at least 35 hours a week last year.
Source: Pew Research Center tabulations of the 2013, 1995, 1986, 1979 and 1965 March
Current Population Survey (CPS) Integrated Public Use Micro Samples
PEW RESEARCH CENTER

6
PEW RESEARCH CENTER
www.pewresearch.org
For example, among those ages
25 to 32, fully 22% with only a
high school diploma are living
in poverty, compared with 6%
of today’s college-educated
young adults. In contrast, only
7% of Baby Boomers who had
only a high school diploma
were in poverty in 1979 when
they were in their late 20s and
early 30s.
To examine the value of
education in today’s job market, the Pew Research Center drew
from two complementary data sources. The first is a nationally
representative survey conducted Oct. 7-27, 2013, of 2,002
adults, including 630 Millennials ages 25-32, the age at which
most of these young adults will have completed their formal
education and started their working lives. This survey captured
the views of today’s adults toward their education, their job and
their experiences in the workforce.
To measure how the economic outcomes of older Millennials
compare with those of other generations at a comparable age,
the Pew Research demographic analysis drew from data
collected in the government’s Current Population Survey. The
CPS is a large-sample survey that has been conducted monthly
by the U.S. Census Bureau for more than six decades.
Specifically, Pew analysts examined CPS data collected last year
among 25- to 32-year-olds and then examined data among 25-
to 32-year-olds in four earlier years: Silents in 1965 (ages 68 to
85 at the time of the Pew Research survey and Current
Population Survey); the first or “early” wave of Baby Boomers in
1979 (ages 59 to 67 in 2013), the younger or “late” wave of Baby
Boomers in 1986 (ages 49 to 58 in 2013) and Gen Xers in 1995
(ages 33 to 48 in 2013).
Percentage of Generation in Poverty, by Educational
Attainment
All
College
graduate
Two-year
degree/
Some college
High school
graduate
Millennials in 2013
16
6
15
22
Gen Xers in 1995
13
3
10
15
Late Boomers in 1986
12
4
8
12
Early Boomers in 1979
8
3
6
7
Notes: “All” includes those who are not high school graduates. Poverty is based on the
respondent’s family income in the calendar year preceding the survey. Silent generation not
shown because poverty measures are not available before 1968.
PEW RESEARCH CENTER
The Generations Defined
The Millennial Generation
Born: After 1980
Age of adults in 2013: 18 to 32*
Generation X
Born: 1965 to 1980
Age in 2013: 33 to 48
The Late Baby Boom Generation
Born: 1955 to 1964
Age in 2013: 49 to 58
The Early Baby Boom Generation
Born: 1946 to 1954
Age in 2013: 59 to 67
The Silent Generation
Born: 1928 to 1945
Age in 2013: 68 to 85
* The youngest Millennials are in their
teens. No chronological end point has been
set for this group.
Note: The “Greatest Generation,” which
includes those born before 1928, is not
included in the analysis due to the small
sample size.
PEW RESEARCH CENTER

7
PEW RESEARCH CENTER
www.pewresearch.org
13
24 24 25
34
43 39 41
33
26
0
10
20
30
40
50
High school
graduate
Bachelor's
degree or more
Silents
(1965)
Early
Boomers
(1979)
Late
Boomers
(1986)
Gen
Xers
(1995)
Millennials
(2013)
%
$30,982
$34,883
$33,578
$32,173 $35,000
$0
$10
$20
$30
$40
$50
Silents
(1965)
Early
Boomers
(1979)
Late
Boomers
(1986)
Gen
Xers
(1995)
Millennial
s (2013)
thousand
The Rise of the College Graduate
Today’s Millennials are the best-educated
generation in history; fully a third (34%) have
at least a bachelor’s degree. In contrast, only
13% of 25- to 32-year-olds in 1965—the Silent
generation—had a college degree, a proportion
that increased to 24% in the late 1970s and
1980s when Boomers were young adults. In
contrast, the proportion with a high school
diploma has declined from 43% in 1965 to
barely a quarter (26%) today.
At the same time the share of college
graduates has grown, the value of their degrees
has increased. Between 1965 and last year, the
median annual earnings of 25- to 32-year-olds
with a college degree grew from $38,833 to
$45,500 in 2012 dollars, nearly a $7,000
increase.
Taken together, these two facts—the growing
economic return to a college degree and the
larger share of college graduates in the
Millennial generation—might suggest that the
Millennial generation should be earning more
than earlier generations of young adults.
But they’re not. The overall median earnings
of today’s Millennials ($35,000) aren’t much
different than the earnings of early Boomers
($34,883) or Gen Xers ($32,173) and only
somewhat higher than Silents ($30,982) at
comparable ages.
While Education Levels of 25- to 32-
year-olds Have Risen Dramatically
Across the Generations …
… Median Annual Earnings Have
Remained Relatively Flat
(among full-time workers, in 2012 dollars)
Notes: The Census Bureau altered the educational attainment
question in 1992. See Appendix B for details on comparability.
Median annual earnings are based on earnings and work status
during the calendar year prior to interview and limited to 25- to 32-
year-olds who worked full time during the previous calendar year
and reported positive earnings. “Full time” refers to those who
usually worked at least 35 hours a week last year.
Source: Pew Research Center tabulations of the 2013, 1995, 1986,
1979 and 1965 March Current Population Survey (CPS) Integrated
Public Use Micro Samples
PEW RESEARCH CENTER

8
PEW RESEARCH CENTER
www.pewresearch.org
$7,499
$9,690
$14,245
$15,780
$17,500
Silents
in 1965
Early
Boomers
in 1979
Late
Boomers
in 1986
Gen Xers
in 1995
Millennials
in 2013
The Declining Value of a High School
Diploma
The explanation for this puzzling finding lies
in another major economic trend reshaping
the economic landscape: The dramatic decline
in the value of a high school education. While
earnings of those with a college degree rose,
the typical high school graduate’s earnings fell
by more than $3,000, from $31,384 in 1965 to
$28,000 in 2013. This decline, the Pew
Research analysis found, has been large
enough to nearly offset the gains of college
graduates.
The steadily widening earnings gap by
educational attainment is further highlighted
when the analysis shifts to track the difference
over time in median earnings of college
graduates versus those with a high school
diploma.
In 1965, young college graduates earned
$7,499 more than those with a high school
diploma. But the earnings gap by educational
attainment has steadily widened since then,
and today it has more than doubled to $17,500
among Millennials ages 25 to 32.
Other Labor Market Outcomes
To be sure, the Great Recession and painfully slow recovery have taken their toll on the Millennial
generation, including the college-educated.
Young college graduates are having more difficulty landing work than earlier cohorts. They are
more likely to be unemployed and have to search longer for a job than earlier generations of young
adults.
The Widening Earnings Gap of Young
Adults by Educational Attainment
The difference in median annual earnings of college and
high school graduates when members of each generation
were ages 25 to 32
Notes: Median annual earnings are based on earnings and work
status during the calendar year prior to interview and limited to 25-
to 32-year-olds who worked full time during the previous calendar
year and reported positive earnings. “Full time” refers to those who
usually worked at least 35 hours a week last year. “College
graduates” are those with a bachelor’s degree or more.
Source: Pew Research Center tabulations of 2013, 1995, 1986,
1979 and 1965 March Current Population Survey (CPS) Integrated
Public Use Micro Samples
PEW RESEARCH CENTER

9
PEW RESEARCH CENTER
www.pewresearch.org
But the picture is consistently bleaker for less-educated workers: On a range of measures, they not
only fare worse than the college-educated, but they are doing worse than earlier generations at a
similar age.
For example, the unemployment rate for Millennials with a college degree is more than double the
rate for college-educated Silents in 1965 (3.8% vs. 1.4%). But the unemployment rate for
Millennials with only a high school diploma is even higher: 12.2%, or more than 8 percentage
points more than for college graduates and almost triple the unemployment rate of Silents with a
high school diploma in 1965.
The same pattern resurfaces when the measure shifts to the length of time the typical job seeker
spends looking for work. In 2013 the average unemployed college-educated Millennial had been
looking for work for 27 weeks—more than double the time it took an unemployed college-educated
25- to 32-year-old in 1979 to get a job (12 weeks). Again, today’s young high school graduates fare
worse on this measure than the college-educated or their peers in earlier generations. According to
the analysis, Millennial high school graduates spend, on average, four weeks longer looking for
work than college graduates (31 weeks vs. 27 weeks) and more than twice as long as similarly
educated early Boomers did in 1979 (12 weeks).
Similarly, in terms of hours worked, likelihood of full-time employment and overall wealth, today’s
young college graduates fare worse than their peers in earlier generations. But again, Millennials
without a college degree fare worse, not only in comparison to their college-educated
contemporaries but also when compared with similarly educated young adults in earlier
generations.
The Value of a College Major
As the previous sections show, having a college degree is helpful in today’s job market. But
depending on their major field of study, some are more relevant on the job than others, the Pew
Research survey finds.
To measure the value of their college studies, all college graduates were asked their major or, if
they held a graduate or professional degree, their field of study. Overall, 37% say they were social
science, liberal arts or education majors, a third (33%) say they studied a branch of science or
engineering and a quarter (26%) majored in business. The remainder said they were studying or
training for a vocational occupation.

10
PEW RESEARCH CENTER
www.pewresearch.org
60
43
43
18
17
29
6
12
15
15
28
12
Very
closely
Somewhat
closely
Not very
closely
Not at all
Social Science/
Liberal Arts/
Education
Business
Science/
Engineering
50
38
30
29
Gaining more
work experience
Studying harder
Looking for
work sooner
Choosing a
different major
Overall, those who studied science or
engineering are the most likely to say that
their current job is “very closely” related to
their college or graduate field of study (60%
vs. 43% for both social science, liberal arts or
education majors and business majors).
At the same time, those who majored in
science or engineering are less likely than
social science, liberal arts or education majors
to say in response to another survey question
that they should have chosen a different major
as an undergraduate to better prepare them
for the job they wanted.
According to the survey, only about a quarter
of science and engineering majors regretted
their decision (24%), compared with 33% of those whose degree is in social science, liberal arts or
education. Some 28% of business majors say they would have been better prepared for the job they
wanted if they had chosen a different major. (Overall, the survey found that 29% say they should
have chosen a different major to better prepare them for their ideal job.)
Major Regrets
In addition to selecting a different major, the
Pew Research survey asked college graduates
whether, while still in school, they could have
better prepared for the type of job they wanted
by gaining more work experience, studying
harder or beginning their job search earlier.
About three-quarters of all college graduates
say taking at least one of those four steps
would have enhanced their chances to land
their ideal job. Leading the should-have-done
list: getting more work experience while still in
school. Half say taking this step would have
put them in a better position to get the kind of
Usefulness of Major, by Field of Study
% of majors in each area who say their current job is …
related to their major in college or graduate school
Note: Based on those with at least a bachelor’s degree who are
employed full time or part time (n=606). “Don’t know/Refused”
responses not shown.
PEW RESEARCH CENTER Q40
College Days, Reconsidered
% who say doing each of the following while they were
undergraduates would have better prepared them to get
the job they wanted
Note: Based on those with at least a bachelor’s degree (n=790).
Voluntary responses of “Maybe” not included.
PEW RESEARCH CENTER Q22a-d

11
PEW RESEARCH CENTER
www.pewresearch.org
job they wanted. About four-in-ten (38%) regret not studying harder, while three-in-ten say they
should have started looking for a job sooner (30%) or picked a different major (29%).
When analyzed together, the survey suggests that, among these items tested, only about a quarter
(26%) of all college graduates have no regrets, while 21% say they should have done at least three
or all four things differently while in college to enhance their chances for a job they wanted.
The survey also found that Millennials are more likely than Boomers to have multiple regrets
about their college days. Three-in-ten (31%) of all Millennials and 17% of Boomers say they should
have done three or all four things differently in order to prepare themselves for the job they
wanted. Some 22% of Gen Xers say the same.
The remainder of this report is organized in the following way. The first chapter uses Census
Bureau data to compare how Millennials ages 25 to 32 with varying levels of education are faring
economically. It also examines how economic outcomes by level of education have changed over
time by comparing the economic fortunes of Millennials with those of similarly educated Gen
Xers, Baby Boomers and Silents at comparable ages.
The second chapter is based exclusively on data from a recent Pew Research Center survey. It
examines how all adults assess the value of their education in preparing them for the workforce
and specifically how these views differ by levels of education.

12
PEW RESEARCH CENTER
www.pewresearch.org
About the Data
Findings in this report are based mainly on data from: (1) The Current Population Survey and (2) A new Pew
Research Center survey conducted in October 2013.
Data on Labor Market and Economic Outcomes: The labor market and economic data are derived from the
Current Population Survey (CPS). Conducted jointly by the U.S. Census Bureau and the Bureau of Labor
Statistics, the CPS is a monthly survey of approximately 55,000 households and is the source of the
nation’s official statistics on unemployment. The CPS is nationally representative of the civilian
noninstitutionalized population. This analysis uses the Annual Social and Economic Supplement collected
in March of each year. The March CPS features an expanded sample size (about 75,000 households in
2013) and is the basis for the widely noted Census Bureau’s annual Income, Poverty, and Health Insurance
Coverage estimates reported each fall (DeNavas-Walt, Proctor and Smith ,2013). The data analysis used
the University of Minnesota Population Center’s integrated version of the March CPS (King, Ruggles,
Alexander, Flood, Genadek, Schroeder, Trampe, and Vick ,2010).
Survey Data: The Pew Research survey was conducted October 7-27, 2013, with a nationally
representative sample of 2,002 adults age 18 and older, including 982 adults ages 18 to 34. A total of 479
interviews were completed with respondents contacted by landline telephone and 1,523 with those
contacted on their cellular phones. In order to increase the number of 25- to 34-year-old respondents in the
sample, additional interviews were conducted with that cohort. Data are weighted to produce a final sample
that is representative of the general population of adults in the United States. Survey interviews were
conducted in English and Spanish under the direction of Princeton Survey Research Associates
International. Margin of sampling error is plus or minus 2.7 percentage points for results based on the total
sample at the 95% confidence level.

