The economy will be “so strong” by the end of the decade, according to a recent forecast by the National Association of Colleges and Employers (NACE).
The NACE’s 2017 survey of more than 1,000 graduates found that just over half of the graduates said they expected to stay in school beyond the age of 26, while nearly two-thirds of those who have completed a bachelor’s degree have plans to graduate within a few years.
While that sounds great, the reality is that only about half of these graduates actually go on to earn a college degree, and they are less likely to go on and do so with the job market being so strong than they might have hoped.
This means that many of the best-educated graduates in the country have fewer options for jobs than many of their peers.
According to the NACE, only 29 percent of graduates plan to take a job in the next five years.
Meanwhile, almost a third of graduates who graduated in the 2020s are unemployed, according a recent analysis from the University of California, Berkeley.
According the Nace, there is “a real disconnect” between the job prospects for graduates and their ability to make ends meet in retirement.
According to the data, only 16 percent of graduate workers in their 40s can afford to live in their own homes, compared to the average income of 64 percent of the workforce.
While it is true that most graduates who graduate in the middle of the economic recovery are going to be unemployed, there are plenty of young people who are starting careers in the financial services industry and the tech sector.
For example, the financial and digital sectors are booming in recent years.
The US is the most popular employer of financial technology workers, according the National Center for Workforce Development, and nearly half of them are in the industry, according an analysis by the Wall Street Journal.
According to NACE economist Jennifer Friel, the current recovery is “so good that there are so many young people entering the work force,” that they have the “capacity and incentive” to pursue their education in higher education.
Friel also argues that the workforce has changed significantly since the 1970s, and that this is helping the economy grow.
“The economy is growing in such a way that the number of people entering and leaving the workforce is growing,” she told The Next Big Futures.
“I think that’s a really good sign.”
This could be a positive development for those graduating from the financial industry, especially those who may be looking to move into the tech and finance industries.
Fractionally higher salaries, lower tuition, and more flexibility will help these graduates graduate in a more productive and affordable way.
But as for the rest of us?
Will we be ready for the economy to take us on? Read More