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The widening gap in death rates between Americans with and without a four-year college degree shows the U.S. economy is failing working class people, suggests a paper discussed at the Brookings Papers on Economic Activity (BPEA) conference on September 28.

 In 2019, for those with college degrees, the median value of retirement accounts was nearly $120,000, compared to $20,000 for those with no high school diplomas, and $40,000 with a high school diploma. 


For those with no postsecondary degree, the employment rate gap in 2011 was 5 percent or more, while it was just 2 percent for those with a bachelor’s degree.

Volunteerism nearly doubles between non-college-goers (14%) and those with at least some postsecondary education (27%) or who have an associate degree (27%). It increases further to 38% among those with a bachelor’s degree and 47% with a graduate degree.

According to this study, most business owners have a bachelor’s degree (41%) with a significant portion holding a Master’s degree (29%). Ten percent of business owners surveyed hold an associate, while under five percent earned a doctorate (4%). Our study findings indicate that education plays a significant role in small business ownership, as a majority of business owners hold a bachelor’s or master’s degree.

 

Median weekly earnings in 2022 were $853 with a high school diploma and $1,432 with a bachelor's degree.

In November 2022, unemployment for those with a high school diploma was 3.9%, while only 2.0% for those with a college degree.

48% of NASH member system students from the 1st quintile rose to either the 4th (24%) or 5th (24%) quintile compared to only 13% of individuals who did not attend college. 


Taken together, these data suggest that approximately twice as many NASH member system students from the bottom 40% of family income rose to the top 60th percentile of the income distribution by age 34.

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 stepping stone to a career (86% vs. 57%).

Bachelor’s degree holders are half as likely to be unemployed as their peers who only have a high school degree and they make $1.2 million in additional earnings on average over their lifetime.

Bachelor’s degree holders are 47 percent more likely to have health insurance provided through their job and their employers contribute 74 percent more to their health coverage.