13
PEW RESEARCH CENTER
www.pewresearch.org
Chapter 1: Education and Economic Outcomes Among the
Young
As college costs have increased in recent decades, so, too, have many of the economic rewards for
getting a four-year degree as well as the penalties for not doing so, according to a new Pew
Research Center analysis of U.S. Census Bureau data.
The analysis, which focuses on young adults in the first phase of their working lives, finds that the
earnings gap by education level among 25- to 32-year-olds has widened significantly over the past
half century. Those with a bachelor’s degree or higher are earning more in inflation-adjusted
dollars than their similarly educated counterparts from prior generations did at the same age,
while those with a high school diploma or some college are earning less.
As a result of these shifts, young adults today have more unequal earnings between education
levels than their same-aged peers did in earlier times—mirroring the broader increase in income
inequality that has become one of the defining features of American life. This Pew Research
analysis focuses primarily on earnings, but it also tracks other key measures of economic well-
being, including employment characteristics, unemployment rates, duration of unemployment,
poverty, wealth, personal income and household income. With some minor variations, the overall
story is the same across all of these measures: the gap in economic well-being by education level
has grown over time.
The analysis produces a mixed picture, however, when it compares the overall economic well-
being of all of today’s young adults with that of their same-aged counterparts in earlier times.
While today’s young adults are doing better on some measures (earnings, adjusted median
household income), they are doing worse on others (unemployment, poverty, wealth and median
personal income).
This overall lack of economic progress from one generation of young adults to the next is notable
in view of the fact that today’s young adults are the best-educated generation in history: Some 34%
of 25- to 32-year-old Millennials have a bachelor’s degree or more, compared with 25% of Gen
Xers, 24% of Baby Boomers and 13% of the Silent generation when they were the same age as
today’s Millennials.
The remainder of this chapter provides a comprehensive examination of the labor market and
economic outcomes associated with attainment of a bachelor’s degree among today’s Millennial
adults. First it compares outcomes for Millennials who have at least a bachelor’s degree to those of
Millennials with some college education (but not a bachelor’s degree) and Millennials with a high

14
PEW RESEARCH CENTER
www.pewresearch.org
school diploma but no further formal education. It also compares the economic outcomes of
today’s young adults with those of earlier generations when they were the same age that
Millennials are now.

15
PEW RESEARCH CENTER
www.pewresearch.org
Definitions and Methods
Throughout the chapter, “young adults” refers to those ages 25 to 32 (inclusive). Unless noted, all figures
refer to 25- to 32-year-olds.
Consistent with earlier Pew Research definitions, Millennials were born after 1980. Gen Xers were born
from 1965 to 1980, Baby Boomers from 1946 to 1964 and Silents from 1928 to 1945.
Labor market and economic outcomes are examined in 2013, 1995, 1986, 1979 and 1965 (when
available). Young adults in 2013 were Millennials. Most young adults in 1995 were Gen Xers. Young adults
in 1986, 1979, and 1965 capture late Boomers, early Boomers and the Silents, respectively.
The 2013 data were collected in March of 2013 and (according to the official National Bureau of Economic
Research business cycle dating) captures economic outcomes four years into the economic recovery. The
Great Recession officially ended in June 2009.
The 1995, 1986, 1979 and 1965 time points are comparable to 2013 in that they also represent a point in
time four years into an economic recovery. NBER designates bottoms of economic recessions occurring in
March 1991, November 1982, March 1975, and February 1961, respectively.
Observing 25- to 32-year-olds in National Economic Context
Year
observed
Prior
economic trough
National
unemployment rate
Real to potential
GDP
Capacity
utilization
Millennials
2013
Jun 2009
7.6%
97.7
78.2
Largely Gen Xers
1995
Mar 1991
5.4%
100.7
84.4
Late Boomers
1986
Nov 1982
7.2%
100.6
78.4
Early Boomers
1979
Mar 1975
5.8%
101.6
86.2
Silents
1965
Feb 1961
4.7%
103.1
NA
Notes: National unemployment rate is the civilian unemployment rate in March. The unemployment rate refers to the share of the
labor force (those working or actively seeking work) who are not employed. Real to potential GDP compares the quarterly real GDP to
FRED’s estimated quarterly potential GDP (in the first quarter). Capacity utilization is estimated monthly and is used by corporations
and factories to describe the ratio of how much is actually being produced to the amount that could potentially be produced within
resource constraints if there was market demand for the goods. Figure shown is for March. Capacity utilization is not available before
1967.
Source: Unemployment rate and real to potential GDP downloaded from FRED (Federal Reserve Economic Data), Federal Reserve
Bank of St. Louis. Capacity utilization is published by the Board of Governors of the Federal Reserve system.
PEW RESEARCH CENTER
Though the five time points examined mark years that were four years into an economic recovery, national
macroeconomic conditions were not identical in the five years. Prominent macroeconomic indicators
suggest that the aggregate economy was less vigorous in 2013 than the earlier comparison points.
Common wisdom also suggests 2013 marks a distinct period. After all, the Great Recession is coined the
Great Recession.
Though aggregate economic conditions may be weaker in 2013 than earlier years, this does not necessarily
imply that Millennials are worse off than earlier generations. That depends on how they are faring in the
labor market and their particular circumstances, the subject of this chapter.

16
PEW RESEARCH CENTER
www.pewresearch.org
$38,833
$41,989
$44,770 $43,663
$45,500
$33,655
$36,498
$34,595
$32,173
$30,000
$31,384 $32,299
$30,525
$27,883 $28,000
$20
$30
$40
$50
Bachelor's degree
or more
Two-year degree/
Some college
High school
graduate
Silents
(1965)
Early
Boomers
(1979)
Late
Boomers
(1986)
Gen Xers
(1995)
Millennials
(2013)
thousand
Most young adults have few income sources beyond what they can earn on the job. And a basic
motive for pursuing college is to enhance one’s skills and fortunes in the job market. This section
focuses on what young workers are paid, the ease of finding work, and some characteristics of their
jobs (such as pension coverage and unionization).
On the one hand, it is clear that young, college-educated workers are having more difficulty
landing work compared with earlier cohorts of young adults. They are more likely to be
unemployed, and it takes them longer, on average, to find a job. On the other hand, once they’re
employed, their earnings are higher than those received by earlier cohorts of young, college-
educated adults. For less-educated young workers, there is no upside: They are more likely to be
unemployed and they are spending more time searching for a job compared with less-educated
young workers who came
before them. And their
earnings are significantly
below those received by less-
educated young workers in
earlier generations (with the
exception of high school-
educated Gen Xers).
Annual Earnings
One dimension where
Millennial college graduates
are faring better than prior
generations is in annual
earnings. The Census Bureau
collects detailed information
on earnings and hours
worked for the calendar year
before the Current
Population Survey is
collected. Among Millennials
who usually worked full time
during 2012, the typical
college graduate earned
about $45,500. This is
Median Annual Earnings of 25- to 32-year-olds,
by Educational Attainment
Median annual earnings among full-time workers, in 2012 dollars
Notes: Median annual earnings are based on earnings and work status during the calendar
year prior to interview and limited to 25- to 32-year-olds who worked full time during the
previous calendar year and reported positive earnings. “Full time” refers to those who
usually worked at least 35 hours a week last year.
Source: Pew Research Center tabulations of the 2013, 1995, 1986, 1979 and 1965 March
Current Population Survey (CPS) Integrated Public Use Micro Samples
PEW RESEARCH CENTER

17
PEW RESEARCH CENTER
www.pewresearch.org
34
25
24
24
13
Millennials in 2013
Gen Xers in 1995
Late Boomers in 1986
Early Boomers in 1979
Silents in 1965
significantly higher than the earnings of Gen X college graduates in 1995 ($43,663, in 2012
dollars). The earnings of college-educated Millennials also tend to be above their late Boomer
($44,770), early Boomer ($41,989), and Silent generation ($38,883) counterparts.
Earnings for Millennials without a bachelor’s degree are significantly lower than for similarly
educated young adults from previous generations. Earnings for young, full-time workers without a
bachelor’s degree were at their highest level in the late 1970s. Among young adults in 1979, those
with a high school diploma had median annual earnings of $32,299. By comparison, the average
Millennial with only a high school education made $28,000 in 2012.
While the earnings of less-educated Millennials are sinking in comparison with earlier less-
educated young adults, the earnings of all Millennials have remained relatively flat. In 2013, the
earnings of all Millennials employed full time
were about $35,000. That compares with about
$34,900 for all early Boomers in 1979. Two
factors are supporting the earnings of
Millennials: College-educated Millennials tend
to earn more than college-educated young
adults used to, and there has been a
compositional shift among this age group. More
Millennials are college-educated than was the
case for earlier cohorts.
These earnings figures utilize the median
earnings of college graduates working full time
in the prior year. The median refers to the
amount earned by the full-time college graduate
in the middle, or earning more than exactly half
of full-time college graduates. Although the
middle full-time college graduate might be
earning more than prior generations, it is
possible that earnings outcomes are now more
variable and that more Millennials are
experiencing low earnings compared to earlier
generations. The table on the next page
compares the earnings level of the bottom one-fifth of college graduates to that of the median
college graduate. The distribution is for all college graduates who had positive earnings, not just
those working full time the prior year. At least at the 20th percentile, earnings do not appear to be
Share of 25- to 32-year-olds with at
Least a Bachelor’s Degree
%
Notes: In 1992, the Census Bureau changed the educational
attainment question. Before 1992 respondents completing four or
more years of college are assumed to have finished a bachelor’s
degree.
Source: Pew Research Center tabulations of 2013, 1995, 1986,
1979 and 1965 March Current Population Survey (CPS) Integrated
Public Use Micro Samples
PEW RESEARCH CENTER

18
PEW RESEARCH CENTER
www.pewresearch.org
3.8
2.8
2.3
2.5
1.4
Millennials in 2013
Gen Xers in 1995
Late Boomers in 1986
Early Boomers in 1979
Silents in 1965
more variable for Millennials than earlier generations. Some Millennial college graduates did earn
low amounts during 2012, but no more so than
earlier cohorts.
Unemployment
Today’s recent college graduates have had
more difficulty finding employment than
earlier generations. Among Millennial college
graduates, 3.8% were unemployed in 2013.
5
By
comparison, only 2.5% of early Boomer college
graduates were unable to find work in March
1979.
In 2013, better-educated Millennials
experienced much lower unemployment rates
than their less-educated peers (see chart in
Appendix A). For example, 12.2% of
Millennials with only a high school education
were looking for work in 2013, 8 percentage
points higher than the rate among college-
educated Millennials.
5
The unemployment rate refers to the share of the labor force (those working or actively seeking work) who are not employed. In
March 2013 the national unemployment rate for persons of all ages (16 and older) and education levels was 7.6%.
Annual Earnings Variability of Workers with at Least a Bachelor’s Degree
In 2012 dollars
20th percentile
Median
Ratio of 20th percentile to
median
Millennials in 2013
$24,020
$43,300
0.55
Gen Xers in 1995
$22,980
$41,058
0.56
Late Boomers in 1986
$21,978
$40,700
0.54
Early Boomers in 1979
$21,437
$38,759
0.55
Silents in 1965
$21,358
$38,833
0.55
Notes: Based on earnings during the calendar year prior to interview. Limited to 25- to 32-year-olds who reported positive earnings during the
previous calendar year.
Source: Pew Research Center tabulations of 2013, 1995, 1986, 1979 and 1965 March Current Population Survey (CPS) Integrated Public
Use Micro Samples
PEW RESEARCH CENTER
Unemployment Rate of 25- to
32-year-olds with at Least a Bachelor’s
Degree
%
Notes: The unemployment rate refers to the share of the labor force
(those working or actively seeking work) who are not employed.
Source: Pew Research Center tabulations of 2013, 1995, 1986,
1979 and 1965 March Current Population Survey (CPS) Integrated
Public Use Micro Samples
PEW RESEARCH CENTER

19
PEW RESEARCH CENTER
www.pewresearch.org
27
17
14
12
Millennials in 2013
Gen Xers in 1995
Late Boomers in 1986
Early Boomers in 1979
Silents in 1965*
College-educated young adults in each generation had less difficulty finding work than their less-
educated counterparts. In 2013, college-educated Millennials were a third less likely to be
unemployed than were Millennials with only a high school education. In 1995, 2.8% of college-
educated Gen Xers were unemployed, compared with 6.9% of Gen Xers whose formal education
did not go beyond high school. Similarly, back in 1979, college-educated early Baby Boomers were
more than half as likely to be unemployed (2.5%) as those with only a high school education
(6.1%).
Across generations, those with some college experience (but not a bachelor’s degree) have fared
somewhat better than those with no college experience. In 2013, Millennials with a bachelor’s
degree were about half as likely to be unemployed as Millennials with some college (3.8% vs.
8.1%). The unemployment differential between Gen Xers with some college (4.7%) and their peers
who had finished college (2.8%) was a bit narrower in 1995. The unemployment differential was
similar in 1979: 2.5% for early Boomer college graduates vs. 4.7% for early Boomers with some
college.
Weeks unemployed. The typical unemployed
college-educated Millennial has spent much
longer searching for work than earlier
generations of college graduates. In 2013, the
average unemployed college-educated
Millennial had been looking for work for 27
weeks. By comparison, college-educated 25- to
32-year-olds who were unemployed in 1979
spent on average only 12 weeks looking for a
job. And in 1995, unemployed Gen Xers with a
bachelor’s degree spent on average 17 weeks
looking.
Typical unemployed college-educated
Millennials have not been looking for work as
long as their less-educated counterparts (see
chart in Appendix A). In 2013, unemployed
Millennials without a college degree had been
looking for work on average 31 weeks. And
there is some evidence that the advantage that
the college-educated have in regard to shorter
unemployment length may have widened over
Average Weeks of Unemployment of
Unemployed 25- to 32-year-olds with at
Least a Bachelor’s Degree
In weeks
*Unemployment duration not available before 1968.
Notes: Duration of unemployment for the currently unemployed is
top-coded at 98 weeks.
Source: Pew Research Center tabulations of 2013, 1995, 1986 and
1979 March Current Population Survey (CPS) Integrated Public Use
Micro Samples
PEW RESEARCH CENTER

20
PEW RESEARCH CENTER
www.pewresearch.org
89
80
82
89
84
86
90
85
86
90
86
87
Millennials
in 2013
Gen Xers
in 1995
Late Boomers
in 1986
Early Boomers
in 1979
Silents
in 1965*
High school
graduate
Two-year degree/
Some college
Bachelor's degree
or more
time. In 1979 there was little difference in the average length of unemployment between college
graduates and less-educated young adults.
Hours of Work
Full-time employment.
College-educated Millennials
are no less likely than earlier
generations of young adults to
land full-time work. In 2013,
89% of employed college-
educated Millennials worked
full time (usually working at
least 35 hours per week in the
job they held in the week prior
to the interview). This is only
slightly below the share of
young-adult college graduates
who were employed full time
in 1979 (90%).
Less-educated Millennials
were significantly less likely
than their college-educated
peers to land full-time work in
2013. For example, only 82%
of high school-educated
Millennials with jobs worked
full time.
The disparity in working full
time between the more-
educated and less-educated has widened over time. For example, among young adults in 1979,
college graduates were only slightly more likely than those with a high school education to be
working full time (90% vs. 87%). In 2013, the disparity between college graduates (89%) and those
with a high school education (82%) had widened to 7 percentage points.
Likelihood of Full-time Employment among 25- to 32-
year-olds, by Educational Attainment
%
*Full- or part-time status is not available before 1976.
Notes: The rate plotted is the share of employed 25- to 32-year-old civilians who are
employed full time. “Full time” refers to those usually working at least 35 hours a week in
the job they held in the week prior to the interview.
Source: Pew Research Center tabulations of 2013, 1995, 1986 and 1979 March Current
Population Survey (CPS) Integrated Public Use Micro Samples
PEW RESEARCH CENTER

21
PEW RESEARCH CENTER
www.pewresearch.org
41
38
39
43
40
40
42
40
40
42
41
40
43
43
42
Millennials
in 2013
Gen Xers
in 1995
Late Boomers
in 1986
Early Boomers
in 1979
Silents
in 1965
High school
graduate
Two-year degree/
Some college
Bachelor's degree
or more
Average hours worked. The
length of the average
workweek has declined
somewhat among college-
educated young adults. In
2013, college-educated
Millennials worked on
average 41 hours per week. In
1965, college-educated young
adults (members of the Silent
generation) worked an
average of 43 hours a week.
However, college-educated
Millennials tend to have
longer workweeks than their
less-educated counterparts.
In 2013, the average
Millennial with some college
education worked 38 hours
(compared with 41 for the
average college graduate).
Average Hours Worked of 25- to 32-year-olds,
by Educational Attainment
Notes: Average hours worked is limited to civilians employed and at work last week. It is
based on total number of hours the respondent was at work during the previous week.
Source: Pew Research Center tabulations of 2013, 1995, 1986, 1979 and 1965 March
Current Population Survey (CPS) Integrated Public Use Micro Samples
PEW RESEARCH CENTER

22
PEW RESEARCH CENTER
www.pewresearch.org
Job Characteristics
Though complete information is not available on the earlier cohorts of young adults, the Census
Bureau has queried respondents on several employment dimensions.
Union coverage. Some 14% of college-educated Millennials were employed in a unionized
workplace in 2013. Among Gen X college graduates in 1995, a similar share (13%) worked in
unionized settings. An educational gap in union coverage is apparent among Millennials in 2013.
Among Gen Xers in 1995, those with no formal education beyond high school were slightly more
likely than college graduates to have a unionized employer. However, in 2013, Millennials with a
high school education (6%) are substantially less likely than college-educated Millennials (14%) to
be employed in a unionized setting.
Retirement plan or pension coverage. Fewer college-educated Millennials worked for employers
offering a pension or other
retirement plan (other than
Social Security, i.e., defined
contribution plans) compared
with earlier generations. In
2013, 61% of college-educated
Millennials worked for an
employer with a retirement
plan. By comparison, 66% of
college-educated late Baby
Boomers had pension
coverage in 1986; the share
rose to 70% for college-
educated Gen Xers in 1995.
However, pension coverage
has declined for all young
adults, and the decline has
been more pronounced among
the less-educated than for the
college-educated. For
example, only 36% of high
school-educated Millennials
labored for an employer with a
pension plan in 2013, a decline
of 11 percentage points from
the incidence of pension
Employment Characteristics of 25- to 32-year-olds
%
All
Bachelor’s
degree or
more
Two-year
degree/
Some college
High school
graduate
Union representation
Millennials in 2013
11
14
13
6
Gen Xers in 1995
13
13
14
16
Employer offers a pension or retirement plan
Millennials in 2013
46
61
45
36
Gen Xers in 1995
55
70
58
49
Late Boomers in 1986
51
66
52
46
Paid by the hour
Millennials in 2013
57
33
72
76
Gen Xers in 1995
59
30
66
72
Notes: “All” includes those who are not high school graduates. “Union representation”
includes union members and workers who are not union members but whose jobs are
covered by a union contract. Hourly pay and union coverage is for civilian 25- to 32-year-olds
currently employed as wage and salary workers. Pension or retirement plan coverage refers
to the civilian 25- to 32-year-old’s union or employer on his or her longest job during the
preceding calendar year. Information on hourly pay and union coverage is not available
before 1990. Information on pension coverage is not available before 1980.
Source: Pew Research Center tabulations of 2013, 1995 and 1986 March Current
Population Survey (CPS) Integrated Public Use Micro Samples
PEW RESEARCH CENTER

23
PEW RESEARCH CENTER
www.pewresearch.org
coverage among high school-educated late Baby Boomers in 1986 and a decline of 13 points from
the high school-educated Gen Xers in 1995.
Hourly pay. In March 2013, one-third of college-educated Millennial workers were paid by the
hour. By comparison, 30% of Gen X college graduates were paid by the hour in 1995, when they
were a comparable age. Among young adults, those
with some college or only a high school education
were much more likely than their college-educated
counterparts to be hourly workers, and the
increased incidence of hourly pay among Millennial
workers compared with Gen X workers was at least
as great among the less-educated as among the
college-educated.
This section examines the larger economic context
of young adults by education. These outcomes
reflect more than just someone’s success in the
labor market. Well-being reflects the young adult’s
household arrangements and thus depends on the
size of the person’s household, whether the person
has a spouse or unmarried partner, as well as
whether there are children present and parental
decisions on how much to work.
The measures together present a mixed picture.
Considering the outcomes in absolute fashion,
college-educated young adults today are faring
better than earlier generations on some measures,
and worse on others. But consistently, the gaps in
outcomes between the college-educated and their
less-educated counterparts have grown. Since the
1970s, education increasingly tends to demarcate
Monetary terms
The analysis presents several monetary
measures to assess young adult
outcomes:
Earnings of full-time workers: the young
adult’s pretax wage and salary income
received during the previous calendar
year. It does not include the value of fringe
benefits. It is reported for employees who
usually worked at least 35 hours a week
during the prior calendar year.
Household income: the sum of the total
income during the previous calendar year
of all household members ages 15 and
older. It includes wage and salary income,
rents, dividends and interest income, as
well as cash income transfers. The
specific measure presented performs the
common adjustment of adjusting for the
number of persons in the household.
Personal income: the total income of the
young adult during the previous calendar
year. It includes wage and salary income,
rents, dividends and interest income, as
well as cash income transfers.
Household wealth: the value of the assets
of all household members (in households
headed by a young adult) minus the value
of all liabilities of all household members
(in households headed by a young adult).
All dollar figures are adjusted for inflation
and expressed in 2012 dollars.

24
PEW RESEARCH CENTER
www.pewresearch.org
$89,079
$86,237
$81,686
$71,916
Millennials in 2013
Gen Xers in 1995
Late Boomers in 1986
Early Boomers in 1979
Silents in 1965*
the more economically successful from the less economically successful.
Household Income
The incomes of households headed by college-
educated 25- to 32-year-olds have markedly
increased since the 1970s. The median (size-
adjusted) income of households headed by a
college-educated Millennial was $89,079 in
2013.
6
By contrast, the median income of
households headed by a college-educated
young adult in 1979 was only $71,916.
7
At least three factors likely contribute to the
rising household incomes of the young and
college-educated. First, as shown in the last
section, the earnings of college graduates have
been increasing, and that directly contributes
to rising household income. Second, as young
adults increasingly delay marriage and
childbearing, it follows that college-educated
households headed by Millennials likely have
fewer children than college-educated
households in earlier generations. Since size-
adjusted household income takes account of
household size, Millennials’ smaller
households will be reflected in a boost to this
measure of household income. Third, with
fewer children in the household, less time can
be devoted by the parent(s) to child care and
more time can be devoted to market work,
again indirectly boosting household income.
8
6
By comparison, the median adjusted household income of all households (all ages and education levels) was about $60,000 in 2013.
7
Rather than examining the household incomes of households headed by the college -educated, the household incomes of all college-
educated young adults are presented in the Appendix. The substantive conclusions are unchanged.
8
It is well known that women, in particular, have significantly boosted their hours spent in market work and the increase has been
concentrated among better-educated women. Aguiar and Hurst (2007) find that college-educated women increased their market work
hours by 4.3 hours per week between 1965 and 2003, while high school-educated women increased their hours by only 2.0 hours per
week and women without a high school diploma decreased market work by 2.4 hours per week.
Median Adjusted Household Income of
Households Headed by 25- to
32-year-olds with at Least a Bachelor’s
Degree
In 2012 dollars
*Household income is not available before 1968.
Notes: Based on household income in the calendar year preceding
the survey. Income standardized to a household size of three. For
details, see http://www.pewsocialtrends.org/2011/11/07/the-
rising-age-gap-in-economic-well-being/4/#appendix-a-data-sources-
and-methodologyappendix. Household income is not available
before 1968.
Source: Pew Research Center tabulations of 2013, 1995, 1986 and
1979 March Current Population Survey (CPS) Integrated Public Use
Micro Samples
PEW RESEARCH CENTER

25
PEW RESEARCH CENTER
www.pewresearch.org
The household incomes of
young adults with less
education tend to be
substantially lower than their
college-educated counterparts,
and they have been falling
since the 1980s. For example,
the median income of
households headed by a
Millennial with a high school
education was $39,842 in
2013, about $50,000 below
that of college-educated
counterparts ($89,079). And
the gap in the typical
household income of young
household heads with and
without a college degree has
increased substantially over
time. In 1979, college-
educated young adults had
household incomes about
$22,000 above those of
households headed by young
adults with only a high school
education. That gap has
widened to $50,000 among
Millennials.
For details on median
personal income, see
Appendix C.
Poverty and Wealth
Though household income figures indicate that the typical college-educated Millennial household
is better off than in previous generations, poverty figures indicate that a segment of the college-
educated are faring worse. In 2013, 6% of college-educated 25- to 32-year-olds were living in
Economic Well-being of 25- to 32-year-olds
All
Bachelor’s
degree or
more
Two-year
degree/
Some college
High school
graduate
Median adjusted household income (in 2012 dollars)
Millennials in 2013
$57,175
$89,079
$51,962
$39,842
Gen Xers in 1995
$54,081
$86,237
$55,168
$45,164
Late Boomers in 1986
$54,140
$81,686
$59,518
$47,986
Early Boomers in 1979
$55,384
$71,916
$58,432
$50,097
Silents in 1965*
NA
NA
NA
NA
Median personal income (in 2012 dollars)
Millennials in 2013
$25,000
$40,003
$24,524
$19,000
Gen Xers in 1995
$26,045
$39,986
$27,194
$22,980
Late Boomers in 1986
$26,455
$40,700
$29,101
$24,217
Early Boomers in 1979
$27,335
$38,759
$30,684
$24,483
Silents in 1965
$18,769
$34,736
$23,947
$19,417
Share in Poverty
Millennials in 2013
16
6
15
22
Gen Xers in 1995
13
3
10
15
Late Boomers in 1986
12
4
8
12
Early Boomers in 1979
8
3
6
7
Silents in 1965*
NA
NA
NA
NA
*Household income and poverty are not available before 1968.
Notes: “All” includes those who are not high school graduates. Household income figures are
adjusted for inflation and are expressed in 2012 dollars. Based on household income in the
calendar year preceding the survey. Income standardized to a household size of three. For
details, see http://www.pewsocialtrends.org/2011/11/07/the-rising-age-gap-in-economic-
well-being/4/#appendix-a-data-sources-and-methodologyappendix. Household income is
tabulated over households headed by 25- to 32-year-olds. Personal income is tabulated over
25- to 32-year-olds and is based on the total pretax personal income in the calendar year
preceding the survey. Poverty is based on the respondent’s family income in the calendar
year preceding the survey. Poverty refers to the share of 25- to 32-year-olds living in poverty.
Source: Pew Research Center tabulations of 2013, 1995, 1986, 1979 and 1965 March
Current Population Survey (CPS) Integrated Public Use Micro Samples
PEW RESEARCH CENTER

26
PEW RESEARCH CENTER
www.pewresearch.org
poverty, double the poverty rate of college-educated young adults in 1979 (3%).
9
Poverty has been
on the rise among all young adults, and the increase has been greatest among lesser educated 25-
to 32-year-olds. Poverty has tripled among 25- to 32-year-olds with only a high school education.
In 1979, 7% of young adults with only a high school education were living below the poverty line.
Among high school-educated Millennials in 2013, fully 22% were poor.
Another common measure of economic well-being is wealth or net worth. Income and poverty are
based on the resources obtained by the
household over the prior calendar year. Wealth
is the household’s nest egg or what it has been
able to save out of income over the years.
Wealth is what the household has or the value
of what it owns (assets) minus what it owes
(debts). Wealth is advantageous for a number of
reasons, including that it is a storehouse of
value that can be accessed during spells of
unemployment and other adverse events.
The Census Bureau measures income and
poverty every year, but it captures household
wealth less regularly. In 2011, the wealth of the
typical household headed by a 25- to 32-year-old with at least a bachelor’s degree was $26,058.
10
In 1984, the median wealth of households headed by a 25- to 32-year-old with a bachelor’s degree
was $29,521, so typical wealth levels have declined 12% for the young and college-educated.
Declines in wealth have been even greater for less-educated households. In 2011, the median
wealth level of households headed by a 25- to 32-year-old with a high school education was $3,137.
This represents a 73% decline in the typical wealth of similar households in 1984 ($11,455).
9
Poverty thresholds depend on the size of the family and composition. In 2012, the poverty threshold for a family of four with two
children was $23,283 (DeNavas-Walt, Proctor and Smith, 2013).
10
By comparison, the median net worth of all households (all ages and education levels) was about $70,000 in 2011.
Median Net Worth of Households
Headed by 25- to 32-year-olds
In 2012 dollars
All
Bachelor’s
degree or
more
Two-year
degree/
Some college
High
school
graduate
2011
$7,262
$26,058
$5,681
$3,137
1984
$14,204
$29,521
$16,319
$11,455
Notes: “All” includes households whose heads are not high school
graduates.
Source: Pew Research Center tabulations of the 1984 and 2011
Survey of Income and Program Participation data.
PEW RESEARCH CENTER

27
PEW RESEARCH CENTER
www.pewresearch.org
Living Arrangements
Are Millennials earning enough to live independently? The answer depends on which Millennials
you focus on. For young adults without a bachelor’s degree, the passage to financial independence
may be taking longer. But college graduates are not substantially delaying their departure from the
parental nest, a reflection in
part of their superior fortunes
in the labor market.
11
College-educated Millennials
are much less likely to be
married than their
counterparts in earlier
generations. In 1965, of
college-educated young adults
(members of the Silent
generation), nearly eight-in-
ten (78%) were married. In
2013, less than half of college-
educated Millennials (45%)
were married. The decline in
marriage among 25- to 32-
year-olds has been even
greater among less-educated
young adults. In 1965, 86% of
high school-educated Silents
were married. In 2013, only
40% of their Millennial
counterparts were married.
The decline in marriage among the young and college-educated does not imply that college-
educated Millennials are not forming their own households and living independently of their
parents. Though college-educated Millennials may not have a spouse, many of them have
unmarried partners.
12
11
A number of studies show that the share of young adults living at home has increased since 2007 (when the Great Recession
began). The increase has been more prominent among young adults without a bachelor’s degree (Fry, 2013; Mykyta, 2012).
12
The data used for this analysis, the Current Population Survey (CPS), began tracking the unmarried partner relationship status in
1995. In March 2013, 15% of adults ages 25 to 32 had an unmarried partner residing in their household.
Living Arrangements of 25- to 32-year-olds
%
All
Bachelor’s
degree or
more
Two-year
degree/
Some college
High school
graduate
Married
Millennials in 2013
42
45
41
40
Gen Xers in 1995
54
53
55
54
Late Boomers in 1986
59
56
59
62
Early Boomers in 1979
68
64
68
72
Silents in 1965
84
78
84
86
Living in Parent’s Home
Millennials in 2013
15
12
16
18
Gen Xers in 1995
13
12
14
14
Late Boomers in 1986
12
9
13
13
Early Boomers in 1979
9
8
8
9
Silents in 1965
8
10
7
9
Notes: “All” includes those who are not high school graduates. “Living in parent’s home”
refers to young adults who are the child of the head of the household, regardless of their
marital status.
Source: Pew Research Center tabulations of 2013, 1995, 1986, 1979 and 1965 March
Current Population Survey (CPS) Integrated Public Use Micro Samples
PEW RESEARCH CENTER

28
PEW RESEARCH CENTER
www.pewresearch.org
Some 12% of college-educated 25- to 32-year-old Millennials were living in a parent’s home in
2013. By comparison, 10% of college-educated young adults lived with their parent(s) in 1965. So
the tendency to live at home has increased among the college-educated, but it seems to be a
measured increase among young adults with at least a bachelor’s degree. By contrast, the
likelihood of living at home has markedly increased among less-educated young adults. For
example, 9% of Silents with a high school education lived at home in 1965. In 2013, 18% of high
school-educated Millennials were living at home, twice the rate of Silents.

29
PEW RESEARCH CENTER
www.pewresearch.org
41
47
44
34
Bachelor's degree
or more
High school grad
or less
Two-year degree/
Some college
All
Chapter 2: Public Views on the Value of Education
For today’s young workers, the surest path to a good job and satisfying career runs through
college. A recent survey by the Pew Research Center finds that college graduates outpace those
with less education on virtually every measure
of job satisfaction and career success.
While most workers say their education has
been at least somewhat helpful on the job,
fully 47% of college graduates
13
ages 25 to 32
report that their schooling has been “very
useful” in getting them ready for a job or
career.
In contrast, only about a third (34%) of young
adults with a high school education or less say
their education has been as helpful to them,
the survey found.
When it comes to their current jobs, about half
(53%) of all employed college graduates in
their mid-20s and early 30s say they are “very
satisfied” at work. In contrast, only 37% of
comparably aged Millennials with a high school diploma or less are as satisfied with their job,
according to the Pew Research survey.
Employed college graduates ages 25 to 32 also are more likely than those with only a high school
diploma or less to say they are in a career or career-track job (86% vs. 57%) and less likely to say
their current job is just something “to get [them] by” (14% vs. 42%).
When they look ahead, about six-in-ten (63%) Millennial college graduates in their late 20s and
early 30s are confident that they have enough training and education to get ahead in their current
job or career. In contrast, about four-in-ten (41%) of comparably aged high school graduates feel
they have enough education to advance on the job.
13
Unless otherwise noted in this report, “colle ge graduate” refers to those who have a bachelor’s degree or more education.
Education and Work
% of Millennials ages 25 to 32 in each group who say
their education was "very useful” in preparing them for
a job or career
Notes: Based on Millennials ages 25-32 (n=630).
PEW RESEARCH CENTER Q20

30
PEW RESEARCH CENTER
www.pewresearch.org
83%
8%
6%
Has not/Will
not pay off
Has paid off
Will pay
off
Even though the current Millennials ages 25 to 32 are better educated than the generations of
young adults who preceded them,
14
the survey found only one significant generational difference
in the overall perceived value of their education in preparing them for a job and career—some 41%
of Millennials ages 25 to 32, 45% of Gen Xers and 47% of Baby Boomers say their schooling was
“very useful” in getting them ready to enter the labor force. A somewhat larger share of Silents
than Millennials say their education prepared them very well (50% vs. 41%).
The Value of a College Degree
Turning to college graduates, the survey finds that, regardless
of their generation, adults with college degrees recognize the
benefit of their undergraduate education.
About nine-in-ten adults with a bachelor’s degree or more
education (91%) say that considering what they and their
family paid for their undergraduate education, it has paid off
for them or they expect it will pay off in the future. The
sentiment is shared by an even higher proportion (96%) of
those with a graduate or professional diploma.
About seven-in-ten college graduates (69%) also say their
undergraduate or graduate major is at least somewhat related
to their current work. And few express serious regrets about
their choice of college major: Only 29% say that selecting a
different field of study would have better prepared them to get
the kind of job they wanted.
But these views vary significantly by major, the survey found. A
third (33%) of all liberal arts, social science and education
majors say they should have selected another field of study to
better prepare them for their ideal job. In contrast, only about
a quarter (24%) of science and engineering majors express a similar regret.
As a group, those with a graduate or professional degree are the most likely to say their education
was “very useful” in preparing them for the working world (69% vs. 47% for all respondents).
14
According to U.S. Census Bureau data, the share of 25- to 32-year-olds with a college degree increased from 13% in 1965 to 34%
in 2013.
Most Graduates Say
College Has Paid Off
% who say that considering what
they and their family paid for their
undergraduate education, it …
Note: Based on those with at least a
bachelor’s degree (n=790). “Not sure/Don’t
know/Refused” responses shown but not
labeled.
PEW RESEARCH CENTER Q9-11

31
PEW RESEARCH CENTER
www.pewresearch.org
These highly educated adults also are more likely to be very satisfied with their current job (66%
vs. 52% for all) or to say they have sufficient education and training to advance in their job or
career (84% vs. 59%).
Turning to demographics, Millennial college graduates are significantly less likely than older
generations to currently have a job “very closely” related to their major (36% for Millennials vs.
54% for older adults).
15
Many alumni look back on their college days fondly—but also with regrets. When it comes to better
preparing themselves for the labor force, half of all college graduates say gaining more work
experience while they were undergraduates would have helped their chances to get the job they
wanted. Men (55%) are more likely than women (45%) to say this. About four-in-ten (38%) say
that studying harder also would have improved their employment prospects—a view shared by
some 47% of men but only 31% of women college graduates. As a generation, Millennials have
struggled to find work during and in the aftermath of the Great Recession
16
—one likely reason that
they are more likely than older adults to say more work experience in college (65% vs. 45% for
older graduates) and looking for work sooner (43% vs. 26%) would have enhanced their job
prospects.
The remainder of this chapter explores of these findings in greater detail. The first section
examines how those with different levels of education assess the value of their schooling in
preparing them for a job and career. The next section examines whether college graduates believe
their degrees were worth the money they or their families spent to send them to college. The final
section explores the value of individual college degrees in the job market as well as reports what
college graduates say they should have done while in school to better ready themselves for the
working world.
15
To draw comparisons to the economic data in Chapter 1, the opening section of this chapter looked at the segment of Millennials
ages 25 to 32. From this point forward, all Millennials ages 18 to 32 are included in the analysis.
16
For a detailed look at how the Great Recession affected the employment and well-being of young adults, see the Pew Research
Center report “Young, Underemployed and Optimistic” Feb. 9, 2012.

32
PEW RESEARCH CENTER
www.pewresearch.org
47
69
55
49
43
40
All
Post-graduate
degree
Bachelor's
degree
Two-year
college degree
Some college
High school
grad or less
The Pew Research Center survey confirms
what generations of parents have told their
children: To get a good job, get a good
education. At the same time, the findings
suggest that the definition of a good education
has changed in recent decades, with the
rewards of education disproportionately
concentrated among better educated adults
while those with less education are lagging far
behind.
Overall about eight-in-ten adults say their
education has been “very useful” (47%) or
“somewhat useful” (34%) in preparing them
for a job or career. Only 16% find that their
education has done little or nothing to prepare
them for work, the survey found.
But just beneath the overall numbers lies this
striking pattern: As educational attainment
increases, so do favorable judgments about the usefulness of their education in getting them ready
for the labor force. In fact, these positive views rise in virtual stair-step fashion as education levels
rise.
According to the survey, about seven-in-ten adults with a graduate or professional degree say their
education was very useful preparing them for work, about 15 percentage points higher than those
who had completed a bachelor’s degree (69% vs. 55%).
The increase is nearly as large as you move up from the lower rungs of the education ladder. Some
40% of those with a high school education or less find their education very useful on the job, a
proportion that increases to 49% among those with a two-year college degree.
Millennial Women More Likely than Men to See Education Useful
With one notable exception, few demographic differences exist on this question. Nearly half of all
whites (45%), blacks (48%) and Hispanics (48%) say their education was “very useful” in
College Graduates More Likely to Say
Education Prepared Them for Work
% of each group who say education was “very useful” in
preparing them for a job or career
Notes: Based on full sample (N=2,002). “Post-graduate degree”
includes professional degrees.
PEW RESEARCH CENTER Q20

33
PEW RESEARCH CENTER
www.pewresearch.org
50
0
79
56
54
40
17
16
21
16
15
32
4
20
30
44
A career A steppingstone
to a career
Just a job
to get by
Post-graduate
degree
Bachelor's
degree
Some college
or less
Two-year
college degree
All
preparing them for a job or career. Similar shares of Millennials (46%), Gen Xers (45%) and Baby
Boomers (47%) agree.
At the same time, Millennial women are more likely than either Millennial men or older men to
say their education was “very useful.” Among Millennials, only about four-in-ten men (39%) but
53% of women have found their education to be very beneficial in preparing them for the
workforce. About half of older women (49%) and nearly as many non-Millennial men (45%) share
this view.
Career and College
College is the most direct route to a good job
and career. The higher their level of education,
the more likely an individual is to say that his
or her current job is a career or a
steppingstone toward a career, a relationship
that also crosses generational boundaries.
About two-thirds of all employed adults say
their current job is their career (50%) or a
steppingstone on the path to a career (17%).
For the remaining 32%, their work is “just a
job to get [them] by.”
But this profile shifts dramatically by levels of
education. About eight-in-ten (79%) of those
with graduate or professional degrees say their
current job is their career. Some 56% of those
with bachelor’s degrees and about an equal
share (54%) of those with two-year college
degrees also say they currently have a career-
level position.
In contrast, only four-in-ten adults who have not graduated from college report that their current
job is their career, and 15% say they are on the path to a career. The remaining 44% say their
current job is just something to get them by, roughly ten times the proportion of those with a
graduate degree who offer the same view.
Better Educated More Likely to Be in a
Career-track Job
% of each group who say their current job is …
Note: Based on those who are employed (n=1,301). “Post-graduate
degree” includes professional degrees. “Don’t know/Refused”
responses not shown.
PEW RESEARCH CENTER Q34

34
PEW RESEARCH CENTER
www.pewresearch.org
53
46
0
59
29
22
31
58
59
70
52
21
16
17
13
26
22
33
14
6
13
19
21
30
36
26
44
56
36
27
34
16
29
58
Men
Women
White
Black
Hispanic
Millennial
Gen X
Boomer
A career A steppingstone
to a career
Just a job
to get by
Generation
Race/Ethnicity
Gender
Family Income
$75,000
or more
$30,000-
$74,999
Less than
$30,000
Other Demographic Differences
The education divide is not the only significant
demographic difference separating those with
a career and those who are not yet there. In
fact, it’s not even the largest.
Large differences emerge when the focus shifts
to race and ethnicity. Non-Hispanic whites
(59%) are about twice as likely as blacks (29%)
or Hispanics (22%) to say their current job is
their career.
At the same time, Hispanics are about twice as
likely as whites to say they their current job is
just something to get them by (56% vs. 26%), a
disparity that in part reflects educational
differences between Hispanics and whites. For
much the same reason, blacks also are
significantly more likely than whites to be off
the career path (44% vs. 26%).
More predictably, Gen Xers (58%) and Baby
Boomers (59%) are significantly more likely to
say they are in a career than Millennials (31%),
who are just beginning their working lives. But
a third of Millennials say they have their foot
in the door: They are about twice as likely as
Gen Xers (33% vs. 14%) and roughly five times
as likely as Boomers (33% vs. 6%) to say their
current job is a steppingstone to a career.
But when it comes to non-career jobs, similar
shares of Millennials (36%) and Boomers
(34%) say their current job is just something
“to get me by.”
Who Has a Career?
% of each group who say their current job is …
Note: Based on those who are employed (n=1,301). Whites and
blacks include only non-Hispanics. Hispanics are of any race.
Millennials are ages 18 to 32. Views of members of the Silent
generation are not shown in this graphic and others in this report
because the sample size was too small. “Don’t know/Refused”
responses not shown.
PEW RESEARCH CENTER Q34

35
PEW RESEARCH CENTER
www.pewresearch.org
12
21
30
30
27
Post-graduate
degree
High school grad or
less
Some college
Two-year college
degree
Bachelor's degree
Labor economists know that income, education and employment type are closely associated.
Better-educated individuals are more likely to occupy better paying jobs, which largely explains
why survey respondents with annual family incomes of $100,000 or more are more than twice as
likely as those making less than $50,000 to say they are in career jobs (77% vs. 31%).
At the same time, about half (49%) of those with family incomes below $50,000 say their work is
just a job to get them by, a view held by only 10% of highest-earning adults.
Back to School
The value of education on the job is clearly
seen when adults younger than 65 and not in
school are asked if they ever plan to resume
their education. A quarter say they intend to
return to school someday, and an additional
11% say they might.
According to the survey, those who have not
obtained a bachelor’s degree are more likely
than those who have at least a bachelor’s
degree to have plans to return to school (28%
vs. 18%). Yet even people who have a four-year
degree under their belt are considering going
back to school, with fully 21% of bachelor’s
degree holders and 12% of post-graduate
degree holders saying they will resume their
education.
Social science, liberal arts and education majors are more likely than business majors to say they
will return to school or “maybe” will go back (40% vs 23%). Some 28% of science and engineering
majors say they are definitely or maybe planning to return to school.
The survey also found that blacks and Hispanics are twice as likely to say they plan to go back to
school as whites. About four-in-ten (43% of blacks and 41% of Hispanics) say this, compared with
18% of whites—a relationship that holds up even accounting for different levels of education.
Most Don’t Intend to Go Back to School
% saying they plan to return to school
Note: Based on those under age 65 and not currently enrolled in
school (n=1,349). Voluntary responses of “Maybe” not included.
“Post-graduate degree” includes professional degrees.
PEW RESEARCH CENTER RSCHL

36
PEW RESEARCH CENTER
www.pewresearch.org
18
43
41
White
Black
Hispanic
For example, 42% of blacks with less than a
bachelor’s degree and 41% of Hispanics with
the same level of education intend to return to
school, compared with 21% of whites with
comparable education.
As might be expected, plans to return to school
diminish with age. About half (54%) of 18- to
29-year-olds intend to return to school. This
share falls to 28% among 30- to 49-year-olds
and only 10% among 50- to 64-year-olds. The
question was not asked of respondents ages 65
and older.
Household income also is modestly correlated
with the intent to go back to school. People in
families making less than $50,000 per year are the most likely to have plans to return (33% say
they will). By contrast, 18% of those in families making between $50,000 and $99,999, and 14% of
those making $100,000 or more say they plan to go back to school.
As might be expected, those who think they need more training or education to succeed in their
career are more likely to plan to go back to school. About four-in-ten (41%) of those currently
employed who say they need more training to get ahead in their job or career intend to go back to
school, compared with only 14% of those who feel they already have the necessary education. A
similar share (45%) of those not employed who say they need more training in order to get the
kind of job they want intend to return to school, while only 17% who already have the education
they need have plans to go back.
Minorities More Likely Than Whites to
Say They Want to Return to School
% saying they plan to return to school
Note: Based on those under age 65 and not currently enrolled in
school (n=1,349). Whites and blacks include only non-Hispanics.
Hispanics are of any race. Voluntary responses of “Maybe” not
included.
PEW RESEARCH CENTER RSCHL

37
PEW RESEARCH CENTER
www.pewresearch.org
83
62
84
89
8
26
6
3
All
Millennial
Gen X
Boomer
Has paid off Will pay off
91
88
90
92
NET
98
83
63
1
10
17
Has paid off Will pay off
99
93
NET
$100,000
or more
Less than
$50,000
$50,000-
$99,999
80
In spite of rising tuition rates at both public
and private colleges, most college graduates
agree that college has paid off.
17
A significant
majority (83%) of bachelor’s degree holders
believe that they have already seen a return on
what they and their family paid for their
bachelor’s degree. An additional 8% say that it
hasn’t paid off yet, but they believe it will in
the future. Only 6% of graduates say that
college has not paid off for them and that they
do not expect it to in the future.
The generations agree that getting their college
degree was worthwhile. But Gen Xers (84%)
and Boomers (89%) are significantly more
likely than Millennials (62%) to say they
already have seen a payoff. By contrast, for the
remainder of those who say their degree has
not yet paid off, Millennials are more likely
than older generations to think it will
eventually be worth it (26% vs. 6% for Gen
Xers and 3% for Boomers.)
Majorities of college graduates say their
education paid off, regardless of their family
income. But college graduates with family
incomes of at least $50,000 per year are more
likely than those earning less to feel that their
degrees have already paid off (90% vs. 63%).
Those in the top income tier, earning
$100,000 or more, are the most likely to say
this (98%).
17
For a detailed look at trends in college costs, see this Pew Research Center report “Is College Worth It?” May 15, 2011.
Generations Agree: College Is Worth It
% of college graduates in each generation who say that
considering what they and their family paid for their
undergraduate education, it …
Notes: Based on college graduates (n=790). “College graduates”
are those with a bachelor’s degree or more. “All” includes adults in
the Silent and older generations. Millennials are ages 18 to 32.
Those who said college has not and will not pay off and voluntary
responses of “Not sure/Don’t know/Refused” not shown.
PEW RESEARCH CENTER Q9-11
College Graduates Who Earn More
Say College Degree Was Worth It
% of each group of college graduates who say that
considering what they and their family paid for their
undergraduate education, it has paid off or will pay off
Notes: Based on college graduates (n=790). Income groups are
based on family income. “College graduates” are those with a
bachelor’s degree or more. Those who said college has not and will
not pay off and voluntary responses of “Not sure/Don’t
know/Refused” not shown.
PEW RESEARCH CENTER Q9-11

38
PEW RESEARCH CENTER
www.pewresearch.org
4
7
18
6
7
96
89
76
93
88
Has not and
will not pay off
Has paid off/
will pay off
Educational attainment
Type of college
Post-graduate
degree
Bachelor's
degree
Two-year
college degree
Private
Public
66 59
43
18
56
Millennial Gen X Boomer Millennial Gen X
% of each generation who
took out college loans
% of generation who
have paid off loans
The Pew Research Center poll shows that the
higher the degree attained, the more graduates
feel their undergraduate education has paid
off. Among those with postgraduate degrees,
almost all have no regrets (93% say their
bachelor’s degree has paid off and 3% believe
it will in the future).
Slightly fewer of those whose highest
educational attainment is a bachelor’s degree
are as positive (89% say it’s paid off or think it
will), and even fewer—but still a sizable
majority—of those with two-year college
degrees say the same (76%).
Despite the higher sticker price at most private
colleges, graduates from public and private
schools express similar satisfaction in value for
their money. Some 84% of public college
graduates and 81% of private college graduates
say that their education has paid off, and an
additional 9% of public college
graduates and 7% of private
college graduates say it will
pay off in the future.
Student Loans
Half of college graduates took
out loans to help finance their
education. Perhaps reflecting
the fact that college tuition
has risen sharply over the
decades, Millennials (66%)
and Gen Xers (59%) are more
likely than Boomers (43%) to
have taken out loans to pay for
their education. Among those
The Value of College, by Education and
College Type
% of each group who say that considering what they and
their family paid for their undergraduate education, it …
Notes: Educational attainment based on those with a two-year
college degree or more (n=982). “Post-graduate degree” includes
professional degrees. Type of college based on those with a
bachelor’s degree or more (n=790). Voluntary responses of “Not
sure/Don’t know/Refused” not shown.
PEW RESEARCH CENTER Q9-11
Borrowing for College … and Paying It Back
Notes: Percent of each generation who took out college loans is based on those with at
least a bachelor’s degree who are not currently enrolled in college (n=767). Percent of
generation who have paid off loans is based on those with at least a bachelor’s degree who
are not currently enrolled in college and who took out loans (n=341). Millennials are ages
18 to 32. The sample size of Boomers who took out loans is too small for analysis.
PEW RESEARCH CENTER Q12,14

39
PEW RESEARCH CENTER
www.pewresearch.org
38
36
41
36
52
56
51
49
9
7
7
12
More qualifications than their job requires
The right amount of qualifications
Only some of the qualifications their job requires
Bachelor's
degree or more
Two-year degree/
Some college
All
High school grad
or less
who did take out loans, Gen Xers are much more likely (56%) to have finished paying them back
than Millennials (18%). The sample size of Boomers who took out loans is too small for analysis.
College graduates at all income levels are about equally likely to have taken out loans. But those
earning more are significantly more likely to have finished paying off their student debt, in part
because they are older and have had more time to pay off their loans. About two-thirds (68%) of
college graduates who took out loans and who have a family income of at least $75,000 have paid
off their loans, compared with 42% of college graduates making less than $75,000.
Those who have completed at least a bachelor’s degree are the most likely to have taken out loans,
compared with those who have a degree from a two-year college (50% vs. 37%).
College graduates who did not take out loans are more likely than those who did borrow money to
say that their degree has paid off (91% of non-borrowers say this, compared with 79% of those who
took out loans). Conversely, those who took out loans to help pay for college are more likely to say
that their education will pay off in the future (10% vs. 3%). And those who borrowed less money
are more likely to say that their education has already paid off (87% of those who took out less
than $20,000 in loans say this, compared with 68% of those who took out more). The biggest
contrast is among graduates who have paid off their loans compared with those who have not.
Fully nine-in-ten (93%) of those who have already repaid all the money they borrowed say that
their degree has paid off, compared with only 59% of those who are still in the process of paying
them off.
Job Preparation
Regardless of level of education, about half
(52%) of people who are currently employed
feel they have the right qualifications for the
job. Most of the remainder (38%) feel
overqualified for their current job, and only a
few (9%) think they are underqualified.
But these views vary by demographic
characteristics. For example, blacks are more
likely (53%) than either Hispanics (39%) or
whites (36%) to feel that they have more
qualifications than their job requires. And
Millennials are more likely than older
Regardless of Education, Few Workers
Feel Underqualified for Job
% of each group who say they have ...
Notes: Based on those currently employed (n=1,301). ”Don’t
know/Refused” responses not shown.
PEW RESEARCH CENTER Q35

40
PEW RESEARCH CENTER
www.pewresearch.org
56
55
44
57
48
36
68
20
6
Bachelor's degree
or more
High school grad
or less
Two-year degree/
Some college
They are "very satisfied" with their current job
Their education was "very useful" in preparing them for a
job or career
Their current job requires a college degree
Bachelor's degree
or more
High school grad
or less
Two-year degree/
Some college
Bachelor's degree
or more
High school grad
or less
Two-year degree/
Some college
generations to say the same (46% of Millennials, compared with 34% of older adults).
People in the upper half of the income scale feel more content with their qualifications than those
in the lower half. More than half of those making at least $50,000 say they have about the right
amount of qualifications for their job (61%), compared with 43% of those who make less than
$50,000. Those making less than $50,000 are more likely to say they are overqualified than those
making at least $50,000 (45% vs. 33%).
College degrees or at least some experience at
college may help with other measures of job
satisfaction. Those with at least some college
experience are more likely to report being
“very satisfied” in their current job than those
with a high school diploma or less.
Those with a degree from a four-year college
are more likely than those with less education
to say their education was “very useful” in
preparing them for a job or career. About six-
in-ten (57%) bachelor’s and graduate degree
holders say this, compared with 48% of those
who completed a two-year degree or went to
college but did not graduate and 36% of those
with a high school diploma or less.
As might be expected, college graduates are
much more likely to be in a job requiring a
college degree—yet a notable number of those
without diplomas also say they hold a job that
requires a college degree. About two-thirds
(68%) of those who have at least a bachelor’s
degree say their job requires a college degree.
Roughly one-third (31%) of two-year college
graduates say the same. Yet fully 14% of those
who say they attended some college but did not graduate and 6% of those who have a high school
diploma or less say they work in a job that requires a college degree.
Education and Work
% with each level of education who say …
Notes: Based on currently employed (n=1,301).
PEW RESEARCH CENTER Q2c,20,36

41
PEW RESEARCH CENTER
www.pewresearch.org
49%
20%
11%
20%
Not very
closely
Very closely
Somewhat
closely
Not at all
60
43
43
18
17
29
6
12
15
15
28
12
Very
closely
Somewhat
closely
Not very
closely
Not at all
Social Science/
Liberal Arts/
Education
Business
Science/
Engineering
About seven-in-ten college graduates (69%) say their
undergraduate or graduate field of study is at least somewhat
related to their current work and only 29% say they should
have selected a different undergraduate field of study to
prepare them for their ideal job, according to the Pew Research
survey.
But these views vary significantly by field of study and how far
an individual went in school. By most measures tested in this
survey, science and engineering majors are more likely than
respondents with degrees in liberal arts, social science or
education to say their education is a better fit with their
current job and career goals. At the same time, those with
graduate or professional degrees are more likely than other
college graduates to say their job is closely related to their
studies.
For example, only about a quarter (24%) of science and
engineering majors say they should have selected another
major to better prepare them for their ideal job. In contrast, a
third (33%) of all liberal arts, social sciences
and education majors express a similar view.
In a similar vein, social science, liberal arts
and education majors are significantly more
likely than science and engineering graduates
to say they are overqualified for their job (42%
vs. 28%).
Most Say Job Is Related to Major
The survey found that about seven-in-ten
college graduates say their work is “very
closely” (49%) or “somewhat closely” (20%)
tied to their undergraduate or graduate
degree.
About Half Say Current
Job Is “Very Closely”
Related to Field of Study
% who say their current job is …
related to their major in college or
graduate school
Note: Based on those with at least a
bachelor’s degree who are employed full
time or part time (n=606).”Don’t
know/Refused” responses are shown but
not labeled.
PEW RESEARCH CENTER Q40
Usefulness of Major, by Field of Study
% of majors in each area who say their current job is …
related to their major in college or graduate school
Note: Based on those with at least a bachelor’s degree who are
employed full time or part time (n=606). “Don’t know/Refused”
responses not shown.
PEW RESEARCH CENTER Q40

42
PEW RESEARCH CENTER
www.pewresearch.org
16
37
44
84
62
54
Not very closely/
Not at all
Very/Somewhat
closely
Post-graduate
degree
Bachelor's
degree
Two-year
college degree
36
59
48
28
18
17
13
8
11
22
14
24
Millennial
Gen X
Boomer
Very
closely
Somewhat
closely
Not very
closely
Not at all
Science and engineering majors and, to a
lesser extent, those who majored in business
are more likely than those who majored in the
liberal arts, social science or education to say
their current job is closely related to their
college majors.
Overall about eight-in-ten science and
engineering majors (78%) say they have a job
related to their field of study, including 60%
who say it is “very closely” linked to their
major. A similar share of business majors say
that their job is related to their field of study
(73%), but a smaller share of business majors
than science and engineering majors say it is
“very closely” related (43% vs. 60%). Only 59%
of social science, liberal arts or education
majors say their job is related to their degree,
with 43% saying it is very closely related.
Millennials and their Majors
Compared with other generations, a larger
share of Millennials are college graduates. At
the same time, these young college graduates
are significantly less likely than older
graduates to say their current job is closely
related to their field of study, in part because
so many of these recent college graduates fill
entry-level positions.
According to the survey, 36% of Millennials
say their job is very closely related to their
major. In contrast, about six-in-ten Gen Xers
(59%) and 48% of Baby Boomers say they have
a job that is very closely aligned with their major field of study.
Usefulness of Major to Current Job, by
Degree Type
% who say their current job is … related to their major in
college or graduate school
Notes: Based on those with at least a two-year college degree who
are employed full- time or part time (n=742). “Post-graduate
degree” includes professional degrees. “Don’t know/Refused”
responses not shown.
PEW RESEARCH CENTER Q40
Usefulness of Major, by Generation
% of those in each generation who say their current job
is … related to their major in college or graduate school
Notes: Based on those with at least a bachelor’s degree who are
employed full time or part time (n=606). Millennials are ages 18 to
32. “Don’t know/Refused” responses not shown.
PEW RESEARCH CENTER Q40

43
PEW RESEARCH CENTER
www.pewresearch.org
45
54
53
36
56
52
33
Men
Women
White
Non-white
Gender
Family Income
Race
$100,000 or more
Less than $50,000
$50,000-$99,999
At the same time, Millennials are more likely than Gen Xers or Baby Boomers to say their current
job is somewhat closely related to their undergraduate or graduate majors (28% for Millennials vs.
18% for Gen Xers and 17% for Boomers). Altogether, the share of Millennials saying their job is
“very” or “somewhat” related to their major is 64%, smaller than the share among Gen Xers (77%)
but similar to the share of Boomers who say the same (65%).
Roughly a third of Millennials (35%) say their current job is either “not very closely” or “not at all”
related to their majors. That’s the same as the overall share of Boomers (35%) but larger than the
share of Gen Xers (22%) who express the same view.
Other Demographic Differences
Non-Hispanic whites and individuals with a graduate degree are more likely than minorities or
those with a bachelor’s or two-year degree to say their major is very closely related to their current
job.
According to the survey, about half 53% of all
non-Hispanic whites report their major and
their job are very closely related, but just 36%
of blacks, Hispanics and other minorities say
this. (The sizes of the black and Hispanics
samples were too small to analyze separately.)
Respondents with a graduate or professional
degree (68%) are more likely to say their
current job matches very well with their
degree than those with a bachelor’s degree
(40%) or a two-year degree (37%).
At the same time, some 56% of those with
family incomes of $100,000 or more say their
current job is very closely connected to their
major, compared with 33% of those earning
less than $50,000.
Usefulness of Major, by Key
Demographic Groups
% of each group who say their current job is “very
closely related” to their major in college or graduate
school
Notes: Based on those with at least a bachelor’s degree who are
employed full time or part time (n=606). Whites include only non-
Hispanics. Non-whites include Hispanics.
PEW RESEARCH CENTER Q40

44
PEW RESEARCH CENTER
www.pewresearch.org
28
30
26
39
21
34
37
Men
Women
White
Non-white
Gender
Family Income
Race
$100,000 or more
Less than $50,000
$50,000-$99,999
Second Thoughts about their Major
Roughly three-in-ten college graduates (29%)
say that selecting a different field of study as
undergraduate students would have better
prepared themselves for their ideal job.
In terms of preparing them for their desired
job, liberal arts, social science and education
majors are significantly more likely than those
who majored in science and engineering to
have second thoughts about their
undergraduate field of study (33% vs. 24%).
Minority college graduates in particular say a
different major would have better prepared
them for the type of job they wanted.
According to the survey, about four-in-ten
non-whites (39%) say they would have
enhanced their chances of getting a job they
wanted if they had chosen a different major,
compared with 26% of whites.
Similarly, those with family incomes of less
than $50,000 are much more likely than those
earning $100,000 or more to express some
degree of regret with their majors (37% vs.
21%).
College Majors, Reconsidered
% of each group who say selecting a different
undergraduate major would have better prepared them
to get the job they wanted
Note: Based on those with at least a bachelor’s degree (n=790).
Voluntary responses of “Maybe” not included. Whites include only
non-Hispanics. Non-whites include Hispanics.
PEW RESEARCH CENTER Q22a

45
PEW RESEARCH CENTER
www.pewresearch.org
65
40
43
36
53
42
36
31
44
34
21
26
Millennial Gen X Boomer
Gaining more
work experience
Studying
harder
Looking for
work sooner
Choosing a
different major
50
38
30
29
Gaining more
work experience
Studying harder
Looking for
work sooner
Choosing a
different major
Looking Back
In addition to selecting a different major, the
Pew Research Center survey asked college
graduates whether they could have better
prepared for a job they wanted while still in
school by gaining more work experience,
studying harder or beginning their job search
earlier.
About three-quarters of all college graduates
(74%) say taking at least one of those four
steps would have enhanced their chances to
land their ideal job.
Leading the should-have-done list: getting
more work experience while still in school.
Half say taking this step would have put them
in a better position to get the kind of job they
wanted. Roughly four-in-ten (38%) regret not
studying harder, while three-in-ten say they
should have started looking for work sooner
(30%) or picked a different major (29%).
Taken together, the survey suggests that,
among these items tested, only about a quarter
(26%) of all college graduates have no regrets,
while 21% say they should have done at least
three or all four things to enhance their
chances for their desired job.
Millennials See More Missed Opportunities
Millennials are significantly more likely than
Baby Boomers to express regrets on three of
the four items tested and to express multiple
regrets about their college experience, the
College Days, Reconsidered
% who say doing each of the following while they were
undergraduates would have better prepared them to get
the job they wanted
Note: Based on those with at least a bachelor’s degree (n=790).
Voluntary responses of “Maybe” not included.
PEW RESEARCH CENTER Q22a-d
Looking Back, by Generation
% of each generation who say … while they were
undergraduates would have better prepared them to get
the job they wanted
Note: Based on those with at least a bachelor’s degree (n=790).
Millennials are ages 18 to 32. Voluntary responses of “Maybe” not
included.
PEW RESEARCH CENTER Q22a-d

46
PEW RESEARCH CENTER
www.pewresearch.org
17
31
21 22
32
17
None Three or four
Millennial Gen X Boomer
survey found. (The sample of those in the
Silent generation was too small to analyze.)
About two-thirds of all Millennials (65%) but
53% of Gen Xers and 44% of Baby Boomers
say they should have gotten more work
experience while in college. Millennials also
are more likely than Boomers to say they
would have improved their employment
prospects if they had looked for work sooner
(43% vs. 21% for Boomers). About a third
(36%) of Gen Xers said this.
When it comes to majors, Millennials (36%)
are more likely than Boomers (26%) to say
their job prospects would have been enhanced
if they had chosen another field of
undergraduate study.
There were no significant differences among
the generations in terms of those who say they
should have studied harder.
Overall, Millennials are more likely to have
multiple regrets about their college experience. Only 17% of Millennials say none of the four steps
would have prepared them to get the job they wanted, while larger shares of Baby Boomers (32%)
had no regrets. About two-in-ten Gen Xers (21%) say they have no regrets about their educational
experience.
In contrast, three-in-ten (31%) of all Millennials but 17% of Boomers say they should have done
three or all four things differently in order to prepare themselves for the job they wanted. Some
22% of Gen Xers say it would have been better if they did three or four things differently when they
were undergraduates.
The Major Disconnect
When college graduates who say their job is “not very closely related” or “not at all related” to their
field of study in college or graduate school were asked why, no single reason dominated. About a
Millennials Most Likely to Say They
Could Have Done Things Differently in
College
% of college graduates in each generation that say it
would be better if they had done this number of things
differently while they were undergraduates to prepare
themselves to get the job they wanted
Note: Tested were “Choosing a different major,” “Gaining more work
experience,” “Starting to look for work sooner” and “Studying
harder.” Based on those with at least a bachelor’s degree (n=790).
Millennials are ages 18 to 32. Voluntary responses of “Maybe” not
included in counts.
PEW RESEARCH CENTER Q22a-d

47
PEW RESEARCH CENTER
www.pewresearch.org
26
23
16
9
8
8
8
11
No job available/
Bad economy
Other
Circumstances/
Had children
Major was too
general/useless
Lacked experience/
qualifications
Financial
reasons
Happy with
current job
Wanted a change/
Didn't like the work
quarter (26%) blame the bad economy or say
they were unable to find work in their field. A
similar share wanted a change or found that
the work wasn’t for them (23%), while 16% say
they are happy with their current job.
For others, life got in the way. About one-in-
ten say they had children or other life
circumstances interfered (9%), and 8% say
their major was too general or it was useless,
they lacked the experience or qualifications to
find work in their field, or they chose a non-
related job for financial reasons.
Most Found They Preferred Other
Types of Jobs, or Couldn’t Find Work
in Field of Major
% saying the main reason for not currently working in a
job more closely related to their major in college or
graduate school is …
Note: Based on those with at least a bachelor’s degree who are
employed full time or part time in a job that they say is “not very
closely” or “not at all” related to their major in college or graduate
school (n=181). Question was open-ended. “Don’t Know/Refused”
responses not shown.
PEW RESEARCH CENTER Q41

48
PEW RESEARCH CENTER
www.pewresearch.org
8.2
3.8
8.1
12.2
5.8
2.8
4.7
6.9
7.3
2.3
5.0
9.0
5.7
2.5
4.7
6.1
4.7
1.4
3.2
4.3
Millennials
in 2013
Gen Xers
in 1995
Late Boomers
in 1986
Early Boomers
in 1979
Silents
in 1965
All
High school
graduate
Two-year degree/
Some college
Bachelor's degree
or more
Appendix A: Additional Charts on the Labor Market
Unemployment Rate of 25- to 32-year-olds,
by Educational Attainment
%
Notes: “All” includes those who are not high school graduates. The unemployment rate
refers to the share of the labor force (those working or actively seeking work) who are not
employed.
Source: Pew Research Center tabulations of 2013, 1995, 1986, 1979 and 1965 March
Current Population Survey (CPS) Integrated Public Use Micro Samples
PEW RESEARCH CENTER

49
PEW RESEARCH CENTER
www.pewresearch.org
30
27
31
31
19
17
17
21
16
14
14
16
13
12
13
12
Millennials
in 2013
Gen Xers
in 1995
Late Boomers
in 1986
Early Boomers
in 1979
Silents
in 1965*
All
High school
graduate
Two-year degree/
Some college
Bachelor's degree
or more
Average Weeks of Unemployment of Unemployed 25-
to 32-year-olds, by Educational Attainment
In weeks
*Unemployment duration not available before 1968.
Notes: “All” includes those who are not high school graduates. Duration of unemployment
for the currently unemployed is top-coded at 98 weeks.
Source: Pew Research Center tabulations of 2013, 1995, 1986 and 1979 March Current
Population Survey (CPS) Integrated Public Use Micro Samples
PEW RESEARCH CENTER

50
PEW RESEARCH CENTER
www.pewresearch.org
Appendix B: Data Sources
Government Data
Most of the analysis in Chapter 1 is based on the Current Population Survey (CPS). The CPS is
collected monthly by the U.S. Census Bureau for the Bureau of Labor Statistics. The survey is the
basis for the widely reported monthly national unemployment rate. This report uses the CPS’s
Annual Social and Economic Supplement (CPS ASEC), conducted in March of each year. The CPS
sample size is expanded for the ASEC collection and in 2013 was based on interviews with about
75,000 households. The CPS is nationally representative of the civilian noninstitutionalized
population. The integrated micro data files of the March CPS produced by the University of
Minnesota were analyzed. Additional documentation on the March CPS IPUMS can be found at
https://cps.ipums.org/cps/.
The unweighted number of 25- to 32-year-olds in each survey year are as follows:
The CPS has been collected since the 1940s, but there have been revisions in the information
collected since its initiation. In 1992, the Census Bureau altered the educational attainment
question. Prior to 1992, respondents were asked about the number of grades of school completed
rather than their highest educational degree attained. So for surveys before 1992 (1986, 1979 and
1965) a “high school graduate” refers to those who completed 12th grade (regardless of whether
they received a high school diploma); “some college” refers to those who reported completing one
to three years of college, and respondents who completed at least four of years of college are
considered to have at least a bachelor’s degree.
Most of a person’s characteristics refer to the individual’s characteristics at the time of the survey
or March of the year. However, annual earnings, household income and poverty status are based
on the respondent’s income characteristics in the calendar year prior to the survey.
All
Bachelor’s degree or more
Two-year degree/ Some
college
High school graduate
2013
20,512
6,686
6,088
5,574
1995
17,783
4,458
5,036
5,861
1986
22,177
5,171
4,810
9,189
1979
20,509
4,778
4,589
8,041
1965
6,837
890
835
2,977
Note: “All” includes those who are not high school graduates.
PEW RESEARCH CENTER

51
PEW RESEARCH CENTER
www.pewresearch.org
The figures on the net worth of households on page 26 were tabulated from the U.S. Census
Bureau’s Survey of Income and Program Participation (SIPP). SIPP has consistently collected
detailed data on household asset and liabilities since 1984. The Census Bureau has periodically
published reports on the nation’s net worth in its P70 report series. For further details, see
Gottschalk (2008).
Dollars figures in the report were converted to 2012 dollars using the research series of the
consumer price index (CPI-U-RS).
Survey Methodology:
Results for the Pew Research Center survey are based on telephone interviews conducted October
7-27, 2013 among a national sample of 2,002 adults 18 years of age or older living in the United
States (a total of 479 respondents were interviewed on a landline telephone, and 1,523 were
interviewed on a cell phone, including 929 who had no landline telephone). The survey was
conducted by interviewers at Princeton Data Source under the direction of Princeton Survey
Research Associates International (PSRAI). Interviews were conducted in English and Spanish. A
combination of landline and cell phone random digit dial (RDD) samples were used; both samples
were provided by Survey Sampling International. The landline RDD sample was drawn using
traditional list-assisted methods where telephone numbers were drawn with equal probabilities
from all active blocks in the U.S. The cell sample was drawn through a systematic sampling from
dedicated wireless 100-blocks and shared service 100-blocks with no directory-listed landline
numbers.
In order to increase the number of 25 to 34 year-old respondents in the sample additional
interviews were conducted with that cohort by screening RDD cell sample and by calling back 25
to 34 year-olds from recent PSRAI surveys.

52
PEW RESEARCH CENTER
www.pewresearch.org
Both the landline and cell samples were released for interviewing in replicates, which are small
random samples of each larger sample. Using replicates to control the release of telephone
numbers ensures that the complete call procedures are followed for all numbers dialed. As many
as 7 attempts were made to contact every sampled telephone number. The calls are staggered over
times of day and days of the week (including at least one daytime call) to maximize the chances of
making contact with a potential respondent. An effort is made to recontact most interview
breakoffs and refusals to attempt to convert them to completed interviews.
Respondents in the landline sample were selected by randomly asking for the youngest adult male
or female who is now at home. Interviews in the cell sample were conducted with the person who
answered the phone, if that person was an adult 18 years of age or older. The additional interviews
with 25- to 34-year-olds from the cell sample were administered an age screener; those who were
in the target age range completed the interview. For the landline callback sample, interviewers
asked to speak with the person based on age and gender who participated in an earlier survey. For
the cellular callback sample, interviews were conducted with the person who answered the phone
once it was confirmed that they were in the target age range.
Weighting is generally used in survey analysis to adjust for effects of sample design and to
compensate for patterns of nonresponse that might bias results. The weighting was accomplished
in multiple stages to account for the different sample frames as well as the oversampling of 25-34
year-olds. Weighting also balances sample demographic distributions to match known population
parameters.
In the final stage of weighting, the combined sample was weighted using an iterative technique
that matches gender, age, education, race, Hispanic origin, and region to parameters from the U.S.
Census Bureau’s 2011 American Community Survey data. The population density parameter is
county based and was derived from the Decennial Census. The sample also is weighted to match
Number of Interviews Conducted by Sample Segment
Population
Interviews
Landline RDD
18+
420
Cellular RDD
18+
975
Cell RDD screened
25-34
205
Landline callback
25-34
59
Cell callback
25-34
343
Total
2,002
PEW RESEARCH CENTER

53
PEW RESEARCH CENTER
www.pewresearch.org
current patterns of telephone status and relative usage of landline and cell phones (for those with
both), based on extrapolations from the July-December 2012 National Health Interview Survey.
The survey’s margin of error is the largest 95% confidence interval for any estimated proportion
based on the total sample – the one around 50%. For example, the margin of error for the entire
sample is plus or minus 2.7 percentage points. This means that in 95 out of every 100 samples
drawn using the same methods, estimated proportions based on the entire sample will be no more
than 2.7 percentage points away from their true values in the population. Sampling errors and
statistical tests of significance take into account the effect of weighting. The following table shows
the sample sizes and the error attributable to sampling that would be expected at the 95% level of
confidence for different groups in the survey:
In addition to sampling error, one should bear in mind that question wording and practical
difficulties in conducting surveys can introduce error or bias into the findings of opinion polls.
Margin of Error at 95% Confidence Level
Sample size
Plus or minus …
Total sample
2,002
2.7 percentage points
18- to 32-year-olds
810
4.2 percentage points
Bachelor’s degree or more
790
4.3 percentage points
Two-year degree/Some college
560
5.1 percentage points
High school grad or less
643
4.7 percentage points
PEW RESEARCH CENTER

54
PEW RESEARCH CENTER
www.pewresearch.org
Appendix C: Young Adult Living Arrangements and
Household Incomes
The second section presented typical adjusted household incomes for households headed by young
adults ages 25 to 32. Not all 25- to 32-year-olds reside in households headed by a 25- to 32 year-
old, and the likelihood of living in such a household may have changed over time. Are the patterns
evident among 25- to 32-year-old heads of households not representative of the household income
patterns for all young adults? No, this appendix demonstrates that the patterns evident among 25-
to 32-year-old heads of households are replicated when we consider the full population of young
adults.
Rather than focusing on households headed by young adults, let’s examine the adjusted household
incomes of all young adults. Following Bell, Burtless, Gornick, and Smeeding (2007), the most
serious shift in living arrangements that might undermine the tabulations based on heads of
households is that greater proportions of Millennials are living with mom and/or dad compared
with earlier generations.
18
Fewer Millennials are married, but that is largely offset by the fact that
more Millennials have unmarried partners.
The Appendix Table below tabulates the median adjusted household incomes for the universe of
young adults who are not residing with their parent(s) and those residing in the household of their
parent(s). Not surprisingly, for any year-education cell the household incomes of 25- to 32-year-
olds who reside in the home of their parent(s) tends to exceed the corresponding year-education
group of young adults who reside independently of their parent(s).
Yes, there may have been some shifting around between marriage/cohabitation and between living
with parents and living independently. The bottom panel of the table shows the adjusted
household incomes of ALL 25- to 32-year-olds. Similar to the median-adjusted household income
of 25- to 32-year-old heads of households, the household income of all young adults:
a) Exhibit a growing dispersion by the education of the young adult from early Boomers to
Millennials.
b) The adjusted household income of all early Boomers in 1979 is not above the typical
adjusted household income of all Millennials ages 25 to 32 in 2013.
18
See Bell, Lisa, Gary Burtless, Janet Gornick, an d Timothy M. Smeeding. 2007. “Failure to Launch: Cross-National Trends in the
Transition to Economic Independence,” in The Price of Independence: The Economics of Early Adulthood, edited by Sheldon Danziger
and Cecilia Rouse. New York: Russell Sage Foun dation.

55
PEW RESEARCH CENTER
www.pewresearch.org
Rather than examining household incomes, the personal incomes of young adults can be
examined. These are presented in the second panel of the table on page 25. Personal incomes
simply reflect the total income (including sources of income other than earnings) of the young
adult. Personal incomes do not account for the income contributed by other members of the
household. Nor do they account for any dependents the young adult may have. Conventional
measures of economic well-being (for example, poverty) are household-based and recognize that
Household Incomes of 25- to 32-year-olds
In 2012 dollars
All
Bachelor’s degree or
more
Two-year degree/
Some college
High school graduate
Median Adjusted Household Income of Young Adults Not Living in Parents' Home
Millennials in 2013
$60,626
$92,836
$56,777
$44,543
Gen Xers in 1995
$57,140
$90,450
$59,353
$48,999
Late Boomers in 1986
$56,675
$86,003
$62,564
$50,895
Early Boomers in 1979
$56,766
$75,181
$60,516
$52,643
Silents in 1965*
NA
NA
NA
NA
Median Adjusted Household Income of Young Adults Living in Parents' Home
Millennials in 2013
$71,800
$113,181
$75,080
$55,864
Gen Xers in 1995
$76,543
$106,636
$84,323
$65,939
Late Boomers in 1986
$69,304
$100,455
$77,512
$63,602
Early Boomers in 1979
$70,082
$93,667
$78,661
$69,120
Silents in 1965*
NA
NA
NA
NA
Median Adjusted Household Income of All Young Adults
Millennials in 2013
$62,000
$94,911
$59,583
$46,550
Gen Xers in 1995
$59,705
$92,129
$61,627
$51,028
Late Boomers in 1986
$58,072
$87,233
$64,587
$52,312
Early Boomers in 1979
$57,868
$76,553
$61,817
$53,862
Silents in 1965*
NA
NA
NA
NA
*Household income data are not available before 1968.
Notes: “All” includes those who are not high school graduates. Household income figures are adjusted for inflation and are expressed in
2012 dollars. Based on household income in the calendar year preceding the survey. Income standardized to a household size of three. For
details, see http://www.pewsocialtrends.org/2011/11/07/the-rising-age-gap-in-economic-well-being/4/#appendix-a-data-sources-and-
methodologyappendix. In this table the adjusted household income of all 25- to 32-year-olds is utilized. In the chart and table on pages 24-
25 the adjusted household income of 25- to 32-year-old heads of households was shown.
Source: Pew Research Center tabulations of 2013, 1995, 1986, 1979 and 1965 March Current Population Survey (CPS) Integrated Public
Use Micro Samples
PEW RESEARCH CENTER

56
PEW RESEARCH CENTER
www.pewresearch.org
economic gains can be realized from shared living arrangements (for example, two can rent an
apartment cheaper than one) and that dependents may entail some economic costs.
19
19
See Fry, Richard, D’Vera Cohn, Gretchen Livingston, and Paul Taylor. 2011. The Rising Age Gap in Economic Well-being.
Washington, DC: Pew Research Center Social & Demographic Trends project, November.
http://www.pewsocialtrends.org/2011/11/07/the -rising-age-gap-in-economic-well-being/

57
PEW RESEARCH CENTER
www.pewresearch.org
Appendix D: Topline Questionnaire
NOTE: ALL NUMBERS ARE PERCENTAGES. THE PERCENTAGES GREATER THAN ZERO BUT LESS THAN 0.5% ARE REPLACED BY
AN ASTERISK (*). COLUMNS/ROWS MAY NOT TOTAL 100% DUE TO ROUNDING. UNLESS OTHERWISE NOTED, ALL TRENDS
REFERENCE SURVEYS FROM SOCIAL & DEMOGRAPHIC TRENDS AND THE PEW RESEARCH CENTER FOR THE PEOPLE & THE
PRESS.
QUESTIONS 1-2 PREVIOUSLY RELEASED; NO QUESTION 3; QUESTION 4 PREVIOUSLY RELEASED
Now I have some questions about your background.
SEX,AGE NOT SHOWN
ASK ALL:
EDUC What is the highest level of school you have completed or the highest degree you have received? [DO NOT READ]
[INTERVIEWER NOTE: Enter code 3-HS graduate” if R completed vocational, business, technical, or training courses after
high school that did NOT count toward an associate degree from a college, community college or university (e.g., training for
a certificate or an apprenticeship)]
4
Less than high school (Grades 1-8 or no formal schooling)
6
High school incomplete (Grades 9-11 or Grade 12 with NO diploma)
32
High school graduate (Grade 12 with diploma or GED certificate)
20
Some college, no degree (includes some community college)
11
Two-year associate degree from a college or university
17
Four year college or university degree/Bachelor’s degree (e.g., BS, BA, AB)
1
Some postgraduate or professional schooling, no postgraduate degree (e.g.
some graduate school)
9
Postgraduate or professional degree, including master's, doctorate, medical or law degree
(e.g., MA, MS, PhD, JD, graduate school)
*
Don't know/Refused (VOL.)
ASK COLLEGE GRADUATES WHO DID NOT ATTEND GRADUATE SCHOOL (EDUC=5,6): [n=690]
ED1 What year did you graduate from college? (OPEN-END, RECORD FOUR-DIGIT YEAR)
ASK COLLEGE GRADUATES WHO ATTENDED GRADUATE SCHOOL (EDUC=7,8): [n=292]
ED2 What year did you receive your undergraduate or Bachelor’s degree? (OPEN-END, RECORD FOUR-DIGIT YEAR)
Trends:
PEW RESEARCH CENTER
OCTOBER 2013 HIGHER EDUCATION AND GENDER SURVEY
OCTOBER 7-27, 2013
TOTAL N= 2,002 ADULTS 18+ INCLUDING 982 ADULTS AGES 18-34
Oct 2013
March 2011
8
1960s or earlier
12
15
1970s
15
15
1980s
17
20
1990s
22
37
2000 or later
30
2
Still enrolled in college (VOL.)
n/a
3
Don’t know/Refused (VOL.)
4
(n=982)

58
PEW RESEARCH CENTER
www.pewresearch.org
ASK IF AGE < 65: [n=1,639]
SCHL Are you currently enrolled in school?
[IF YES, PROBE TO DETERMINE IF ATTENDING HIGH SCHOOL, TECHNICAL TRADE OR VOCATIONAL SCHOOL, A COLLEGE
UNDERGRADUATE OR IN GRADUATE SCHOOL]
17
Yes, enrolled
1
in high school
2
in technical, trade or vocational school
12
in college (undergraduate)
3
in graduate school
83
No, not enrolled
*
Don’t know/Refused (VOL.)
ASK IF AGE < 65 AND NOT ENROLLED IN SCHOOL (SCHL=5,9): [n=1,349]
RSCHL Do you ever plan to return to school?
25
Yes
62
No
11
Maybe (VOL.)
1
Don’t know/Refused (VOL.)
ASK IF AGE < 65 AND CURRENTLY ENROLLED IN SCHOOL OR PLAN TO RETURN (SCHL=1,2,3,4 OR RSCHL=1,3): [n=855]
SCHL2 How much further in school do you plan to go? [DO NOT READ]
2
Finish high school
6
Technical, trade, or vocational school
2
Attend college, no degree
9
Attend college, 2 year/associate’s degree
32
Attend college, bachelor’s degree
31
Graduate or professional school or degree
2
Some other non-degree certification/licensing/training (e.g. teaching
certificate, continuing learning requirements, language learning)
2
No further (VOL)
3
Other [Specify] (VOL)
12
Don’t know/Refused (VOL)
NO QUESTION 5-6; QUESTIONS 7-8 HELD FOR FUTURE RELEASE
ASK IF GRADUATED FROM COLLEGE AND NOT CURRENTLY ENROLLED IN COLLEGE (EDUC=5,6,7,8 AND SCHL NE 3): [n=922]
Q.9 Thinking about what you and your family paid for your (IF EDUC=7,8, INSERT: undergraduate) college education, would you
say your education has paid off for you, or not?
IF NO OR TOO EARLY TO SAY (Q.9=2,4), ASK: [n=184]
Q.10 Do you think it will pay off for you in the future, or not?
86
NET College has/will pay off
79
Has paid off
7
Will pay off
10
College has not and will not pay off
4
Not sure if has/will pay off (VOL.)
(n=922)
IF CURRENTLY ENROLLED IN COLLEGE (SCHL=3), ASK: [n=166]
Q.11 Thinking about what you and your family are paying for your college education, do you think your education will pay off for
you in the future, or not?
90
 Yes, will pay off
6
 No, will not pay off
3
 Depends (VOL.)
1
Don’t know/Refused (VOL.)

59
PEW RESEARCH CENTER
www.pewresearch.org
ASK IF GRADUATED FROM COLLEGE OR ENROLLED IN COLLEGE OR GRADUATE SCHOOL (EDUC=5-8 OR SCHL= 3,4): [n=1,096]
Q.12 (IF SCHL=3,4: Have you taken; OTHERWISE: Did you take) out any loans to help finance your education, or not?
45
 Yes
55
 No
*
Don’t know/Refused (VOL.)
ASK IF NOT CURRENTLY ENROLLED AND TOOK OUT LOANS (SCHL=5,9 AND Q.12=1): [n=389]
Q.13 Do you happen to know approximately how much money you borrowed to finance your education? Was it… [READ]?
29
 Less than $10,000
30
 Between $10,000 and $20,000
18
 Between $20,000 and $30,000
6
 Between $30,000 and $40,000, or
14
 More than $40,000
3
Don't know/Refused (VOL.)
ASK IF NOT CURRENTLY ENROLLED AND TOOK OUT LOANS (SCHL=5,9 AND Q.12=1): [n=389]
Q.14 Have you paid back all the money you owe in (IF EDUC=8, INSERT: undergraduate) student loans, or are you still in the
process of paying the money back?

Trend for comparison:20
Oct 2013

March 2011
52
 Have paid off loans
63
46
 Still paying off loans (includes deferment)
35
2
 Haven’t started to pay them off yet (VOL.)
*
*
Don't know/Refused (VOL.)
2
ASK IF GRADUATED FROM COLLEGE AND NOT CURRENTLY ENROLLED IN COLLEGE (EDUC=5,6,7,8 AND SCHL NE 3): [n=922]
Q.15 Thinking about the (IF EDUC=7,8, INSERT: undergraduate) college you graduated from, was it a private college or university
or was it a public college or university?
Oct 2013
March
2011
29
Private college/university
32
70
Public college/university
66
1
Don’t know/Refused (VOL.)
2
ASK IF CURRENTLY IN COLLEGE (SCHL=3): [n=166]
Q.16 Thinking about the college you attend, is it a private college or university or is it a public college or university?
Oct 2013
March
2011
17
Private college/university
17
83
Public college/university
82
*
Don’t know/Refused (VOL.)
*
20
In March 2011, question read, “Have you pa id back all the money you owe in (IF ANY POST -GRADUATE TRAINING, INSERT:
undergraduate) student loans, or are you still in the process of paying the money back?”

60
PEW RESEARCH CENTER
www.pewresearch.org
ASK IF GRADUATED FROM COLLEGE AND NOT CURRENTLY IN COLLEGE OR GRAD SCHOOL (EDUC=5,6,7,8 AND SCHL NE 3,4):
[n=848]
Q.17 What was your major field of study in (IF EDUC=5,6,7: college; IF EDUC=8: graduate school)? [OPEN-END; RECORD
VERBATIM RESPONSE; ACCEPT UP TO TWO RESPONSES BUT DO NOT PROBE FOR MORE THAN ONE.]
ASK IF CURRENTLY IN COLLEGE (SCHL=3) [n=166]:
Q.18 What is your major field of study in college? [OPEN-END; RECORD VERBATIM RESPONSE; ACCEPT UP TO TWO RESPONSES
BUT DO NOT PROBE FOR MORE THAN ONE.]
ASK IF CURRENTLY IN GRAD SCHOOL (SCHL=4) [n=82]:
Q.19 What is your major field of study in graduate school? [OPEN-END; RECORD VERBATIM RESPONSE; ACCEPT UP TO TWO
RESPONSES BUT DO NOT PROBE FOR MORE THAN ONE.]
Total21
College
major
Graduate
school
major
20
(NET) Business (VOL.)
26
16
17
Business management/Finance/Marketing/Accounting/ Human
Resources
22
14
2
Communications/Broadcasting
3
1
2
Economics
2
*
20
(NET) Science (VOL.)
19
24
14
Life sciences/Health sciences/Medicine
14
15
4
Natural sciences
3
7
2
Science (unspecified/other)
2
2
*
Agriculture/forestry/horticulture
*
0
13
(NET) Social Science/Law (VOL.)
11
17
6
Social sciences (unspecified/other)
5
6
4
Psychology/Behavioral science
4
5
2
Law
1
4
1
Social work/Human services
1
2
*
Anthropology
*
0
12
(NET) Liberal Arts (VOL.)
12
12
3
Liberal arts/Humanities/General studies
4
*
3
English/Literature
3
4
2
History
1
4
1
Art
2
1
1
Journalism
1
1
1
Philosophy/Religion/Theology
*
1
1
Music
1
*
*
Architecture
*
1
*
Foreign languages
*
*
12
(NET) Engineering (VOL.)
13
8
6
Engineering/drafting
6
4
5
Computer and information sciences
5
3
1
Mathematics/Statistics
1
1
11
(NET) Vocational (VOL.)
13
5
8
Vocational/Technical
10
4
3
Police and protective services/Criminal justice
4
1
10
Education (VOL.)
8
17
5
Other (VOL.)
3
10
1
Don’t know/Refused (VOL.)
1
0
(n=1,096)
(n=779)
(n=317)
21
Figures add to more than 100% because total first and second responses showing.

61
PEW RESEARCH CENTER
www.pewresearch.org
ASK ALL:
Q.20 How useful was your [IF EDUC=1-4: education; IF EDUC= 5,6: college education; IF EDUC=7,8: graduate school education]
in preparing you for a job or career? Would you say very useful, somewhat useful, not too useful, or not useful at all?
Total
47
Very useful
34
Somewhat useful
7
Not too useful
9
Not at all useful
1
Can’t say, still in graduate school/college (VOL.)
2
Don’t know/Refused (VOL.)
ASK IF ANY GRAD SCHOOL (EDUC=7,8): [n=292]
Q.21 And how useful was your undergraduate college education in preparing you for a job or career? Would you say very useful,
somewhat useful, not too useful, or not useful at all?
55
Very useful
35
Somewhat useful
7
Not too useful
1
Not at all useful
1
Can’t say, still in graduate school (VOL.)
1
Don’t know/Refused (VOL.)
ASK IF GRADUATED FROM COLLEGE (EDUC 5,6,7,8): [n=982]
Q.22 Still thinking back to when you were (IF EDUC=5,6: a college student; IF EDUC=7,8: an undergraduate college student), do
you think any of the following things would have better prepared you to get the kind of job you wanted, or not? First/Next,
[INSERT ITEM; RANDOMIZE] [REPEAT IF NECESSARY: Do you think this would have better prepared you to get the kind of
job you wanted, or not?
a. Choosing a different major
31
Yes
66
No
2
Maybe (VOL.)
1
Don’t know/Refused (VOL.)
b. Gaining more work experience
52
Yes
45
No
2
Maybe (VOL.)
1
Don’t know/Refused (VOL.)
c. Starting to look for work sooner
30
Yes
65
No
1
Maybe (VOL.)
3
Don’t know/Refused (VOL.)

d. Studying harder
40
Yes
57
No
1
Maybe (VOL.)
2
Don’t know/Refused (VOL.)

62
PEW RESEARCH CENTER
www.pewresearch.org
QUESTIONS 23-24 HELD FOR FUTURE RELEASE; NO QUESTIONS 25-27; QUESTIONS E3-E3a, D1-D4, E4-E5 PREVIOUSLY RELEASED;
QUESTION E6 HELD FOR FUTURE RELEASE
ASK IF EMPLOYED (E3=1,2): [n=1,301]
Q.28 In general, do you feel you have the education and training necessary to get ahead in your job or career, OR do you need
more education and training?
Oct
2013
Dec
2011
June
2006
59
Have necessary education and training
59
57
39
Need more
40
42
2
Don’t know/Refused (VOL.)
2
1
ASK IF NOT EMPLOYED AND NOT RETIRED (E3=3,4,9): [n=449]
Q.29 In general, do you feel you have the education and training necessary to get the kind of job you want, or do you need more
education and training?
Oct
2013
42
Have necessary education and training
51
Need more
7
Don’t know/Refused (VOL.)
QUESTIONS 30-31, E7 PREVIOUSLY RELEASED; NO QUESTIONS 32-33
ASK IF EMPLOYED (E3=1,2): [n=1,301]
Q.34 Do you think of your current job as a career, a stepping stone to a career, or do you think of it as just a job to get you by?
Total
Men
Women
50
A career
53
46
17
A stepping stone to a career
16
17
32
Just a job to get you by
30
36
1
Don’t know/Refused (VOL.)
1
1
(n=777)
(n=524)
Trends:
A career
A stepping
stone to a
career
Just a job to get
you by
DK/Ref.
(VOL.)
Oct 2013
50
17
32
1
Dec 2011
44
19
35
2
Jan 2010
51
18
29
2
ASK IF EMPLOYED (E3=1,2): [n=1,301]
Q.35 Still thinking about your current job, would you say you have more qualifications than the job requires, the right amount of
qualifications, or only some of the qualifications the job requires?
Oct
2013
March
2011
May
201022
38
More
40
41
52
Right amount
50
51
9
Only some
9
7
1
Don’t know/Refused (VOL.)
1
2
22
In May 2010, the question read “Would you say you have more qualifications than the job requires, th e right amount of
qualifications that the job requires or only some of the qualifications the job requires?”

63
PEW RESEARCH CENTER
www.pewresearch.org
ASK IF EMPLOYED (E3=1,2): [n=1,301]
Q.36 Does your current job require a college degree, or not?
Oct
2013
March
2011
31
Yes
28
68
No
71
*
Job requires an associate’s degree (VOL.)
*
*
Don’t know/Refused (VOL.)
*
QUESTION 37 HELD FOR FUTURE RELEASE; NO QUESTION 38-39
ASK IF COLLEGE GRADUATE AND CURRENTLY EMPLOYED (EDUC=5,6,7,8 AND E3=1,2): [n=742]
Q.40 How closely related is your current job to the field or major you received your (IF EDUC=5,6,7: college; IF EDUC=8: graduate)
degree in? [READ]
46
Very closely
19
Somewhat closely
10
Not very closely
25
Not at all related
1
Don’t know/Refused (VOL.)
IF JOB NOT VERY CLOSELY/NOT AT ALL RELATED TO COLEGE MAJOR (Q.40=3,4), ASK: [n=236]
Q.41 What would you say is the main reason you are not currently working in a job that is more closely related to field you
majored in? (OPEN-END; ACCEPT UP TO THREE RESPONSES)
Total23
23
No job available in field/Bad economy (VOL.)
21
Wanted a change/Didn’t like the work/Wasn’t for me (VOL.)
17
Happy with current job/Job security (VOL.)
11
Financial reasons/Better pay (VOL.)
10
Lacked experience/Not qualified (VOL.)
8
Circumstances/Moved/Had children/Flexible hours (VOL.)
8
Major was very general/Major was useless (VOL.)
10
Other (includes retired, still in school) (VOL.)
2
Don’t know/Refused (VOL.)
MARITAL, LWP NOT SHOWN; QUESTION M2 PREVIOUSLY RELEASED; NO QUESTION 42; QUESTIONS 43-52 PREVIOUSLY RELEASED;
NO QUESTION 53; KIDS1, KIDS2, KIDSAGE NOT SHOWN; KIDS3, QUESTIONS 54-58 PREVIOUSLY RELEASED; OTHER DEMOGRAPHIC
QUESTIONS NOT SHOWN
23
Figures add to more than 100% because total first, second and third responses showing.

64
PEW RESEARCH CENTER
www.pewresearch.org
References
Aguiar, Mark, and Erik Hurst. 2007. “Measuring Trends in Leisure: The Allocation of Time Over
Five Decades,” The Quarterly Journal of Economics, August, vol. 122, no. 3, pp. 969-1006.
Bell, Lisa, Gary Burtless, Janet Gornick, and Timothy M. Smeeding. 2007. “Failure to Launch:
Cross-National Trends in the Transition to Economic Independence,” in The Price of
Independence: The Economics of Early Adulthood, edited by Sheldon Danziger and Cecilia
Rouse. New York: Russell Sage Foundation.
DeNavas-Walt, Carmen, Bernadette D. Proctor, and Jessica C. Smith. 2013. “Income, Poverty, and
Health Insurance Coverage in the United States: 2012.” Current Population Reports,
Consumer Income, P60-245. Washington, DC: U.S. Census Bureau, September
Fry, Richard, D’Vera Cohn, Gretchen Livingston, and Paul Taylor. 2011. The Rising Age Gap in
Economic Well-being. Washington, DC: Pew Research Center Social & Demographic
Trends project, November. http://www.pewsocialtrends.org/2011/11/07/the-rising-age-
gap-in-economic-well-being/
Fry, Richard, and Kim Parker. 2012. Record Shares of Young Adults Have Finished Both High
School and College. Washington, DC: Pew Research Center Social & Demographic Trends
project, November. http://www.pewsocialtrends.org/2012/11/05/record-shares-of-young-
adults-have-finished-both-high-school-and-college/
Fry, Richard. 2013. A Rising Share of Young Adults Live in Their Parents’ Home. Washington,
DC: Pew Research Center Social & Demographic Trends project, August.
http://www.pewsocialtrends.org/2013/08/01/a-rising-share-of-young-adults-live-in-
their-parents-home/
Gottschalck, Alfred O. 2008. Net Worth and the Assets of Households: 2002. Current Population
Report P70-115. Washington, DC: U.S. Census Bureau, April.
http://www.census.gov/prod/2008pubs/p70-115.pdf
King, Miriam et al. Integrated Public Use Microdata Series, Current Population Survey: Version
3.0. [Machine-readable database]. Minneapolis: University of Minnesota, 2010.

65
PEW RESEARCH CENTER
www.pewresearch.org
Mykyta, Laryssa. 2012. “Economic Downturns and the Failure to Launch: The Living
Arrangements of Young Adults in the U.S. 1995-2011.” U.S. Census Bureau Social,
Economic and Housing Statistics Division (SEHSD) Working Paper 2012-24.
https://www.census.gov/hhes/www/poverty/publications/WP2012-24.pdf
Pew Research Center. 2010. Millennials: Confident. Connected. Open to Change. Washington, DC:
Pew Research Center, February.
http://www.pewsocialtrends.org/2010/02/24/millennials-confident-connected-open-to-
change/
Thomas, Adam, and Isabel Sawhill. 2005. “For Love and Money? The Impact of Family Structure
on Family Income,” The Future of Children, vol. 15, no. 2, Fall.